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
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