1.4 Acceptance of Deeds. Purchaser hereby acknowledges and agrees that the
acceptance of a Deed (as hereinafter defined) by Purchaser shall be deemed to be
full performance and discharge of each and every agreement and obligation on the
part of the applicable Seller to be performed under this Agreement except those,
if any, which are set forth in the applicable Closing Documents and those which
are herein specifically stated to survive the Closing and the delivery of such
Deed. No agreement or representation made in this Agreement by any Seller will
survive the Closing and the delivery of the Deed by such Seller, unless
expressly provided otherwise.
1.5 "AS IS". EXCEPT AS SPECIFICALLY SET FORTH TO THE CONTRARY IN THIS AGREEMENT
OR IN THE CLOSING DOCUMENTS, PURCHASER AGREES (A) TO TAKE THE PROPERTIES "AS IS,
WHERE IS, WITH ALL FAULTS" AND (B) THAT NO REPRESENTATIONS ARE MADE OR
RESPONSIBILITIES ASSUMED BY SELLERS AS TO THE CONDITION OF THE PROPERTIES, AS TO
THE TERMS OF ANY LEASES OR OTHER DOCUMENTS OR AS TO ANY INCOME, EXPENSE,
OPERATION OR ANY OTHER MATTER OR THING AFFECTING OR RELATING TO THE PROPERTIES,
NOW OR ON THE CLOSING DATE (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN
THE DEEDS TO BE DELIVERED AT CLOSING). UPON THE CLOSING, PURCHASER AGREES TO
ACCEPT EACH PROPERTY IN THE CONDITION EXISTING ON THE RESPECTIVE CLOSING DATE,
SUBJECT TO ALL FAULTS OF EVERY KIND AND NATURE WHATSOEVER WHETHER LATENT OR
PATENT AND WHETHER NOW OR HEREAFTER EXISTING.
PURCHASER ACKNOWLEDGES THAT IT IS AN EXPERIENCED REAL ESTATE INVESTOR WHO HAS
BEEN PROVIDED THE OPPORTUNITY TO INSPECT THE PROPERTIES, EITHER INDEPENDENTLY OR
THROUGH AGENTS OF PURCHASER'S CHOICE, AND, EXCEPT FOR THE SELLERS'
REPRESENTATIONS (AS DEFINED BELOW), WILL RELY SOLELY ON ITS OWN INVESTIGATION OF
THE PROPERTIES, ITS PHYSICAL CHARACTERISTICS AND CONDITIONS AND SUCH OTHER
INVESTIGATIONS AND STUDIES ON OR OVER THE PROPERTY AND ADJACENT AREAS AS IT
DEEMED NECESSARY AND, EXCEPT FOR THE EXCEPTED CLAIMS (AS DEFINED BELOW), HEREBY
WAIVES ANY AND ALL OBJECTIONS TO OR COMPLAINTS REGARDING THE PROPERTY AND ITS
CONDITION, INCLUDING, BUT NOT LIMITED TO, FEDERAL, STATE OR COMMON LAW-BASED
ACTIONS AND ANY PRIVATE RIGHT OF ACTION UNDER STATE AND FEDERAL LAW TO WHICH THE
PROPERTIES ARE OR MAY BE SUBJECT, INCLUDING, BUT NOT LIMITED TO, CLAIMS RELATING
TO CERCLA, RCRA, PHYSICAL CHARACTERISTICS AND EXISTING CONDITIONS, INCLUDING
STRUCTURAL AND GEOLOGICAL CONDITIONS, SUBSURFACE SOIL AND WATER CONDITIONS, AND
SOLID AND HAZARDOUS WASTE AND HAZARDOUS MATERIALS ON, UNDER, ADJACENT TO OR
OTHERWISE AFFECTING THE PROPERTY. EXCEPT FOR THE EXCEPTED CLAIMS, PURCHASER
FURTHER ASSUMES THE RISK OF CHANGES IN APPLICABLE LAWS AND REGULATIONS RELATING
TO PAST, PRESENT AND FUTURE ENVIRONMENTAL CONDITIONS ON THE PROPERTIES AND THE
RISK THAT ADVERSE PHYSICAL CHARACTERISTICS AND CONDITIONS, INCLUDING THE
PRESENCE OF HAZARDOUS MATERIALS OR OTHER CONTAMINANTS, MAY NOT HAVE BEEN
REVEALED BY ITS INVESTIGATION. THE PROVISIONS OF THIS SECTION ARE A MATERIAL
PART OF THE CONSIDERATION FOR EACH SELLER TO ENTER INTO THIS AGREEMENT AND SHALL
SURVIVE THE CLOSING.
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1.6 Sellers Released from