Common use of Natural Hazard Disclosure Statement Clause in Contracts

Natural Hazard Disclosure Statement. Seller has made a property disclosure report (the “Disclosure Report”) available to Buyer prior to the Effective Date. The Disclosure Report fully and completely discharges Seller from its disclosure obligations, if any, which may be required under the Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4, and 51183.5, California Public Resources Code Sections 2621.9, 2694, and 4136, and California Civil Code Sections 1102.6 and 1103.2, and any successor law, and, for the purposes of this Agreement, the provisions of Civil Code Section 1102.4 regarding the non-liability of Seller for errors and/or omissions not within its personal knowledge shall be deemed to apply and the preparer of the Disclosure Report shall be deemed to be an expert, dealing with matters within the scope of its expertise with respect to the examination and Disclosure Report. Nothing set forth in the Disclosure Report shall (A) require Seller to remediate any matter referred to in the Disclosure Report or (B) create any liability by Seller to Buyer therefor and Seller shall in no event be required to expend funds to remediate any matters disclosed in the Disclosure Report. Notwithstanding Buyer’s receipt and review of the Disclosure Report, Buyer hereby knowingly, voluntarily and intentionally waives its right to disclosure by Seller of natural hazards found in Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4, and 51183.5, California Public Resources Code Sections 2621.9, 2694, and 4136, and California Civil Code Sections 1102.6 and 1103.2, and any similar or successor law. Buyer represents and warrants that it has obtained the Disclosure Report from an expert satisfying the requirements of California Civil Code Section 1103.4, and has waived any objection to such Disclosure Report. Buyer acknowledges and agrees that the matters set forth in the Disclosure Report may change on or prior to the Close of Escrow and that Seller has no obligation to update, modify, or supplement the Disclosure Report. Following the Close of Escrow, Buyer shall be solely responsible for preparing and delivering its own disclosure report to any subsequent prospective buyers of the Property.

Natural Hazard Disclosure Statement. Seller has made a property disclosure report (As used herein, the term “Disclosure Report”) available to Buyer prior to the Effective Date. The Disclosure Report fully and completely discharges Seller from its disclosure obligations, if any, which may be required under Natural Hazard Area” shall mean those areas identified as natural hazards in 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 (the “Act”). Within five (5) days of the Effective Date, Seller shall provide Purchaser with a Natural Hazard Disclosure Statement (“Disclosure Statement”). Purchaser acknowledges that Seller has retained the services of an expert (the “Natural Hazard Expert”) within the meaning of the Act and California Civil Code Sections 1102.6 Section 1103.4 to examine the maps and 1103.2, 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 any successor law, andto prepare a written report of the result of its examination (the “Report”). Purchaser acknowledges that, for the purposes purpose of this Agreement, the provisions of California Civil Code Section 1102.4 1103.4 regarding the non-liability of Seller for errors and/or omissions or omission not within its personal knowledge shall be deemed to apply and the preparer of the Disclosure Report Natural Hazard Expert shall be deemed to be an expert, expert dealing with matters within the scope of its expertise with respect to the examination and Disclosure Report. Nothing set forth Purchaser acknowledges and agrees that nothing contained in the Disclosure Report Statement shall (A) require Seller release Purchaser from its obligation to remediate any matter referred to in fully investigate the Disclosure Report or (B) create any liability by Seller to Buyer therefor and Seller shall in no event be required to expend funds to remediate any matters disclosed in the Disclosure Report. Notwithstanding Buyer’s receipt and review condition of the Disclosure ReportProperty, Buyer hereby knowinglyincluding, voluntarily and intentionally waives its right to disclosure by Seller of natural hazards found without limitation, whether the Property is located in any Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4, and 51183.5, California Public Resources Code Sections 2621.9, 2694, and 4136, and California Civil Code Sections 1102.6 and 1103.2, and any similar or successor lawArea. Buyer represents and warrants that it has obtained the Disclosure Report from an expert satisfying the requirements of California Civil Code Section 1103.4, and has waived any objection to such Disclosure Report. Buyer Purchaser further acknowledges and agrees that the matters set forth in the Disclosure Statement or Report may change on or prior to the Close of Escrow Closing Date and that Seller has no obligation to update, modify, or supplement the Disclosure Statement 35311418v.9 or Report. Following the Close of Escrow, Buyer Purchaser shall be solely responsible for preparing and delivering its own disclosure report Natural Hazard Disclosure Statement to any subsequent prospective buyers of the Property. The provisions of this Section 10.22 shall survive the closing of the transaction contemplated by this Agreement.

