Common use of Inspection of Property and Purchase Clause in Contracts

Inspection of Property and Purchase. “As Is.” Buyer acknowledges that the Property has been inspected by Buyer, or by Buyer’s duly authorized agent. Buyer acknowledges and represents that the execution of this Purchase Agreement and other instruments referred to herein by Buyer has been made as a result of such inspection and not upon any representation made by Seller or any agent of Seller, and that Seller will not be bound by any change, alteration, modification, stipulation, representation, inducement or promise of any kind not specifically set forth herein or in other written documents executed by authorized agents of the University. Upon consummation of the purchase of the Property, Buyer agrees that he shall have fully satisfied himself as to the condition of the Condominium Unit (including all soils and geological conditions) and all facilities or other matters affecting the use of, and access to, the subject Property, it being understood that the Condominium Unit shall be purchased strictly “AS IS” without any expressed or implied representations or warranties from Seller or its representatives, except any applicable statutory warranties, or contractor or vendor warranties passed on to Buyer upon his purchase of the Property.