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continued truth and accuracy of which shall constitute a condition precedent to Seller's obligations
<br /> hereunder).
<br /> (a) Buyer's Authority. Buyer and each person executing this Agreement on behalf
<br /> of Buyer, has the legal right, power and authority to enter into this Agreement and to consummate the
<br /> transactions contemplated hereby, in the execution, delivery and performance of this Agreement has
<br /> been duly authorized and no other action by Buyer is requisite to the valid and binding execution,delivery
<br /> and performance of this Agreement.
<br /> (b) Condition of Property. Except as expressly described in this Agreement,
<br /> implied by the Grant Deed, set forth in the Documents and Materials or in any other document provided
<br /> hereunder, Seller, its agents, officers, directors, employees and other persons acting on behalf of Seller
<br /> including Seller's broker and its agents, officers, directors, employees, have made no representation or
<br /> warranty concerning or with respect to the Property or any part thereof, of any kind or nature and
<br /> hereby disclaim any and all representations and warranties in connection with any matter relating to: (i)
<br /> the condition,value, fitness, use of the Property; (ii)the condition, operability, merchantability or fitness
<br /> for a particular purpose of any of any buildings or structures, their walls, floors, foundations, roofs,
<br /> heating, cooling or ventilation equipment, electrical apparatus,plumbing, or other building components,or
<br /> any other improvements,fixtures or personal property situated on or in the Property;(iii)the compliance
<br /> of or by the Property or its operation with any laws, rules, ordinances or regulations of any applicable
<br /> governmental authority or body; (iv) compliance with any environmental protection,pollution or land use
<br /> laws,rules,regulation,orders or requirements,including but not limited to,Title III of the Americans with
<br /> Disabilities Act of 1990,California Health and Safety Code,the Federal Water Pollution Control Act,the
<br /> Federal Resource Conservation and Recovery Act, the U.S. Environmental Protection Agency
<br /> regulations at 40 CFR part 261,the Comprehensive Environmental Response Compensation and Liability
<br /> Act of 1980,as amended,the Resources Conservation and Recovery Act of 1976,the Clean Water Act,
<br /> the Safe Drinking Water Act, the Hazardous Materials Transportation Act, and/or the Toxic Substance
<br /> Control Act, as any of the foregoing may be amended from time to time and regulations promulgated
<br /> under any of the foregoing from time to time; (v)the presence or absence of Hazardous Substances(as
<br /> defined in Section 4.01 below)at, on,under,or adjacent to the Real Property; (vi)the conformity of the
<br /> Property to past, current or future applicable zoning,building or land use requirements;(vii) deficiency of
<br /> any drainage; (viii) the fact that the Property may be located on or near earthquake faults; (ix)the land
<br /> use status of the Real Property including, bat not limited to, general plan status, specific plan status,
<br /> zoning status, subdivision status under the California Subdivision Map Act or the subdivision ordinances
<br /> of San Joaquin County, or any other land use or entitlements matters;(x)the applicability of the Federal
<br /> or California endangered species acts and the existence of any species protected thereunder; or(xi)the
<br /> actual acreage, size, shape,property boundaries,property comers,or configuration of the Real Property;
<br /> (xii) whether any improvements are planted or located within the boundaries of the Real Property; or
<br /> (xiii)any other matter(the foregoing being referred to herein collectively as the"Property Matters").
<br /> BUYER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN
<br /> THE OPPORTUNITY TO INSPECT THE PROPERTY AND SUCH INFORMATION AND
<br /> DOCUMENTATION AFFECTING THE PROPERTY AS BUYER HAS DEEMED NECESSARY
<br /> OR APPROPRIATE, BUYER IS RELYING SOLELY ON ITS OWN INVESTIGATIONS AND
<br /> REVIEW, AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY
<br /> SELLER, ON SELLER'S BEHALF AND BUYER AGREES THAT THE PROPERTY WILL BE
<br /> CONVEYED TO AND ACCEPTED BY BUYER IN ITS "AS IS" CONDITION AT THE CLOSE
<br /> OF ESCROW.
<br /> 15. Liquidated Damages. BUYER RECOGNIZES THAT THE PROPERTY WILL BE
<br /> REMOVED BY THE SELLER FROM THE MARKET DURING THE EXISTENCE OF THIS
<br /> AGREEMENT, AND THAT IF THE TRANSACTION CONTEMPLATED BY THIS DOCUMENT
<br /> IS NOT CONSUMMATED BECAUSE OF BUYER'S DEFAULT, IT WOULD BE EXTREMELY
<br /> -8-
<br /> PSA Stockton-Farmington Sanchez Final 05.30.07
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