Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer acknowledges that Buyer shall not be entitled to rely on any representation made by Seller in this Article V to the extent, prior to or at Closing, Buyer shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its terms, then Buyer may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer and neither Buyer nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwise. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer discovers or learns of information (from whatever source, including, without limitation the property manager, as a result of Buyer’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer nevertheless consummates the transaction contemplated by this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Cri Hotel Income Partners L P), Purchase and Sale Agreement (Cri Hotel Income Partners L P)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer acknowledges that Buyer shall not be entitled to rely on any representation made by Seller in this Article V 6 to the extent, prior to or at Closingthe Close of Escrow, Buyer shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer determines prior to Closing Close of Escrow that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property (which would otherwise enable Buyer to terminate this Agreement in accordance with its termsbreach is not cured by Seller within ten (10) business days), then Buyer may, at its option, by sending notify the Seller of such matter (“Buyer’s Change Notice”). Seller shall have a period of three (3) business days after receipt of Buyer’s Change Notice in which to Seller deliver written notice to Buyer (“Seller’s Change Notice”) of its Seller’s election to either (i) terminate this Agreement agree to correct the objectionable items prior to the Close of Escrow in a manner reasonably satisfactory to Buyer, or (ii) decline to address such items. In the event Seller does not timely issue Seller’s Change Notice, Seller shall be deemed to have elected to decline to address such items. If Seller notifies, or is deemed to have notified, Buyer of its election to decline to address the objectionable items, Buyer shall have the right, by written notice delivered to Seller within five (5) days after Buyer’s receipt of Seller’s Change Notice (or five (5) days after the date Seller was required to deliver Seller’s Change Notice in the event Seller fails to do so), to either (x) agree to accept the Property subject to the objectionable items, in which event Buyer shall waive such breach and/or conditions and proceed to Closing Close of Escrow with no adjustment in the Purchase Price Price, and Seller shall have no further liability as to such matter thereafterthereafter or (y) terminate this Agreement, whereupon, the Deposit (less the Buyer’s share of the escrow cancellation charges) shall be delivered to Buyer and, subject to any obligations which expressly survive termination of this Agreement, this Agreement shall terminate, and thereupon neither party shall have any further rights or obligations to the other hereunder. In the event the Buyer fails to timely respond to Seller’s Change Notice, Buyer shall be deemed to have elected to proceed under clause (x) of the preceding sentence. In the event Buyer terminates this Agreement for the reasons set forth above, the portion of the Deposit to which Buyer is entitled shall be immediately refunded to Buyer and neither Buyer nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseto those matters which expressly survive closing or termination of this Agreement. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the ClosingClose of Escrow, Buyer discovers or learns of information obtains actual knowledge (from whatever source, including, without limitation the property manager, as a result of Buyer’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer nevertheless consummates the transaction contemplated by this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Paladin Realty Income Properties Inc)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser, and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer discovers or learns Purchaser has actual knowledge of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Industrial Income Trust Inc.), Purchase and Sale Agreement (Industrial Income Trust Inc.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes materially adversely affecting the Property which would otherwise expressly enable Buyer Purchaser to terminate this Agreement in accordance with its terms, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. Purchaser’s knowledge shall in no event be deemed to include any implied, imputed or constructive knowledge of Purchaser and shall not constitute any representation that Purchaser has made or is obligated to make any independent investigation or has any implied duty to investigate. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit (including the interest thereon) shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 17.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties made by Seller or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, source as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement. In connection with such documents, Purchaser’s knowledge shall in no event be deemed to include any implied, imputed or constructive knowledge of Purchaser and shall not constitute any representation that Purchaser has made or is obligated to make any independent investigation or has any implied duty to investigate).
