CC PACKET 06122012 - Laserfiche WebLink

Home Browse Search

10 If Buyer fails to deposit the Earnest Money as provided herein, Seller may terminate this Agreement, with five (5) days advance written Notice to Buyer and Buyer's failure to deposit the Earnest Money within such five (5) days, in which case this Agreement shall be null and void and neither party hereto shall have any further rights or obligations hereunder, except as may be set forth in this Agreement. 3. Sale "As Is"; Release of Seller. 3.1. SELLER AND BUYER AGREE THAT BUYER IS ACCEPTING POSSESSION OF THE PROPERTY ON THE CLOSING DATE "AS IS, WHERE IS, WITH ALL FAULTS" WITH NO RIGHT OF SET-OFF OR REDUCTION IN THE PURCHASE PRICE, AND THAT SUCH SALE SHALL BE WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED OTHER THAN AS CONTAINED HEREIN. BUYER SPECIFICALLY ACKNOWLEDGES THAT BUYER IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, SELLER'S AGENTS, OR BROKERS AS TO ANY MATTER CONCERNING THE PROPERTY AND THAT EXCEPT AS SET FORTH HEREIN, BUYER IS RELYING ENTIRELY ON ITS OWN INDEPENDENT INSPECTIONS, EXAMINATIONS, STUDIES AND OTHER DUE DILIGENCE ACTIVITY, WITHOUT ANY PHYSICAL OR ENVIRONMENTAL, OR OTHER REPRESENTATIONS OR WARRANTIES OF ANY KIND BY SELLER. BUYER AGREES TO PAY FOR AND HAS MADE OR CAUSED TO BE MADE ALL INSPECTIONS, INVESTIGATIONS AND ANALYSES AS IT DEEMS NECESSARY OR APPROPRIATE FOR THE PURPOSE OF DETERMINING COMPLIANCE OR NON-COMPLIANCE BY THE PROPERTY WITH ALL BUILDING, HEALTH, ENVIRONMENTAL, ZONING AND LAND USE LAWS, ORDINANCES, RULES AND REGULATIONS. ANY REPORTS, REPAIRS OR WORK REQUIRED BY BUYER ARE TO BE THE SOLE RESPONSIBILITY OF BUYER AND BUYER AGREES THAT THERE IS NO OBLIGATION ON THE PART OF SELLER TO MAKE ANY CHANGES, ALTERATIONS, OR REPAIR TO THE PROPERTY, AND BUYER ACKNOWLEDGES THAT UPON EXPIRATION OF THE INSPECTION PERIOD, BUYER HAS COMPLETED ITS DUE DILIGENCE WITH RESPECT TO THE PROPERTY TO ITS SATISFACTION. 3.2. BUYER HEREBY EXPRESSLY ASSUMES ALL RISKS, LIABILITIES, CLAIMS, DAMAGES, AND COSTS RESULTING FROM OR ARISING FROM OR RELATED TO 'THE OWNERSHIP, USE, CONDITION, LOCATION, MAINTENANCE, REPAIR OR OPERATION OF THE PROPERTY. BUYER ACKNOWLEDGES THAT ANY CONDITION OF THE PROPERTY WHICH BUYER DISCOVERS PRIOR TO OR AFTER THE CLOSING DATE SHALL BE AT BUYER'S SOLE EXPENSE, SUBJECT TO THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 12. BUYER, FOR BUYER AND BUYER'S SUCCESSORS AND ASSIGNS, RELEASES SELLER AND SELLER'S AGENTS AND REPRESENTATIVES -2-