Common use of Natural Hazard Disclosure Clause in Contracts

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. Within ten (10) Business Days after the Effective Date, Optionor, with respect to the Eligible Properties in which it owns an interest, Optionor 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 Optionor has 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 Optionor to fulfill their respective its 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 Optionor from their respective its disclosure obligations, and, for the purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Optionors Optionor 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 Optionor has 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. Within ten (10) Business Days after the Effective Date, Optionor, with respect Prior to the Eligible Properties in date which it owns an interestis five (5) business days before the expiration of the Feasibility Period, Seller shall provide Optionee Buyer 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 Buyer acknowledges that Optionors have Seller has 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 Seller to fulfill their respective its disclosure obligations and to prepare a written report of the result of its examination (the “Natural Hazard Report”). Optionee Buyer acknowledges that the Natural Hazard Report fully and completely discharges Optionors Seller from their respective its disclosure obligations, and, for the purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Optionors 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 within the scope of its expertise with respect to the examination and Natural Hazard Report. In no event shall any Optionor Seller have any responsibility for matters not actually known to such OptionorSeller. Optionee Buyer acknowledges and agrees that nothing contained in the Natural Hazard Disclosure Statement shall release Optionee Buyer from OptioneeBuyer’s obligation to fully investigate the condition of each Real the Property, including including, without limitation, the Natural Hazard Disclosure Statement. Optionee Buyer further acknowledges and agrees that the matters set forth in the Natural Hazard Disclosure Statement may change on or prior to Closing the Close of Escrow and that Optionors have Seller has no obligation to update, modify or supplement the Natural Hazard Disclosure Statement. The Natural Hazard Disclosure Statement shall be deemed included in the contingency items to be approved or disapproved by Optionee Buyer by the Option Acceptance Dateexpiration of the Feasibility Period.