|
WATER DAMAGE. TOXIC MOLD, AND ENVIRONMENTAL DISCLOSURE,
<br />RELEASE, AND INDEMNIFICATION AGREEMENT
<br />The undersigned parties to that certain Purchase and Sale Contract dated , 2017 for the
<br />purchase of the Property and the improvements commonly known as See Exhibit A (the
<br />"Property") between Indian River Countv (`Buyer") and TD Bank, N.A. ("Seller"),
<br />acknowledge, stipulate, covenant and agree as follows:
<br />Seller hereby advises Buyer that the Property (including, but not limited to, the basement, the
<br />surrounding land, any structures thereon, and non-structural elements or items thereon or therein,
<br />and any subsurface or subterranean conditions) is or may be affected by water or moisture
<br />damage, toxic mold, and/or other environmental hazards or conditions, Seller further advises
<br />Buyer that as a consequence of possible water damage and/or excessive moisture, the Property
<br />may be or has been irrevocably contaminated with mildew, mold, and/or other microscopic
<br />organisms. Buyer is being advised that exposure to certain species of mold may pose serious
<br />health risks, and those individuals with immune system deficiencies, infants, children, the
<br />elderly, individuals with allergies or respiratory problems, and pets are particularly susceptible to
<br />experiencing adverse health effects from mold exposure.
<br />Buyer acknowledges that Seller has advised Buyer to make his/her own evaluation of the
<br />Property and to have the Property thoroughly inspected. Buyer has been further advised by Seller
<br />that all areas contaminated with mold, and/or other environmental hazards or conditions, should
<br />be properly and thoroughly remediated. Additionally, Buyer has been advised by Sellers that
<br />habitation of the Properly without complete remediation may subject the inhabitants to
<br />potentially serious health risks and/or bodily injury. Buyer acknowledges that it is the sole
<br />responsibility of Buyer to conduct any remediation on the Property.
<br />Buyer also acknowledges that Buyer is buying the Property AS -IS. Buyer represents and
<br />warrants to Seller that Buyer has made (or will make before closing on the purchase of the
<br />Property) his/her own inspection and evaluation of the Property to Buyer's complete satisfaction,
<br />and Buyer accepts the Property AS -IS at the time .of closing. Buyer is electing to purchase the
<br />Property from Seller in an AS -IS condition with full knowledge of the potential condition of the
<br />Property, the potentially serious health risks, and the potential liability that Buyer could incur as
<br />the owner of the Property for claims, losses, and damages arising out of any toxic mold
<br />contamination and/or other environmental hazards or conditions on the Property. Buyer agrees
<br />that the purchase price of the Property reflects the agreed upon value of the Property AS -IS
<br />taking into account the aforementioned disclosures.
<br />Buyer understands and acknowledges that the Property was acquired by Seller through
<br />foreclosure, deed in lieu of foreclosure, or similar process, that Seller has never occupied the
<br />Property, and that Seller has little or no direct knowledge regarding the condition of the Property.
<br />Buyer further acknowledges that Seller has not made and does not make any express or implied
<br />representations or warranties of any kind with respect to the environmental condition of the
<br />Property or whether the Property is in compliance with applicable local, state, or federal
<br />environmental or other laws, statutes, regulations, rules, ordinances, codes, or standards
<br />("Laws"). Buyer hereby agrees not to pursue any claims, losses, or damages against Seller or
<br />FL
<br />Confidential
<br />S(c.10
<br />12
<br />
|