THE PROPERTY OR ANY PORTION THEREOF SUCH THAT THE COST OF REPAIRING OR RESTORING
THE PREMISES IN QUESTION TO A CONDITION SUBSTANTIALLY IDENTICAL TO THAT OF THE
PREMISES IN QUESTION PRIOR TO THE EVENT OF DAMAGE WOULD BE, IN THE CERTIFIED
OPINION OF A MUTUALLY ACCEPTABLE ARCHITECT, EQUAL TO OR GREATER THAN TEN PERCENT
(10%) OF THE
13
PURCHASE PRICE; AND (II) ANY LOSS DUE TO A CONDEMNATION WHICH PERMANENTLY AND
MATERIALLY IMPAIRS THE CURRENT USE OF THE PROPERTY.
7.3
UNIFORM VENDOR AND PURCHASER RISK ACT NOT APPLICABLE.
IT IS THE
EXPRESS INTENT OF THE PARTIES HERETO THAT THE PROVISIONS OF SECTION 7.1 AND
SECTION 7.2 GOVERN THE RIGHTS OF THE PARTIES IN THE EVENT OF DAMAGE TO OR
CONDEMNATION OF THE PROPERTY AND THAT THE UNIFORM VENDOR AND PURCHASER RISK ACT
(SECTION 5.007 OF THE TEXAS PROPERTY CODE) NOT APPLY TO THIS AGREEMENT.
ARTICLE VIII
DISCLAIMERS AND WAIVERS
8.1
NO RELIANCE ON DOCUMENTS.
EXCEPT AS EXPRESSLY STATED HEREIN,
SELLER MAKES NO REPRESENTATION OR WARRANTY AS TO THE TRUTH, ACCURACY OR
COMPLETENESS OF ANY MATERIALS, DATA OR INFORMATION DELIVERED BY SELLER TO
PURCHASER IN CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY (INCLUDING
SPECIFICALLY, WITHOUT LIMITATION, THE PROPERTY DOCUMENTS).
PURCHASER
ACKNOWLEDGES AND AGREES THAT ALL MATERIALS, DATA AND INFORMATION DELIVERED BY
SELLER TO PURCHASER IN CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY
(INCLUDING SPECIFICALLY, WITHOUT LIMITATION, THE PROPERTY DOCUMENTS) ARE
PROVIDED TO PURCHASER AS A CONVENIENCE ONLY AND THAT ANY RELIANCE ON OR USE OF
SUCH MATERIALS, DATA OR INFORMATION BY PURCHASER SHALL BE AT THE SOLE RISK OF
PURCHASER, EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN.
8.2
DISCLAIMERS.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, IT
IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE
ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED,
WITH RESPECT TO THE PREMISES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR
REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, TITLE (OTHER THAN SELLER'S WARRANTY OF TITLE TO BE SET FORTH IN THE
DEED), ZONING, TAX CONSEQUENCES, PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES,
OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE
COMPLIANCE OF THE PREMISES WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR
COMPLETENESS OF THE PREMISES DOCUMENTS OR ANY OTHER INFORMATION PROVIDED BY OR
ON BEHALF OF SELLER TO PURCHASER, OR ANY OTHER MATTER OR THING REGARDING THE
PREMISES.
PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL
AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PREMISES "AS IS, WHERE
IS, WITH ALL FAULTS", EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS
AGREEMENT.
PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT
LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES,
STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PREMISES OR
RELATING THERETO MADE OR FURNISHED BY SELLER, THE MANAGER OF THE PREMISES, OR
ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER,
TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, VERBALLY OR IN