Appears in 2 contracts
Samples: Agreement of Sale (Cb Richard Ellis Realty Trust), Agreement of Sale (Cb Richard Ellis Realty Trust)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer acknowledges that Buyer shall not be entitled to rely on any representation made by Seller in this Article V Section 8.1 above to the extent, prior to or at Closing, the undersigned representative of Buyer shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer terminates this Agreement for the reasons set forth above, the Deposit Xxxxxxx Money shall be immediately refunded to Buyer and neither Buyer nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.1 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or the Seller's Estoppel Certificates delivered hereunder, as a result of Buyer’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer nevertheless consummates the transaction contemplated by this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Retail Opportunity Investments Corp), Purchase and Sale Agreement (Retail Opportunity Investments Corp)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer acknowledges that Buyer shall not be entitled to rely on any representation made by Seller in this Article V to the extent, prior to or at Closing, Buyer shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its terms, then Buyer may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer terminates this Agreement for the reasons set forth above, the entire Deposit (including both the First Deposit and Second Deposit, and whether or not the Inspection Period was extended) shall be immediately refunded returned to Buyer and neither Buyer nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwise. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer discovers or learns of information (from whatever source, including, without limitation the property managerManager, as a result of Buyer’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer nevertheless consummates the transaction contemplated by this Agreement. If, after the Effective Date but prior to Closing, a material and adverse change occurs to any of the above representations or warranties that is not caused by Seller so that such is no longer accurate or true and constitutes a breach by Seller, the party obtaining knowledge of such change shall promptly notify the other party in writing of the change. Under said circumstances, and in the event that such change in the representation or warranty is not caused by the intentional or grossly negligent acts of Seller and is material and adverse to Buyer, Seller shall have at least five (5) business days to cure after notice from Buyer. In the event the Seller is unwilling or unable to cure, then Buyer, as its sole remedy, may terminate this Agreement without further liability by giving written notice to Seller, in which event the entire Deposit (including both the First Deposit and Second Deposit, and whether or not the Inspection Period was extended) shall be returned to Buyer. Notwithstanding anything to the contrary contained in this Agreement, Seller shall have no liability for any change caused by Buyer to any of the above representations or warranties, and Buyer shall have no right to terminate this Agreement because of such change.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Cri Hotel Income Partners L P), Purchase and Sale Agreement (Cri Hotel Income Partners L P)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller’s acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or any Seller’s Estoppel delivered pursuant to Section 10.2.2 below, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Investment Trust Ii Inc)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII from and after the Closing to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge obtained Purchaser’s Knowledge (as defined below) of any information that was contradictory to a breach of such representation or warranty; provided, however, if Buyer determines . If Purchaser obtains Knowledge prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsherein, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter breach thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer discovers Purchaser obtains Knowledge of a breach of any such representation or learns of information warranty (from whatever source, including, without limitation the property manager, the tenant estoppel certificates, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect), and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement (a “Purchaser Waived Breach”). For purposes of this Agreement, whenever the phrases “Purchaser’s Knowledge”, or the “Knowledge” of Purchaser or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge only, and not any implied, imputed or constructive knowledge, without any independent investigation having been made or any implied duty to investigate, of Xxxxx Xxx and Xxxxx Xxxxxx (each a “Purchaser Representative” and collectively, the “Purchaser Representatives”). Purchaser represents that the Purchaser Representatives are those employees of Purchaser’s advisor currently responsible for overseeing the due diligence and underwriting of the acquisition of the Property and to whom the other members of the acquisition team of Purchaser reports. The Purchaser Representatives shall have no personal liability under this Agreement or otherwise with respect to the transactions contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Blackstone Real Estate Income Trust, Inc.)
Change in Representation/Waiver. If at or prior to Closing, Seller obtains actual knowledge that any Seller’s representation or warranty made in this Article VII is untrue, inaccurate or incorrect in any material respect, Seller shall give Purchaser written notice thereof within five (5) Business Days of obtaining such knowledge (but, in any event, prior to the Closing). Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer it shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual current, actual, conscious knowledge (and not any implied, imputed or constructive knowledge) of any information that was facts contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (ia) terminate this Agreement Agreement, or (iib) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller’s acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations however if such termination is due solely to an intentional or willful breach of any of the representations or warranties made by Seller, then Purchaser shall have the rights and remedies set forth in Section 13.1 below. In furtherance thereof, except as expressly set forth above, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, Purchaser to the extent that, prior to the Closing, Buyer discovers Purchaser shall have or learns of information obtain current, actual, conscious knowledge (from whatever sourceand not any implied, includingimputed or constructive knowledge), without limitation the property manager, as a result of Buyer’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (RREEF Property Trust, Inc.