Common use of Natural Hazard Disclosure Clause in Contracts

Natural Hazard Disclosure. Buyer acknowledges that Seller may be required by California law to disclose if any of 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 wildland area that may contain substantial forest fire risks and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zone. Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) or another third party selected by Seller (the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies and has provided a natural hazard disclosure statement prepared by the Natural Hazard Expert (the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid 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. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials

Appears in 2 contracts

Samples: Agreement of Purchase and Sale (American Finance Trust, Inc), Agreement of Purchase and Sale (Cim Real Estate Finance Trust, Inc.)

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Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by California law to disclose if any of the Property property lies within the following natural hazard areas or zones: (ai) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1103(c)(1)); (bii) an area of potential floodingflooding (California Government Code Section 8589.4); (ciii) a very high fire hazard severity zonezone (California Government Code Section 51178 et seq.); (div) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4135; (ev) an earthquake fault or special studies zonezone (Public Resources Code Section 2622); or (fvi) a seismic hazard zonezone (Public Resources Code Section 2696) (sometimes all of the preceding are herein collectively called the “Natural Hazard Matters”). Accordingly, Seller shall provide Buyer with a natural hazard disclosure report (the “Natural Hazard Disclosure Statement”) prepared by a professional consulting firm (the “Natural Hazard Expert”) relating to the Property no later than three (3) days after the Effective Date. Buyer expressly acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereofa) or another third party selected by Seller (the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies and has provided a natural hazard disclosure statement Disclosure Statement prepared by the Natural Hazard Expert (the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid will fully and completely discharges discharge Seller from its disclosure obligations referred to herein, andif and to the extent any such obligations exist, (b) for the purposes purpose of this Agreement, the provisions of Civil Code Section section 1103.4 regarding the non-liability of Seller for errors and/or or omissions not within its personal knowledge shall be deemed to apply, and (c) the 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 written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that to provide Seller with a written acknowledgment of its receipt of the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's InitialsNatural Hazard Disclosure Statement.

Appears in 1 contract

Samples: Agreement of Sale and Purchase (Behringer Harvard Multifamily Reit I Inc)

Natural Hazard Disclosure. As of the Closing, to the extent permitted by law, Buyer shall be deemed to have knowingly, voluntarily and intentionally waived the right to the disclosures (“Natural Hazards Disclosures”) set forth in: (a) California Government Code 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 Section 2621.9 (seismic hazard zone); (e) California Public Resources Code Section 4136 (wildland fire area); and (f) California Public Resources Code Section 2694 (high fire severity area). Buyer acknowledges and represents that it has extensive experience acquiring and conducting due diligence for commercial properties. This waiver by Buyer includes, to the extent permitted by law, any remedies Buyer may have for Seller’s nondisclosure of the Natural Hazards Disclosures. In no way limiting the foregoing waiver by Buyer, Buyer acknowledges that Seller may be required by California law to disclose if any shall employ the services of 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 wildland area that may contain substantial forest fire risks and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zone. Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) or another third party selected by Seller (as applicable, 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 Seller to fulfill Seller’s disclosure obligations, if any, and has provided a natural hazard disclosure statement prepared by to report the Natural Hazard Expert (the “NHD Statement”) and the report result of the Natural Hazard Expert Expert’s examination (the NHD Natural Hazards Report”) containing the results of its examination to Buyer and Seller in writing prior to the Effective Date of this Agreementwriting. Seller has not verified, and Buyer has signed and returned a copy of Seller is not obligated to verify, the NHD Statement to Sellerinformation contained in the Natural Hazards Report. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD The Natural Hazards Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Section 1103.4 of the California Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that Seller makes no representation or warranty as to the matters set forth truth or accuracy of any information contained in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Natural Hazards Report. /s/ MA Buyer's InitialsANY NATURAL HAZARDS DISCLOSED BY THE NATURAL HAZARDS REPORT MAY LIMIT THE BUYER’S ABILITY TO REDEVELOP OR UTILIZE THE PROPERTY, TO OBTAIN INSURANCE, OR TO RECEIVE ASSISTANCE AFTER A DISASTER. 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.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Armstrong Flooring, Inc.)

