08-22-2001 Council Agenda - Laserfiche WebLink

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for any reason, Buyer agrees to repair any damage to the Property caused by such inspections and to return the Property to substantially the same condition as existed prior to Buyer's inspection. Subject to Buyer's right to terminate this Purchase Agreement pursuant to Section 16 below, and the representations set forth in Section 12, Buyer is purchasing the Property "AS IS" in its present condition. Buyer acknowledges, that except as set forth in Section 12 above, Seller has not made and is not making any express or implied representations or warranties with respect to the Property, including, but not limited to, representations or warranties as to: a. properties fitness or condition for any particular use or purpose; b. the existence of any latent or patent defect on the Land; c. its value; d. its location; e. its condition; and f. the existence or nonexistence of any Hazardous Substances, as defined in the Development Agreement, on the Property. Seller is not liable to Buyer for any defect or deficiency of any nature, whether latent or patent, in the Property. Buyer waives and releases Seller from any common law or statutory claim Buyer now has or may subsequently acquire against Seller relating to the condition of the Property, including, but not limited to, claims based on known or unknown conditions previously, presently or subsequently existing or not existing on the Property. This provision does not relieve Seller from liability to Buyer based on a claim of misrepresentation with respect to the representations set forth in Section 12. on: 15. Buyer's Contingencies. Buyer's obligations under this Agreement are contingent a. Buyer's determination, in Buyer's reasonable discretion and based on the information and inspections Buyer undertakes pursuant to Section 14 and any of the relevant information, that the physical condition of the Property, including, but not limited to, the presence or absence of Hazardous Substances on the Property and the condition of the Property's soils is acceptable to Buyer; 1316963v1 b. Buyer's determination that title to the Property is marketable or Buyer's determination, in Buyer's sole and absolute discretion, that Buyer is willing to proceed notwithstanding any defects in the marketability of title to the Property; c. Buyer's determination that Buyer will be able to obtain sufficient financing to perform Buyer's obligations under the Development Agreement; and d. The City of Little Canada's rezoning of the Property to a PUD zoning classification and the Buyer's determination that any covenants, conditions or restrictions Page 91