Natural Hazard Disclosure. Within ten (10) Business Days after the Effective Date, Optionor, with respect to the Eligible Properties in which it owns an interest, shall provide Optionee with a natural hazard disclosure statement (“Natural Hazard Disclosure Statement”) (as set forth in California Civil Code Section 1103.2) for each Real Property. Optionee acknowledges that Optionors have engaged or will cause the Title Company to engage the services of a natural hazard disclosure expert (the “Natural Hazard Expert”) to examine the maps and other information made available to the public by government agencies for the purpose of enabling Optionors to fulfill their respective disclosure obligations and to prepare a written report of the result of its examination (the “Natural Hazard Report”). Optionee acknowledges that the Natural Hazard Report fully and completely discharges Optionors from their respective disclosure obligations, and, for the purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Optionors for errors or omissions not within its personal knowledge shall be deemed to apply and the Natural Hazard Expert shall be deemed to be an expert dealing within the scope of its expertise with respect to the examination and Natural Hazard Report. In no event shall any Optionor have any responsibility for matters not actually known to such Optionor. Optionee acknowledges and agrees that nothing contained in the Natural Hazard Disclosure Statement shall release Optionee from Optionee’s obligation to fully investigate the condition of each Real Property, including the Natural Hazard Disclosure Statement. Optionee further acknowledges and agrees that the matters set forth in the Natural Hazard Disclosure Statement may change on or prior to Closing and that Optionors have no obligation to update, modify or supplement the Natural Hazard Disclosure Statement. The Natural Hazard Disclosure Statement shall be deemed included in the items to be approved or disapproved by Optionee by the Option Acceptance Date.
Natural Hazard Disclosure. Buyer and Seller acknowledge that Seller is required to disclose if any of the Property lies within the following natural hazard areas or zones: (i) a special flood hazard area designated by the Federal Emergency Management Agency; (ii) an area of potential flooding; (iii) a very high fire hazard severity zone; (iv) a wild land area that may contain substantial forest fire risks and hazards; (v) an earthquake fault or special studies zone; or (vi) a seismic hazard zone. Buyer acknowledges that Seller will employ the services of Disclosure Source (“Natural Hazard Expert”) to examine the maps and other information specifically made available to the public by government agencies and to report the results of its examination to Buyer in writing. The written report prepared by the Natural Hazard Expert regarding the results of its examination fully and completely discharges Seller from its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or omissions not within its personal knowledge shall be deemed to apply, and the Natural Hazard Expert shall be deemed to be an expert dealing with matters within the scope of its expertise with respect to the examination and written report regarding the natural hazards referred to above. [Signatures on following page.]
Natural Hazard Disclosure. As used herein, the term “Act” shall mean the Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4 and 51183.5, and California Public Resources Code Sections 2621.9, 2694 and 4136, and any successor statutes or laws. Buyer hereby acknowledges and agrees that (a) Seller has retained, or shall retain, the services of a third party company to examine the maps and other information made available to the public by government agencies for the purpose of enabling Seller to fulfill its disclosure obligations with respect to the Act and to prepare the written report of the result of its examination (the “Report”), (b) Seller has provided, or shall provide, Buyer with a natural hazard disclosure statement (the “Disclosure Statement”) in a form required by the Act, (c) the Report fully and completely discharges Seller from its disclosure obligations under the Act and under California Civil Code Sections 1102 through 1102.17 and all other laws, (d) the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing and that Seller has no obligation to update, modify or supplement the Disclosure Statement or Report, and (e) Seller shall have no right to terminate this Agreement based upon the matters contained in the Report and/or the Disclosure Statement.
