Common use of Purchaser’s Consent, Acknowledgment and Waiver Clause in Contracts

Purchaser’s Consent, Acknowledgment and Waiver. Reference is made to that certain Collateral Assignment of Purchase and Sale Agreement and Xxxxxxx Money Deposit (the “Lender Assignment”) executed or to be executed between Seller and FirstBank, a Colorado state banking corporation (“Lender”). As of the date of this Agreement, Purchaser: i. Represents and warrants that Purchaser and Seller are parties to this Agreement pursuant to which Purchaser has agreed, among other things, to purchase an individual condominium unit within the Project and to pay two (2) separate xxxxxxx money deposits collectively defined in Section 4 above as the Xxxxxxx Money Deposit. ii. Acknowledges and agrees that the Xxxxxxx Money Deposit will be used at the discretion of Seller for the direct benefit of the Project as described in Section 4.c above and that the Xxxxxxx Money Deposit will not be refunded to the Purchaser under any circumstances except specifically if (i) Seller is in default under this Agreement and Purchaser terminates this Agreement in the manner provided in Section 14.d above, or (ii) Purchaser properly exercises a right of termination under the second paragraph of this Agreement by the Termination Deadline, under Section 8 (Title) or under Section 9.d (Seller’s Right to Make Changes), in which case the entire Xxxxxxx Money Deposit would then be refunded to Purchaser. iii. Acknowledges and agrees that this Agreement and the Xxxxxxx Money Deposit have been collaterally assigned by Seller to Lender pursuant to the Lender Assignment as additional collateral for the loan from Lender to Seller and that, by Purchaser’s execution of this Agreement below, consents to such assignment to the extent any such consent may be required under this Agreement. iv. Represents and warrants that, except for its right to have the Xxxxxxx Money Deposit returned to Purchaser under those circumstances described in Section 17.c.ii above, Purchaser has no claim or lien (whether at law, equity or otherwise) against the Unit or the Project with respect to the Xxxxxxx Money Deposit, and Purchaser irrevocably waives and releases any and all claims or liens (whether at law, equity or otherwise) against the Unit and the Project with respect to the Xxxxxxx Money Deposit, including any claim or lien related to Seller’s use of the Xxxxxxx Money Deposit in connection with the Project or Seller’s collateral assignment of this Agreement and the Xxxxxxx Money Deposit to the Lender. v. Purchaser further acknowledges and agrees that the Purchaser has read the terms of this Section carefully and understands each of its terms and provisions, and that Purchaser has sought, or had the opportunity to seek, independent legal counsel of Purchaser’s choice in connection with Purchaser’s review and agreement to its terms and provisions, including the consents, acknowledgments and waivers contained herein.

Purchaser’s Consent, Acknowledgment and Waiver. Reference is made to that certain Collateral Assignment of Purchase and Sale Agreement and Xxxxxxx Money Deposit (the “Lender Assignment”) executed or to be executed between Seller and FirstBank, a Colorado state banking corporation (“Lender”). As of the date of this Agreement, Purchaser: i. Represents and warrants that Purchaser and Seller are parties to this Agreement pursuant to which Purchaser has agreed, among other things, to purchase an individual condominium unit within the Project and to pay two (2) separate xxxxxxx money deposits collectively defined in Section 4 above as the Xxxxxxx Money Deposit. ii. Acknowledges and agrees that the Xxxxxxx Money Deposit will be used at the discretion of Seller for the direct benefit of the Project as described in Section 4.c above and that the Xxxxxxx Money Deposit will not be refunded to the Purchaser under any circumstances except specifically if (i) Seller is in default under this Agreement and Purchaser terminates this Agreement in the manner provided in Section 14.d above, or (ii) Purchaser properly exercises a right of termination under the second paragraph of this Agreement by the Termination Deadline, under either Section 8 (Title) or under Section 9.d (Seller’s Right to Make Changes), in which case the entire Xxxxxxx Money Deposit would then be refunded to Purchaser. iii. Acknowledges and agrees that this Agreement and the Xxxxxxx Money Deposit have been collaterally assigned by Seller to Lender pursuant to the Lender Assignment as additional collateral for the loan from Lender to Seller and that, by Purchaser’s execution of this Agreement below, consents to such assignment to the extent any such consent may be required under this Agreement. iv. Represents and warrants that, except for its right to have the Xxxxxxx Money Deposit returned to Purchaser under those circumstances described in Section 17.c.ii above, Purchaser has no claim or lien (whether at law, equity or otherwise) against the Unit or the Project with respect to the Xxxxxxx Money Deposit, and Purchaser irrevocably waives and releases any and all claims or liens (whether at law, equity or otherwise) against the Unit and the Project with respect to the Xxxxxxx Money Deposit, including any claim or lien related to Seller’s use of the Xxxxxxx Money Deposit in connection with the Project or Seller’s collateral assignment of this Agreement and the Xxxxxxx Money Deposit to the Lender. v. Purchaser further acknowledges and agrees that the Purchaser has read the terms of this Section carefully and understands each of its terms and provisions, and that Purchaser has sought, or had the opportunity to seek, independent legal counsel of Purchaser’s choice in connection with Purchaser’s review and agreement to its terms and provisions, including the consents, acknowledgments and waivers contained herein.

