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4. "AS -IS" PURCHASE; RELEASE OF CITY
<br />4.1 Due Diligence and Time for Satisfaction of Conditions
<br />Buyer has been given or will be given before the end of the Contingency Period (as
<br />defined in Section 5.2), a full opportunity to investigate the Property, either independently or
<br />through agents of Buyer's own choosing, including, without limitation, the opportunity to
<br />conduct such appraisals, inspections, tests, audits, verifications, inventories, investigations and
<br />other due diligence regarding the economic, physical, environmental, title and legal conditions of
<br />the Property as Buyer deems fit, as well as the suitability of the Property for Buyer's intended
<br />uses. Buyer and its Agents may commence due diligence investigations on the Property on or
<br />after the date Buyer and City enter into a permit to enter relating to the Property in form and
<br />substance satisfactory to City.
<br />4.2 Buyer's Independent Investigation
<br />Buyer represents and warrants to City that Buyer has performed, or will perform during
<br />the Contingency Period, a diligent and thorough inspection and investigation of each and every
<br />aspect of the Property, either independently or through agents of Buyer's choosing, including,
<br />without limitation, the following matters (collectively, the "Property Conditions"):
<br />(a) All matters relating to title including, without limitation, the existence,
<br />quality, nature and adequacy of City's interest in the Property and the existence of physically
<br />open and legally sufficient access to the Property.
<br />(b) The zoning and other legal status of the Property, including, without
<br />limitation, the compliance of the Property or its operation with any applicable codes, laws,
<br />regulations, statutes, ordinances and private or public covenants, conditions and restrictions, and
<br />all governmental and other legal requirements such as taxes, assessments, use permit
<br />requirements and building and fire codes.
<br />(c) The quality, nature, adequacy and physical condition of the Property,
<br />including, but not limited to, landscaping, and any electrical, mechanical, plumbing, sewage and
<br />utility systems, facilities and appliance, the presence or absence of any physical encroachments
<br />placed on, under, or across the Property, and all other physical and functional aspects of the
<br />Property.
<br />(d) The quality, nature, adequacy, and physical, geological and environmental
<br />condition of the Property (including soils and any groundwater), and the presence or absence of
<br />any Hazardous Materials in, on, under or about the Property or any other real property in the
<br />vicinity of the Property. As used in this Agreement, "Hazardous Material" shall mean any
<br />material that, because of its quantity, concentration or physical or chemical characteristics, is
<br />now or hereafter deemed by any federal, state or local governmental authority to pose a present
<br />or potential hazard to human health or safety or to the environment.
<br />(e) The suitability of the Property for Buyer's intended uses.
<br />(f) The economics and development potential, if any, of the Property.
<br />(g) All other matters of material significance affecting the Property.
<br />4.3 Property Disclosures
<br />California law requires sellers to disclose to buyers the presence or potential presence of
<br />certain Hazardous Materials. Accordingly, Buyer is hereby advised that occupation of the
<br />Property may lead to exposure to Hazardous Materials such as, but not limited to, gasoline,
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