Common use of Natural Hazards Clause in Contracts

Natural Hazards. As used herein, the term “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”). Prior to Closing, Seller shall provide Purchaser with a Natural Hazard Disclosure Statement (“Disclosure Statement”) for the Real Property. Purchaser acknowledges that Seller has or will cause Title Insurer to retain the services of an 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 Seller to fulfill their disclosure obligations with respect to the Act and to prepare a written report of the result of its examination (the “Report”). Purchaser acknowledges that the Report fully and completely discharges Seller from its disclosure obligations under the Act, and, for the purpose of this Agreement, the provisions of California Civil Code Section 1103.4 regarding the non-liability of Seller for errors or omission 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 Report. Purchaser acknowledges and agrees that nothing contained in the Disclosure Statement shall release Purchaser from its obligation to fully investigate the condition of the Property, including, without limitation, whether the Property is located in any Natural Hazard Area. Purchaser further acknowledges and agrees that the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing Date and that Seller has no obligation to update, modify, or supplement the Disclosure Statement or Report. Purchaser shall be solely responsible for preparing and delivering its own Natural Hazard Disclosure Statement to subsequent prospective buyers of the Property. Purchaser shall sign and acknowledge receipt of the Disclosure Statement and/or Report if requested by Seller. The provisions of this Section 14.17 shall survive the Closing.

Natural Hazards. As used herein, Purchaser and Sellers further acknowledge that Sellers may be required to disclose if the term 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 1103(c)(1)); (ii) an area of potential flooding (California Government Code Section 8589.4); (iii) a very high fire hazard severity zone (California Government Code Section 51178 et seq.); (iv) a wild land area that may contain substantial forest fire risks and hazards (Public Resources Code Section 4135); (v) earthquake fault zone (Public Resources Code Section 2622); or (vi) a seismic hazard zone (Public Resources Code Section 2696) (sometimes all of the preceding are herein collectively called the “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 “ActMatters”). Prior to ClosingPurchaser and Sellers hereby instruct Title Company, Seller shall provide Purchaser with a Natural Hazard Disclosure Statement or an affiliate thereof (“Disclosure Statement”) for the Real Property. Purchaser acknowledges that Seller has or will cause Title Insurer to retain the services of an expert (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 purpose purposes of enabling Seller Sellers to fulfill their disclosure obligations, if and to the extent such obligations exist, with respect to the Act natural hazards referred to in California Civil Code Section 1103 et seq. and to prepare a written report of the result of its examination (to Purchaser and Sellers in writing. The written report prepared by the “Report”). Purchaser acknowledges that Natural Hazard Expert regarding the Report results of its full examination will fully and completely discharges Seller discharge Sellers from its their disclosure obligations under referred to herein, if and to the Actextent any such obligations exist, and, for the purpose of this Agreement, the provisions of California Civil Code Section section 1103.4 regarding the non-liability of Seller Sellers for errors or omission omissions not within its personal knowledge shall be deemed to 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 Reportwritten report regarding the natural hazards referred to above. Purchaser acknowledges and agrees that nothing contained in the Disclosure Statement shall release Purchaser from to provide Sellers with a written acknowledgment of its obligation to fully investigate the condition receipt of the Property, including, without limitation, whether the Property is located in any Natural Hazard Area. Purchaser further acknowledges and agrees that the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing Date and that Seller has no obligation to update, modify, or supplement the Disclosure Statement or Report. Purchaser shall be solely responsible for preparing and delivering its own Natural Hazard Disclosure Statement to subsequent prospective buyers of the PropertyStatement. Purchaser shall sign and acknowledge receipt of the Disclosure Statement and/or Report if requested by Seller. The provisions of this Section 14.17 shall survive the Closing.29