Natural Hazard Disclosure. Buyer acknowledges Purchaser and Seller acknowledge that Seller may be required by under California law to disclose if any of the Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) The Title Company or another third party selected by Seller qualified expert as described in California Civil Code Section 1102.4(c) (the "Natural Hazard Expert") has been engaged, at Seller’s cost, to examine the maps and other information specifically made available to the public by government agencies for the purposes of enabling Seller to fulfill Seller’s disclosure obligations, if and has provided a to the extent such obligations exist, with respect to the natural hazard disclosure statement hazards referred to in California Civil Code Section 1103.2 and the written results of the Natural Hazard Expert’s examination shall be delivered to Purchaser concurrently with the execution and delivery of this Agreement. The written report(s) prepared by the Natural Hazard Expert (regarding the “NHD Statement”) and the report results of the Natural Hazard Expert Expert’s full examination (the “NHD Natural Hazard Report”) containing the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Deckers Outdoor Corp)

Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by under California law to disclose if any of 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 wildland wild land area that may contain substantial forest fire risks and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zone. Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) will employ the services of Disclosure Source, the Title Company or another third party selected by Seller (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 Seller to fulfill Seller’s disclosure obligations, and has provided a natural hazard disclosure statement to report the result of the Natural Hazard Expert’s examination to Buyer and Seller in writing. The written reports prepared by the Natural Hazard Expert (regarding the “NHD Statement”) and the report results of the Natural Hazard Expert (the “NHD Report”) containing the results of its Expert’s examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Kilroy Realty Corp)

Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by under California law to disclose if any of the Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent (or Title Company shall engage at Seller’s cost the services of Disclosure Source, an affiliate thereof) or another third party selected by Seller 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 Seller to fulfill Seller’s disclosure obligations, if and has provided a to the extent such obligations exist, with respect to the natural hazard disclosure statement prepared by the Natural Hazard Expert (the “NHD Statement”hazards referred to in California Civil Code Section 1102.6c(a) and to report the report result of the Natural Hazard Expert’s examination to Buyer and Seller in writing no later than the date hereof. The written reports prepared by the National Hazard Expert (the “NHD Report”) containing regarding the results of its the Natural Hazard Expert’s full examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 1102.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Purchase and Sale Agreement (CIM Commercial Trust Corp)

Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by under California law to disclose if any of the Real Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent The Title Company shall be engaged (or an affiliate thereof) or another third party selected by Seller (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 Seller to fulfill Seller’s 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 the Natural Hazard Expert’s examination to Buyer and Seller in writing. Seller has provided a natural hazard disclosure statement instructed the Title Company to deliver to Buyer Natural Hazard Expert’s examination report prior to the Close of Escrow. The written reports prepared by the Natural Hazard Expert (regarding the “NHD Statement”) and the report results of the Natural Hazard Expert (the “NHD Report”) containing the results of its Expert’s full examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 1102.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Joint Escrow Instructions

Natural Hazard Disclosure. Buyer acknowledges that Seller may be required Escrow Agent will order and provide Purchaser with a natural hazard disclosure report prepared by California law a natural hazards consulting firm (“Natural Hazard Expert”) relating to disclose if any of the Property lies within for the following purposes of enabling Seller to fulfill its disclosure obligations, if and to the extent such obligations exist, with respect to the natural hazard areas or zones: (a) a special flood hazard area designated by hazards referred to in California Civil Code Section 1103 et seq. and to report the Federal Emergency Management Agency; (b) an area results of potential flooding; (c) a very high fire hazard severity zone; (d) a wildland area that may contain substantial forest fire risks its examination to Purchaser and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zoneSeller in writing. Buyer Purchaser acknowledges and agrees that nothing contained in any disclosure shall release Purchaser from its obligation, if any, to fully investigate the condition on the Property, including, without limitation, whether the Property is located in any natural hazard areas. Purchaser further acknowledges and agrees that (i) the natural hazard disclosures will be made in the standard form of report prepared by a third party, (ii) Seller shall have no liability for the accuracy or completeness of any such information, (iii) the matters set forth in the natural hazard disclosures may change on or prior to the Close of Escrow and (iv) Seller has employed Escrow Agent (no obligation to update, modify or an affiliate thereof) or another third party selected by Seller (supplement the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies and has provided a natural hazard disclosure statement disclosures. The written report prepared by the Natural Hazard Expert (the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing regarding the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of California 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. Buyer further acknowledges and Purchaser agrees that to provide Seller with a written acknowledgment of its receipt of the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's InitialsNatural Hazard Disclosure Statement.

