Purchase And Sale Agreement Form Page 4
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23(e)
Scope of Release.
The release set forth in this Section 1.3
includes claims of which the Purchaser is presently unaware or which the Purchaser
does not presently suspect to exist which, if known by the Purchaser, would materially
affect the Purchaser's release of the Released Parties. The Purchaser specifically
waives the provision of any statute or principle of law that provides otherwise. In this
connection and to the extent permitted by law, the Purchaser agrees, represents and
warrants that the Purchaser realizes and acknowledges that factual matters now
unknown to the Purchaser may have given or may hereafter give rise to causes of
action, claims, demands, debts, controversies, damages, costs, losses and expenses
which are presently unknown, unanticipated and unsuspected, and the Purchaser
further agrees, represents and warrants that the waivers and releases herein have been
negotiated and agreed upon in light of that realization and that the Purchaser
nevertheless hereby intends to release, discharge and acquit the Seller from any such
unknown causes of action, claims, demands, debts, controversies, damages, costs,
losses and expenses.
Accordingly, the Purchaser, on behalf of itself and anyone
claiming by, through or under the Purchaser, hereby assumes the above-mentioned
risks and hereby expressly waives any right the Purchaser and anyone claiming by,
through or under the Purchaser, may have under Section 1542 of the California Civil
Code, which reads as follows:
"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 his
settlement with the debtor."
Purchaser's Initials: __________
Notwithstanding the foregoing, this release shall not apply to, nor shall the Seller
be released from, the Seller's actual fraud or misrepresentation.
2.
ESCROW
2.1
Opening Escrow. Promptly following execution of this Agreement,
the Parties shall open an escrow (the "Escrow") with the Ukiah Office of Redwood Title
Company (the "Title Company") for conveyance of the Property to the Purchaser (the
"Closing", as further described in Section 3.3).
The Parties may provide escrow
instructions to the Title Company consistent with this Agreement.
2.2
Costs of Closing. In addition to payment of the Purchase Price, the
Purchaser shall be responsible for payment of, and shall deposit into Escrow an amount
equal to all fees, charges and costs necessary to close Escrow. Each party shall pay its
own legal, professional fees and fees of other consultants incurred with regard to this
transaction.
2.3
Title Policy.
The Purchaser shall be solely responsible for any
costs or premiums charged by the Title Company for the title insurance policy or special
endorsements required by Purchaser.
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