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer it shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII, to the extentextent the Documents disclose information to the contrary or, prior to or at Closing, Buyer Purchaser shall have or obtain actual current, actual, conscious knowledge (and not any implied, imputed or constructive knowledge) of any information that was facts contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (ia) terminate this Agreement Agreement, or (iib) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller’s acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser, Seller shall reimburse Purchaser’s actual third party out-of-pocket costs incurred in connection with this Agreement not to exceed a cumulative total of $25,000, and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, Purchaser to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information facts (from whatever source, including, without limitation the property managerlimitation, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer Purchaser to terminate this Agreement in accordance with its terms, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit Deposit, plus all interest accrued thereon, shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation limitation, the property manager, the tenant estoppel certificates delivered pursuant to Section 10.2.4 below, as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such of the foregoing representations and warranties, or renders any such of the foregoing representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Brandywine Realty Trust)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates, as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (RREEF Property Trust, Inc.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser, and, to the extent any such breach materially and adversely affects the Property, Seller shall reimburse Purchaser for all out of pocket expenses incurred by Purchaser in connection with this Agreement, including, without limitation, all fees, costs or expenses incurred by Purchaser in connection with the financing of its intended acquisition of the Property, such as loan deposits, commitment fees, rate lock fees and similar lender expenses in an amount not to exceed, in the aggregate, One Hundred Twenty Five Thousand and 00/100 Dollars ($125,000.00), and thereafter, neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, except as provided above, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Strategic Storage Growth Trust, Inc.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer it shall not be entitled to rely on any representation or warranty made by Seller in this Article V ARTICLE VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual current, actual, conscious knowledge (and not any implied, imputed or constructive knowledge) of any information that was facts contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (ia) terminate this Agreement Agreement, or (iib) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller's acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, Purchaser to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information facts (from whatever source, including, without limitation the property manager, the Tenant Estoppel Certificates (as hereinafter defined), as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, as a result of Purchaser or Purchaser's affiliate having leased space within the Improvements or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer it shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII, to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual current, actual, conscious knowledge (and not any implied, imputed or constructive knowledge) of any information that was facts contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (ia) terminate this Agreement Agreement, or (iib) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller’s acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, Purchaser to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information facts (from whatever source, including, without limitation the property manager, the Tenant Estoppel Certificates (as hereinafter defined), as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Talon Real Estate Holding Corp.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V ARTICLE VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warrantywarranty and that any of Seller’s representations or warranties were untrue when made or have become untrue, or if Seller has delivered or made available to Purchaser, or its agents and/or representatives information with respect to the Property at any time prior to the Closing Date, and such information is inconsistent with any of the representations and warranties herein and/or indicates that any such representations or warranties were not true or accurate when made; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing Closing, with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, Purchaser shall be deemed to have knowledge of such misrepresentation, and Purchaser shall not have the right to bring any lawsuit or other legal action against Seller, nor pursue any other remedies against Seller, as a result of the breach of the representation caused thereby. In Purchaser’s sole remedy as a result such breach of the event Buyer terminates this Agreement representation for the reasons set forth above, above shall be to terminate this Agreement and receive an immediate refund of the Deposit shall be immediately refunded to Buyer from the Escrow Agent, and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the Tenant Estoppel Certificates (defined in Section 10.2.2 below), as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Banc of California, Inc.)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer it shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII to the extentextent that, prior to or at Closing, Buyer Purchaser shall have or obtain actual current, actual, conscious knowledge (and not any implied, imputed or constructive knowledge) of any information that was facts contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (ia) terminate this Agreement Agreement, or (iib) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, but Seller shall, to the extent expressly provided elsewhere in this Agreement, remain liable for the performance of all of its other obligations under this Agreement. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, Purchaser to the extent that, prior to the Closing, Buyer discovers or learns Purchaser obtains knowledge of information facts (from whatever source, including, without limitation the property manager, or as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, Property or disclosure by Seller or Seller’s agents and employees) ), that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cubist Pharmaceuticals Inc)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or exercise its rights under Section 9.9 below if applicable, (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and in such event Seller shall have no further liability as to such matter thereafter, or (iii) as its sole remedy, terminate this Agreement in its entirety in the event of any untruth or inaccuracy of (x) the representations or warranties set forth in Sections 7.1.1, 7.1.2 or 7.1.3, or (y) the representations and warranties set forth in the other sections of Article VII, but only if such representations and warranties were not true or were inaccurate on the Effective Date and such untruth or inaccuracy is “Material” (defined below). The term “Material” as used in this Section 7.4 shall mean a liability or loss reasonably anticipated to arise out of an untruth or inaccuracy of the representations or warranties set forth in Article VII which (i) exceeds $500,000.00 for each affected Property, or (ii) results from fraud or willful misconduct on the part of Seller. In the event Buyer terminates that Purchaser elects to terminate this Agreement for Agreement, the reasons set forth above, parties shall have no liability to each other hereunder and the Deposit shall be immediately refunded returned to Buyer Purchaser and neither Buyer nor the Seller Letter of Credit shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisebe returned to Seller. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or the Seller’s Estoppel Certificates delivered pursuant to Section 10.1.1 below, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
