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(i) make an independent investigation of the physical condition of the <br />Property including but not limited to the condition of the soil, the presence of <br />hazardous materials or contaminants, other physical characteristics, and <br />compliance with any statutes, ordinances or regulations; and <br />(ii) study all aspects or circumstances of the Property and make all <br />inspections and verifications which Buyer deems material, relevant or necessary <br />for the completion of Buyer's due diligence review for the transaction covered by <br />this Agreement. <br />Notwithstanding any applicable law or custom to contrary, Buyer shall be solely responsible for <br />conducting any inspections or tests required by law at its sole cost and expense. Should Buyer <br />determine in its sole discretion based on its investigation of the Property that the condition of the <br />Property is unacceptable to Buyer, prior to the expiration of the Inspection Period Buyer shall so <br />notify Seller in writing. In the event Buyer's objections are not cured by Closing, Buyer may <br />elect to: (i) terminate this Agreement in which case Buyer shall have no obligation to purchase <br />the Property and the parties' obligations hereunder shall terminate; or (ii) proceed to Closing and <br />accept the Property subject to the Buyer's objections without diminution of the Purchase Price. <br />Buyer's failure to timely provide notice to Seller of any objections to the condition of the <br />Property will constitute a waiver of its rights to raise any objections hereunder and Buyer will <br />accept title to the Property subject to such objections. <br />b. Buyer agrees that: <br />(i) Seller has made no representations or warranties with respect to the <br />Property except as set forth in this Agreement; <br />(ii) Seller shall not be responsible for any statements, representations or <br />warranties of any kind furnished to Buyer by any real estate broker or any other <br />person, unless the same are specifically set forth in this Agreement; <br />(iii) no materials, brochures, or documents delivered by Seller to Buyer or <br />any other person shall be, or be deemed, a representation, warranty, or agreement <br />of Seller under, or with respect to, this Agreement; and Buyer has, and shall have, <br />the exclusive responsibility for verifying any facts or conditions set forth or <br />described in any such materials, brochures, or documents; and <br />(iv) Buyer has not undertaken any activity and will not undertake any <br />activity which will jeopardize Seller's efforts to acquire the Property. The parties <br />agree that any activity undertaken by Buyer as required by law is not an activity <br />that would be construed to jeopardize Seller's acquisition effort. <br />Agrmt of Sale City of San Marcos—Barker Tract <br />(1- 3- 12).doc <br />