Purchaser’s Consent, Acknowledgment and Waiver. Reference is made Purchaser acknowledges that Seller intends to that certain collaterally assign this Agreement and the Xxxxxxx Money Deposit to a development and construction lender selected by Seller (“Lender”) pursuant to a Collateral Assignment of Purchase and Sale Agreement and Xxxxxxx Money Deposit (the “Lender Assignment”) executed or to be executed between Seller and FirstBank, a Colorado state banking corporation (“Lender”). As of the date of this Agreement, Purchaser: i. Represents and warrants that Purchaser and Seller are parties to this Agreement pursuant to which Purchaser has agreed, among other things, to purchase an individual condominium unit within the Project and to pay two (2) separate xxxxxxx money deposits collectively defined in Section 4 above as the Xxxxxxx Money Deposit. ii. Acknowledges and agrees that the Xxxxxxx Money Deposit will be used at the discretion of Seller for the direct benefit of the Project as described in Section 4.c above and that the Xxxxxxx Money Deposit will not be refunded to the Purchaser under any circumstances except specifically if (i) Seller is in default under this Agreement and Purchaser terminates this Agreement in the manner provided in Section 14.d above, or (ii) Purchaser properly exercises a right of termination under the second paragraph of this Agreement by the Termination Deadline, under Section 8 (Title) or under Section 9.d (Seller’s Right to Make Changes), in which case the entire Xxxxxxx Money Deposit would then be refunded to Purchaser. iii. Acknowledges and agrees that this Agreement and the Xxxxxxx Money Deposit have been or will be collaterally assigned by Seller to Lender pursuant to the Lender Assignment as additional collateral for the loan from Lender to Seller and that, by Purchaser’s execution of this Agreement below, consents to such assignment to the extent any such consent may be required under this Agreement. iv. Represents and warrants that, except for its right to have the Xxxxxxx Money Deposit returned to Purchaser under those circumstances described in Section 17.c.ii above, Purchaser has no claim or lien (whether at law, equity or otherwise) against the Unit or the Project with respect to the Xxxxxxx Money Deposit, and Purchaser irrevocably waives and releases any and all claims or liens (whether at law, equity or otherwise) against the Unit and the Project with respect to the Xxxxxxx Money Deposit, including any claim or lien related to Seller’s use of the Xxxxxxx Money Deposit in connection with the Project or Seller’s collateral assignment of this Agreement and the Xxxxxxx Money Deposit to the Lender. v. Purchaser further acknowledges and agrees that the Purchaser has read the terms of this Section carefully and understands each of its terms and provisions, and that Purchaser has sought, or had the opportunity to seek, independent legal counsel of Purchaser’s choice in connection with Purchaser’s review and agreement to its terms and provisions, including the consents, acknowledgments and waivers contained herein.