Natural Hazard Disclosure. Because Seller may be required to disclose if the Real Property lies within the following natural hazard areas or zones: (i) a special flood hazard area designated by the Federal Emergency Management Agency (California Civil Code Section 1102.17); (ii) an area of potential flooding (California Government Code Section 8589.4); (iii) a very high fire hazard severity zone (California Government Code Section 51183.5); (iv) a wild land area that may contain substantial forest fire risks and hazards (Public Resources Code Section 4136); (v) an earthquake fault zone (Public Resources Code Section 2621.9); or (vi) a seismic hazard zone (Public Resources Code Section 2694), Seller has engaged or will engage the services of Escrow Holder (which, in such capacity, is herein called “Natural Hazard Expert“) to examine the maps and other information made available to the public by government agencies for the purposes of enabling Seller to fulfill its disclosure obligations, if and to the extent such obligations exist, with respect to the natural hazards referred to in California Civil Code Section 1102.6c(a) and to report the result of its examination to Buyer and Seller in writing. The written report prepared by the Natural Hazard Expert regarding the results of its full examination fully and completely discharges Seller from its disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purpose of this Agreement, the provisions of Civil Code Section 1102.4 regarding non-liability of Seller for errors or omissions not within its personal knowledge shall be deemed to apply and the Natural Hazard Expert shall be deemed to be an expert, dealing with matters within the scope of its expertise with respect to the examination and written report regarding the natural hazards referred to above.
Natural Hazard Disclosure. BUYER hereby bears the cost of and instructs Escrow Holder, or an affiliate thereof (who, in such capacity, is herein called the “Natural Hazard Service”) to examine the maps and other information specifically made available to the public by government agencies for the purposes of providing a Natural Hazard Disclosure Report for the Property with mandated natural hazard property disclosures. The written report prepared by the Natural Hazard Service shall be provided to BUYER.
Natural Hazard Disclosure. Buyer acknowledges that Seller has commissioned Title Company or its affiliate to prepare a natural hazard disclosure statement for the Property (the “Natural Hazard Disclosure”), including the matters required by Article 1.7 of the California Civil Code (currently Section 1103 through 1103.
Natural Hazard Disclosure. LGI De may be required to disclose if the Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management Agency; (b) an area of potential flooding; (c) a very high fire hazard severity zone; (d) a wild land area that may contain substantial forest fire risks and hazards; (e) an earthquake fault zone; or (f) a seismic hazard zone. Escrow Holder shall engage the services of Title Company (which, in such capacity, is referred to herein as the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies for the purposes of enabling LGI De to fulfill LGI De's disclosure obligations, if and to the extent such obligations exist, with respect to the natural hazards referred to in this section and to report the result of the Natural Hazard Expert's examination to NetREIT in writing, at least five (5) days prior to the Due Diligence Deadline.
Natural Hazard Disclosure. Buyer and Seller acknowledge that Seller is required to disclose if any of the Property lies within the following natural hazard areas or zones: (i) a special flood hazard area designated by the Federal Emergency Management Agency; (ii) an area of potential flooding; (iii) a very high fire hazard severity zone; (iv) a wild land area that may contain substantial forest fire risks and hazards; (v) an earthquake fault or special studies zone; or
Natural Hazard Disclosure. Buyer and Seller acknowledge that Seller shall within thirty (30) days of the Effective Date, deliver to Buyer a Natural Hazards Report with respect to the Property prepared by a natural hazard expert (the “Natural Hazards Expert”) in accordance with the provisions of Civil Code Section 1103.4 (the “Natural Hazards Report”). Buyer acknowledges and agrees that the Natural Hazards Report prepared by the Natural Hazard Expert -29- regarding the results of its examination fully and completely discharges Seller from its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or omissions not within its personal knowledge shall be deemed to apply, and the Natural Hazard Expert shall be deemed to be an expert dealing with matters within the scope of its expertise with respect to the examination and written report regarding the natural hazards referred to above. 13.
Natural Hazard Disclosure. Within ten (10) calendar ------------------------- days after Opening of Escrow, Seller shall provide Buyer with a Natural Hazard Disclosure Statement with respect to the Property (the "Natural Hazard Report") prepared by a commercial entity specializing in such services, in order to comply with the natural hazard disclosure requirements of the State of California. Seller has made no independent inquiry with regard to the matters set forth in the Natural Hazard Report, and is exclusively relying on the expertise of the party preparing the Natural Hazard Report. Seller shall have no liability to Buyer with respect to any inaccuracy contained in the Natural Hazard Report.