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Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or shall obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer determines Purchaser obtains actual knowledge prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, building codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsProperty, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either to (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded returned to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisethe Surviving Termination Obligations. In furtherance thereof, Purchaser and Seller expressly agree that Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer discovers or learns of information Purchaser obtains actual knowledge (from whatever source, including, without limitation the property manager, the materials furnished to Purchaser and the tenant estoppel certificates delivered pursuant to Article 10.2.8 below, as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such of the foregoing representations and warranties, or renders any such of the foregoing representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cali Realty Corp /New/)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsProperty, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit Deposit, plus all interest accrued thereon, shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to Buyer, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation limitation, the property managermanager , the tenant estoppel certificates delivered pursuant to Section 10.2.4 below, as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such of the foregoing representations and warranties, or renders any such of the foregoing representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Brandywine Realty Trust)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter, except for liens resulting from Seller's acts. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 16.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or any Seller's Estoppel delivered pursuant to Section 10.2.2 below, as a result of Buyer’s Purchaser's due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s 's agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cedar Shopping Centers Inc)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and Seller shall have no further liability as to such matter thereafter. In the event Buyer Purchaser terminates this Agreement for the reasons set forth above, the Deposit shall be immediately refunded to Buyer Purchaser and neither Buyer Purchaser nor Seller shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwiseunder Section 22.12 hereof. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or the Seller’s Estoppel Certificates delivered pursuant to Section 10.2.1 below, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the PropertyProperties, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.. Purchaser will not have any right to bring any action against Seller as a result of any untruth or inaccuracy of representations and warranties with respect to any individual property, unless and until the aggregate amount of all liability and losses arising out of any such untruth or inaccuracy, or any such breach, exceeds $100,000.00 and in addition, in no event will Seller=s liability for all such breaches exceed, in the aggregate, the Purchase Price allocated to the Property in question
Appears in 1 contract
Samples: Purchase and Sale Agreement (Centerpoint Properties Trust)
Change in Representation/Waiver. Notwithstanding anything to the contrary contained herein, Buyer Purchaser acknowledges that Buyer Purchaser shall not be entitled to rely on any representation or warranty made by Seller in this Article V VII to the extent, prior to or at Closing, Buyer Purchaser shall have or obtain actual knowledge of any information that was contradictory to such representation or warranty; provided, however, if Buyer Purchaser determines prior to Closing that there is a material breach of any of the representations and warranties made by Seller above or learns of any pending legal proceedings or administrative actions or any violations of existing laws, ordinances, regulations and building, codes affecting the Property which would otherwise enable Buyer to terminate this Agreement in accordance with its termsabove, then Buyer Purchaser may, at its option, by sending to Seller written notice of its election either (i) terminate this Agreement or exercise its rights under Section 9.9 below if applicable, (ii) waive such breach and/or conditions and proceed to Closing with no adjustment in the Purchase Price and in such event Seller shall have no further liability as to such matter thereafter, or (iii) as its sole remedy, terminate this Agreement in its entirety in the event of any untruth or inaccuracy of (x) the representations or warranties set forth in Sections 7.1.1, 7.1.2 or 7.1.3, or (y) the representations and warranties set forth in the other sections of Article VII, but only if such representations and warranties were not true or were inaccurate on the Effective Date and such untruth or inaccuracy is “Material” (defined below). The term “Material” as used in this Section 7.4 shall mean a liability or loss reasonably anticipated to arise out of an untruth or inaccuracy of the representations or warranties set forth in Article VII which (i) exceeds $500,000.00 for each affected Property, or (ii) results from fraud or willful misconduct on the part of Seller. In the event Buyer terminates that Purchaser elects to terminate this Agreement for the reasons set forth aboveAgreement, the Deposit parties shall have no liability to each other hereunder and Purchaser Letter of Credit shall be immediately refunded returned to Buyer Purchaser and neither Buyer nor the Seller Letter of Credit shall thereafter have any other rights or remedies hereunder other than as specifically stated otherwisebe returned to Seller. In furtherance thereof, Seller shall have no liability with respect to any of the foregoing representations and warranties or any representations and warranties made in any other document executed and delivered by Seller to BuyerPurchaser, to the extent that, prior to the Closing, Buyer Purchaser discovers or learns of information (from whatever source, including, without limitation the property manager, the tenant estoppel certificates or the Seller’s Estoppel Certificates delivered pursuant to Section 10.1.1 below, as a result of BuyerPurchaser’s due diligence tests, investigations and inspections of the Property, or disclosure by Seller or Seller’s agents and employees) that contradicts any such representations and warranties, or renders any such representations and warranties untrue or incorrect, and Buyer Purchaser nevertheless consummates the transaction contemplated by this Agreement.
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