Appears in 1 contract

Samples: Sale, Purchase and Escrow Agreement (Fabrinet)

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Natural Hazard Disclosure. Buyer acknowledges that Seller may be required by California law to disclose if any of 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 wildland area that may contain substantial forest fire risks and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zone. Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) or another third party selected by Seller (the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies and has provided a natural hazard disclosure statement prepared by the Natural Hazard Expert (the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid 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. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA MRP_______________________ Buyer's Initials

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Cim Real Estate Finance Trust, Inc.)

Natural Hazard Disclosure. Buyer acknowledges The Purchasers acknowledge that Seller may be required by the Sellers and the Parent may, but are not obligated to, deliver to the Purchasers a Natural Hazard Disclosure Statement in the form provided under California law to disclose Law if any of the Owned Real Property lies within the following natural hazard areas or zones: zones (the “Natural Hazard Areas”): (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent (If the Sellers or an affiliate thereof) or another the Parent elect to deliver a Natural Hazard Disclosure Statement to the Purchasers, the Natural Hazard Disclosure Statement will purport to show whether the Owned Real Property is located in a Natural Hazard Area based upon the examination by a third party selected by Seller (the "Natural Hazard Expert") to examine of the maps and other information specifically made available to the public by government agencies and has provided a natural hazard disclosure statement prepared by with respect to the Natural Hazard Expert (Areas. For the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing the results of its examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its disclosure obligations referred to herein, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller the Sellers and the Parent for errors and/or or omissions not within its the personal knowledge of the Sellers and the Parent shall be deemed to apply, apply and such third party preparing the Natural Hazard Expert Disclosure Statement shall be deemed to be an expert expert, dealing with matters within the scope of its the third party’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges The Purchasers acknowledge and agrees that agree as follows: (i) the matters set forth Purchasers are sophisticated investors in commercial real estate and possess the NHD Statement or NHD Report may change expertise to assess whether the Owned Real Property is located in any of the Natural Hazard Areas, and the impact on or the Purchasers’ use, operation, ownership and enjoyment of the Owned Real Property if the Owned Real Property is located in any of the Natural Hazard Areas; (ii) prior to Closing the Closing, independent of any Natural Hazard Disclosure Statement, the Purchasers shall have determined or had an opportunity to determine whether the Owned Real Property is located in any of the Natural Hazard Areas and that Seller has no obligation will have assessed or had an opportunity to updateassess the impact on the Purchasers’ use, modifyoperation, or supplement ownership and enjoyment of the NHD Owned Real Property if the Owned Real Property is located in any of the Natural Hazard Areas; and (iii) the Purchasers are not relying on any Natural Hazard Disclosure Statement or NHD Report. /s/ MA Buyer's Initials(if one is delivered) in consummating the transactions contemplated hereby.

