Common use of Natural Hazard Disclosure Clause in Contracts

Natural Hazard Disclosure. Within ten (10) Business Days after the Effective Date, 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 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 Optionor to fulfill 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 Optionor from its disclosure obligations, and, for the purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of 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 Optionor have any responsibility for matters not actually known to 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 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 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 Optionor has 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 Optionor Optionors to fulfill its 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 Optionor Optionors from its their respective disclosure obligations, and, for the purpose of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Optionor 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 Optionor has 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.