Natural Hazards. As used herein, Purchaser and Seller further acknowledge that Seller may be required to disclose if the term 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 1103(c)(1)); (ii) an area of potential flooding (California Government Code Section 8589.4); (iii) a very high fire hazard severity zone (California Government Code Section 51178 et seq.); (iv) a wild land area that may contain substantial forest fire risks and hazards (Public Resources Code Section 4135); (v) earthquake fault zone (Public Resources Code Section 2622); or (vi) a seismic hazard zone (Public Resources Code Section 2696) (sometimes all of the preceding are herein collectively called the “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 “ActMatters”). Prior to ClosingPurchaser and Seller hereby instruct the Title Company, Seller shall provide Purchaser with a Natural Hazard Disclosure Statement or an affiliate thereof (“Disclosure Statement”) for the Real Property. Purchaser acknowledges that Seller has or will cause Title Insurer to retain the services of an expert (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 purpose purposes of enabling Seller to fulfill their its disclosure obligations, if and to the extent such obligations exist, with respect to the Act natural hazards referred to in California Civil Code Section 1103 et seq. and to prepare a written report of the result of its examination to Purchaser and Seller in writing at least five (5) days prior to the “Report”)end of the Property Approval Period. Purchaser acknowledges that The written report prepared by the Report Natural Hazard Expert regarding the results of its full examination will fully and completely discharges discharge Seller from its disclosure obligations under referred to herein, if and to the Actextent any such obligations exist, and, for the purpose of this Agreement, the provisions of California Civil Code Section section 1103.4 regarding the non-liability of Seller for errors or omission omissions not within its personal knowledge shall be deemed to 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 Reportwritten report regarding the natural hazards referred to above. Purchaser acknowledges and agrees that nothing contained in the Disclosure Statement shall release Purchaser from to provide Seller with a written acknowledgment of its obligation to fully investigate the condition receipt of the Property, including, without limitation, whether the Property is located in any Natural Hazard Area. Purchaser further acknowledges and agrees that the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing Date and that Seller has no obligation to update, modify, or supplement the Disclosure Statement or Report. Purchaser shall be solely responsible for preparing and delivering its own Natural Hazard Disclosure Statement to subsequent prospective buyers of the Property. Purchaser shall sign and acknowledge receipt of the Disclosure Statement and/or Report if requested by Seller. The provisions of this Section 14.17 shall survive the ClosingStatement.

Natural Hazards. As used herein, Purchaser and Seller further acknowledge that Seller is required to disclose if the term 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 1103(c)(1)); (ii) an area of potential flooding (California Government Code Section 8589.4); (iii) a very high fire hazard severity zone (California Government Code Section 51178 et seq.); (iv) a wild land area that may contain substantial forest fire risks and hazards (Public Resources Code Section 4135); (v) earthquake fault zone (Public Resources Code Section 2622); or (vi) a seismic hazard zone (Public Resources Code Section 2696) (sometimes all of the preceding are herein collectively called the “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 “ActMatters”). Prior to ClosingPurchaser and Seller hereby instruct the Title Company, Seller shall provide Purchaser with a Natural Hazard Disclosure Statement or an affiliate thereof (“Disclosure Statement”) for the Real Property. Purchaser acknowledges that Seller has or will cause Title Insurer to retain the services of an expert (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 purpose purposes of enabling Seller to fulfill their its disclosure obligations, if and to the extent such obligations exist, with respect to the Act natural hazards referred to in California Civil Code Section 1103 et seq. and to prepare a written report of the result of its examination (to Purchaser and Seller in writing. The written report prepared by the “Report”). Purchaser acknowledges that Natural Hazard Expert regarding the Report results of its full examination will fully and completely discharges discharge Seller from its disclosure obligations under referred to herein, if and to the Actextent any such obligations exist, and, for the purpose of this Agreement, the provisions of California Civil Code Section section 1103.4 regarding the non-liability of Seller for errors or omission omissions not within its personal knowledge shall be deemed to 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 Reportwritten report regarding the natural hazards referred to above. Purchaser acknowledges and agrees that nothing contained in the Disclosure Statement shall release Purchaser from to provide Seller with a written acknowledgment of its obligation to fully investigate the condition receipt of the Property, including, without limitation, whether the Property is located in any Natural Hazard Area. Purchaser further acknowledges and agrees that the matters set forth in the Disclosure Statement or Report may change on or prior to the Closing Date and that Seller has no obligation to update, modify, or supplement the Disclosure Statement or Report. Purchaser shall be solely responsible for preparing and delivering its own Natural Hazard Disclosure Statement to subsequent prospective buyers of the Property. Purchaser shall sign and acknowledge receipt of the Disclosure Statement and/or Report if requested by Seller. The provisions of this Section 14.17 shall survive the ClosingStatement.