Appears in 1 contract

Samples: Asset Purchase Agreement (Harte Hanks Inc)

Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by under California law to disclose if any of the Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent (or Title Company shall engage at Seller’s cost the services of Disclosure Source, an affiliate thereof) or another third party selected by Seller 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 Seller to fulfill Seller’s disclosure obligations, if and has provided a to the extent such obligations exist, with respect to the natural hazard disclosure statement prepared by the Natural Hazard Expert (the “NHD Statement”hazards referred to in California Civil Code Section 1102.6c(a) and to report the report result of the Natural Hazard Expert’s examination to Buyer and Seller in writing no later than the Investigation Period Expiration Date. The written reports prepared by the National Hazard Expert (the “NHD Report”) containing regarding the results of its the Natural Hazard Expert’s full examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Restated Agreement, the provisions of Civil Code Section 1103.4 1102.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Purchase and Sale Agreement (CIM Commercial Trust Corp)

Natural Hazard Disclosure. Buyer acknowledges and Seller acknowledge that Seller may be required by California law to disclose if any of the Real Property lies within the following natural hazard areas or zones: (ai) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1103(c)(1)); (bii) an area of potential floodingflooding (California Government Code Section 8589.4); (ciii) a very high fire hazard severity zonezone (California Government Code Section 51178 et seq.); (div) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4135); (ev) an earthquake fault or special studies zonezone (Public Resources Code Section 2622); or (fvi) a seismic hazard zonezone (Public Resources Code Section 2696) (sometimes all of the preceding are herein collectively called the “Natural Hazard Matters”). Buyer acknowledges Escrow Holder, at Seller’s sole cost and agrees that Seller has employed Escrow Agent expense, is hereby instructed to engage a qualified expert (or an affiliate thereof) or another third party selected by Seller (who, in such capacity, is herein called 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 Seller to fulfill its disclosure obligations, if and has provided a to the extent such obligations exist, with respect to the natural hazard disclosure statement hazards referred to in California Civil Code Section 1103 and to report the result of its examination to Buyer and Seller in writing. The written report prepared by the Natural Hazard Expert (the “NHD Statement”) and the report of the Natural Hazard Expert (the “NHD Report”) containing regarding the results of its full examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid will fully and completely discharges discharge Seller from its disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or or omissions not within its personal knowledge shall be deemed to apply, apply and the 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 written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that to provide Seller with a written acknowledgment of its receipt of the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initialsreport.

Appears in 1 contract

Samples: Agreement For (RREEF Property Trust, Inc.)

Natural Hazard Disclosure. Buyer acknowledges Purchaser and Seller acknowledge that Seller may be required by under California law to disclose if any of the Property lies within the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management AgencyAgency (California Civil Code Section 1102.17); (b) an area of potential floodingflooding (California Government Code Section 8589.4); (c) a very high fire hazard severity zonezone (California Government Code Section 51183.5); (d) a wildland wild land area that may contain substantial forest fire risks and hazardshazards (Public Resources Code Section 4136); (e) an earthquake fault or special studies zonezone (Public Resources Code Section 2621.9); or (f) a seismic hazard zonezone (Public Resources Code Section 2694). Buyer acknowledges and agrees that Seller has employed Escrow Agent Purchaser shall cause the Title Company to be engaged (or an affiliate thereof) or another third party selected by Seller (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 Seller to fulfill Seller’s disclosure obligations, if and has provided a to the extent such obligations exist, with respect to the natural hazard disclosure statement hazards referred to in California Civil Code Section 1102.6c(a) and to report the result of the Natural Hazard Expert’s examination to Purchaser and Seller in writing. Purchaser shall instruct the Title Company to deliver to Purchaser Natural Hazard Expert’s examination report prior to the Disapproval Date. The written reports prepared by the Natural Hazard Expert (regarding the “NHD Statement”) and the report results of the Natural Hazard Expert (the “NHD Report”) containing the results of its Expert’s examination to Buyer in writing prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from its Seller’s disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purposes purpose of this AgreementContract, the provisions of Civil Code Section 1103.4 1102.4 regarding the non-liability of Seller for errors and/or or omissions not within its Seller’s personal knowledge shall be deemed to apply, apply and the Natural Hazard Expert shall be deemed to be an expert expert, dealing with matters within the scope of its the Natural Hazard Expert’s expertise with respect to the examination and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement the NHD Statement or NHD Report. /s/ MA Buyer's Initials.

Appears in 1 contract

Samples: Agreement for Purchase and Sale (CubeSmart, L.P.)

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