Natural Hazard Disclosure Statement. Seller has made Buyer shall have the right to obtain from the Title Company, at Buyer's sole cost and expense, a property disclosure report (the “Disclosure Report”) available to Buyer prior to the Effective Date. The Disclosure Report fully and completely discharges Seller from its disclosure obligations, if any, which may be required under the Natural Hazard Disclosure ActStatement (the "Natural Hazards Disclosures Statement"). As of the Close of Escrow, California Government Code Sections 8589.3to the extent permitted by Law, 8589.4, and 51183.5, California Public Resources Code Sections 2621.9, 2694, and 4136, and California Civil Code Sections 1102.6 and 1103.2, and any successor law, and, for the purposes of this Agreement, the provisions of Civil Code Section 1102.4 regarding the non-liability of Seller for errors and/or omissions not within its personal knowledge Buyer shall be deemed to apply and the preparer of the Disclosure Report shall be deemed to be an expert, dealing with matters within the scope of its expertise with respect to the examination and Disclosure Report. Nothing set forth in the Disclosure Report shall (A) require Seller to remediate any matter referred to in the Disclosure Report or (B) create any liability by Seller to Buyer therefor and Seller shall in no event be required to expend funds to remediate any matters disclosed in the Disclosure Report. Notwithstanding Buyer’s receipt and review of the Disclosure Report, Buyer hereby have knowingly, voluntarily and intentionally waives its waived the right to disclosure by Seller of natural hazards found in the disclosures ("Natural Hazard Disclosure Act, Hazards Disclosures") set forth in: (a) California Government Code Sections 8589.3, 8589.4, and 51183.5, Section 8589.3 (a special flood area); (b) California Government Code Section 8589.4 (dam failure inundation area); (c) California Government Code Section 51183.5 (earthquake fault zone); (d) California Public Resources Code Sections 2621.9, 2694, and 4136, and Section 2621.9 (seismic hazard zone); (e) California Civil Code Sections 1102.6 and 1103.2, and any similar or successor law. Buyer represents and warrants that it has obtained the Disclosure Report from an expert satisfying the requirements of California Civil Public Resources Code Section 1103.4, 4136 (wildland fire area); and has waived any objection to such Disclosure Report(f) California Public Resources Code Section 2694 (high fire severity area). Buyer acknowledges and agrees represents that it has extensive experience acquiring and conducting due diligence for commercial properties. This waiver by Buyer includes, to the matters set forth extent permitted by Law, any remedies Buyer may have for Seller's nondisclosure of the Natural Hazards Disclosures. Seller has not verified, and Seller is not obligated to verify, the information contained in the Disclosure Report may change on Natural Hazards Disclosures. Seller makes no representation or prior warranty, express or implied, as to the Close truth or accuracy of Escrow and that Seller has no obligation to updateany information contained in the Natural Hazards Disclosures. ANY NATURAL HAZARDS DISCLOSED BY THE NATURAL HAZARDS DISCLOSURES OR THE NATURAL HAZARDS DISCLOSURES STATEMENT MAY LIMIT THE BUYER'S ABILITY TO DEVELOP THE PROPERTY, modifyTO OBTAIN INSURANCE, or supplement the Disclosure ReportOR TO RECEIVE ASSISTANCE AFTER A DISASTER. Following the Close of Escrow, Buyer shall be solely responsible for preparing and delivering its own disclosure report to any subsequent prospective buyers of the Property.THE MAPS ON WHICH THESE DISCLOSURES ARE BASED ESTIMATE WHERE NATURAL HAZARDS EXIST. THEY ARE NOT DEFINITIVE INDICATORS OF WHETHER OR NOT THE PROPERTY WILL BE AFFECTED BY A NATURAL DISASTER. BUYER MAY WISH TO OBTAIN PROFESSIONAL ADVICE REGARDING THESE HAZARDS AND OTHER HAZARDS THAT MAY AFFECT THE PROPERTY