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12.1.1 All matters relating to title, together with all governmental and other legal
<br />requirements such as taxes, assessments, zoning, use permit requirements and building
<br />codes;
<br />12.1.2 The physical condition and aspects of the Property, including, without
<br />limitation, the square footage of the Property, the structure, seismic aspects of the
<br />Property, the paving, the utilities, if any, and all other physical and functional aspects of
<br />the Property. Such examination of the physical condition of the Property shall include,
<br />but not be limited to, the Buyer’s examination of the presence or absence of Hazardous
<br />Substances. For purposes of this Agreement, “Hazardous Substances” shall mean
<br />inflammable explosives, pollutants, contaminants, radioactive materials, asbestos,
<br />polychlorinated biphenyls, lead, lead-based paint, under and/or above ground tanks,
<br />hazardous materials, hazardous wastes, hazardous substances, oil, or related materials,
<br />which are listed or regulated by the Comprehensive Environmental Response,
<br />Compensation and Liability Act of 1980, as amended (42 U.S.C. Sections 9601, et seq.),
<br />the Resource Conservation and Recovery Act of 1976 (42 U.S.C. Section 6901, et seq.),
<br />the Clean Water Act (33 U.S.C. Section 1251, et seq.), the Safe Drinking Water Act (14
<br />U.S.C. Section 1401, et seq.), the Hazardous Materials Transportation Act (49 U.S.C.
<br />Section 5101, et seq.), the Toxic Substance Control Act (15 U.S.C. Section 2601, et seq.),
<br />the Oregon Hazardous Substance Removal and Remedial Action Law, ORS 465.200, et
<br />seq. and any other applicable federal, state or local laws, rules, regulations or
<br />governmental requirements (collectively “Environmental Laws”);
<br />12.1.3 Any easements and/or access rights affecting the Property;
<br />12.1.4 Any lease and any other documents or agreements of significance
<br />affecting the Property; and
<br />
<br />12.1.5All other matters of material significance affecting the Property.
<br />A-IA.
<br />12.2 BUYER SPECIFICALLY ACKNOWLEDGES
<br />SS CKNOWLEDGEMENT
<br />AND AGREES THAT SELLER IS SELLING AND BUYER IS PURCHASING THE
<br />PROPERTY ON AN “AS IS WITH ALL FAULTS” BASIS, INCLUDING BUT NOT
<br />LIMITED TO BOTH LATENT AND PATENT DEFECTS, AND THAT BUYER IS
<br />NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND
<br />WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, ITS AGENTS, OR
<br />BROKERS AS TO ANY MATTERS CONCERNING THE PROPERTY INCLUDING
<br />WITHOUT LIMITATION: (i) the quality, nature, adequacy and physical condition and
<br />aspects of the Property, including, but not limited to, the structural elements, seismic
<br />aspects of the Property, appurtenances, access, sewage, utility systems, if any, the square
<br />footage of the Property, (ii) the quality, nature, adequacy, and physical condition of soils,
<br />geology and any groundwater, (iii) the existence, quality, nature, adequacy and physical
<br />condition of utilities serving the Property, if any, (iv) the redevelopment potential of the
<br />Property, and the Property’s use, habitability, merchantability, or fitness, suitability,
<br />value or adequacy of the Property for any particular purpose, (v) the zoning or other legal
<br />status of the Property or any other public or private restrictions on use of the Property,
<br />(vi) the compliance of the Property or its operation with any applicable codes, laws,
<br />Page 14 - PURCHASE AND SALE AGREEMENT – DRAFT #3 (20 May 2008)
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