Common use of WAIVER OF SECTION 1542 PROTECTIONS Clause in Contracts

WAIVER OF SECTION 1542 PROTECTIONS. As of the Closing, the Contributor and the Operating Partnership each expressly waives and relinquishes all rights and benefits afforded by Section 1542 of the California Civil Code and do so understanding and acknowledging the significance and consequence of such specific waiver of Section 1542 which provides: A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected the settlement with the debtor.

WAIVER OF SECTION 1542 PROTECTIONS. As of the Closing, the Contributor and the Operating Partnership each expressly waives and relinquishes all rights and benefits afforded by Section 1542 of the California Civil Code and do so understanding and acknowledging the significance and consequence of such specific waiver of Section 1542 which provides: A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected the settlement with the debtor.: