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are any material changes to the foregoing representations and warranties adverse to <br />Purchaser and in such event Purchaser has the right, but not the obligation to terminate <br />this Contract within ten (10) business days after said notice is delivered by Seller, <br />whereupon the Earnest Money shall be returned to Purchaser in full from the Title <br />Company. <br />7. Purchaser's Representations. Purchaser hereby represents and <br />warrants to Seller as of the Effective Date of this Contract as follows: <br />a. This Contract constitutes the legal, valid and binding obligation of Purchaser <br />and is enforceable against Purchaser in accordance with its terms. The execution and <br />delivery of this Contract, and Purchaser's performance under this Contract, are within <br />Purchaser's powers and have been duly authorized by all necessary company action. <br />The person(s) executing this Contract on behalf of Purchaser has the authority to so act. <br />8. Disclaimer of Certain Representations and Warranties. <br />a. Purchaser acknowledges that Seller is affording Purchaser the opportunity <br />for full and complete investigations, examinations and inspections of the Property. Except <br />as specifically set forth herein, Purchaser acknowledges and agrees that Seller has not <br />made any independent investigation or verification of, nor has any knowledge of, the <br />accuracy or completeness of any of the Property Information and the Property Information <br />is being furnished to Purchaser at its request and for the convenience of Purchaser. <br />Purchaser is relying solely on its own investigations of the Property and is not relying in <br />any way on Property Information fumished by Seller. Seller expressly disclaims any <br />representations or warranties with respect to the accuracy or completeness of the <br />Property Information and any duty of disclosure provided in this Contract, and Purchaser <br />releases Seller and Seller's officers, employees, agents and representatives, from any <br />and all liability with respect to the Property Information and the Property, except for the <br />warranty of title set forth in the special warranty deeds delivered at Closing. <br />b. Purchaser acknowledges that it is purchasing the Property based solely on <br />its inspection and investigation of the Property and that Purchaser will be purchasing the <br />Property "AS IS" and "WITH ALL FAULTS" based upon the condition of the Property as <br />of the date of the Closing. Without limiting the foregoing, Purchaser acknowledges that, <br />except as expressly set forth in this Contract, Seller, its officers, employees, agents and <br />representatives have not made, do not make and specifically negate and disclaim any <br />representations, warranties, promises, covenants, agreements or guaranties of any kind <br />or character whatsoever, whether express or implied, oral or written, with respect to the <br />Property, including, without limitation, the condition of the Property, the existence or <br />nonexistence of Hazardous Materials (defined below), water or water rights, development <br />rights, taxes, bonds, covenants, conditions and restrictions, topography, drainage, soil, <br />subsoil, utilities, zoning, or other rules and regulations affecting the Property. SELLER <br />MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR <br />ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY <br />6 <br />