4.2.4 General Waiver . With respect to the waivers and releases set forth in Section 4.2.3, above, Purchaser expressly waives any of its rights granted under California Civil Code Section 1542, which provides as follows: A general release does not extend to claims which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party. ___________________ Purchaser’s Initials
ARTICLE 5 DEFAULTS; REMEDIES
5.1 PURCHASER’S DEFAULT AND LIQUIDATED DAMAGES . PURCHASER AND SELLER AGREE THAT SHOULD PURCHASER DEFAULT IN PURCHASER’S OBLIGATION TO PURCHASE THE PROPERTY WITHIN THE TIME AND IN THE MANNER SPECIFIED IN THIS AGREEMENT, SELLER SHALL BE RELEASED FROMALL OBLIGATIONS AT LAW OR IN EQUITY TO CONVEY THE SURPLUS PROPERTY TO PURCHASER. Seller’s Initials: _________ Purchaser’s Initials: _________ ________ In addition, Seller may pursue against Purchaser any and all other rights and remedies available at law or in equity, to obtain from Purchaser (on an AS IS basis and subject to the rights of third parties): (a) copies of all soil tests, environmental studies, and other tests and studies pertaining to the Surplus Property obtained by Purchaser, and (b) reimbursement for the payment of any costs and expenses incurred by Seller and properly allocable to Purchaser under Article 3 or Section 6.15. 5.2 Seller’s Default . If the transaction contemplated hereby does not close by reason of a material, uncured default by Seller in any of the terms hereof, then Purchaser may terminate this Agreement and pursue against Seller as Purchaser’s sole and exclusive remedy, an action to compel Seller’s specific performance of this Agreement. In no event shall Seller be liable to Purchaser for indirect or consequential damages, including, without limitation, any loss or damage suffered by Purchaser in connection with any lost profit or other agreement or understanding with any third party for the use, lease or purchase of the Surplus Property.
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