Buyer acknowledges that, on a per-square-foot basis, he/she is buying this "as-is" condominium at a substantial discount from otherwise comparable "rehab" or new construction condominium prices.

Seller does not offer to sell these premises at a discount because he is benevolent or because he loves his Buyers. It is only through the economies of an "as-is" offering that this lower price is possible. Seller has done little or nothing to improve the premises beyond its pre-existing condition as a rental apartment building. This lack of improvement minimizes the unit cost for the Seller which translates to a substantial savings for the Buyer. Buyer may either employ his savings elsewhere or use them to undertake any desired repairs or improvements to his unit.

Essentially, Seller wants to sell his property but simply doesn't want to bother with the delay and aggravation of permits, inspections, repairs or rehab. Seller reasons that for an agreed upon price, namely a substantial discount to the market, he can transfer the burden of these headaches to his Buyers. Toward that end, Seller has written liberal condominium bylaws. These bylaws afford individual unit owners the freedom to do whatever improvements they desire, without messy debates before a board of capricious condominium association directors.

Buyer acknowledges and accepts that there is nothing complicated about this arrangement and that he will not complain later that the condition of the premises is not up to his expectations or up to the Seller's representations.

Buyer's as-is acceptance extends to ALL of the private or common elements of the premises whether hidden or obvious, including electrical, structural, plumbing, utilities, roof, boilers, radiators, water heaters, toilets, showers, sinks, drains, washers, dryers, paint, windows, screens, masonry, hallways, lobbies, carpeting, walkways, storage areas, lighting, intercoms, security devices, courtyard, basements, gas, water, infestations, radon, asbestos, lead-based paint, telephones, cable, sink-holes, settling, water damage, waste or sewage, bricks or mortar, stairs or porches, foundations, nuisances, funny smells, funny noises, crazy neighbors, poltergeists, or whatever else could possibly be included in this disclaimer.

Buyer states that he has performed his due diligence and has inspected the premises and common elements from top to bottom and from side to side and that he is completely agreeable that what he sees (or didn't see) is what he gets. Seller STRONGLY encourages Buyer to prowl every square inch of the property to discover for himself what the Seller is selling and what the Buyer is buying. Buyer, his representatives and agents, acknowledge that they either know or understand construction themselves or that they have hired a professional to provide an opinion about the condition of the premises. Buyer acknowledges that he may take an unlimited amount of time to inspect the premises prior to making an offer to purchase. Buyer acknowledges that Seller afforded ample time to Seller for inspection and was completely forthcoming and cooperative.

Buyer understands that a "punch list" is the antithesis of an "as-is" agreement and that if a punch list is presented, Seller will correctly and properly disregard it. Buyer understands the Seller will not remove a unit from the market until all Buyer contingencies are resolved and the purchase contract is final and binding.

Buyer agrees that Seller is NOT responsible for ANY defect discovered BEFORE or AFTER the contract becomes binding or after the sale, even if that defect existed beforehand but was undetected or undisclosed. Seller offers no express or implied warranty for habitability, craftsmanship or structural components of these premises. Under no circumstances shall the Buyer attempt to "double-dip" against the Seller by claiming any manner of defect or implied warranty in the premises.

Buyer agrees that if he is somehow damaged, he will not later claim he was in any way prohibited from inspection or access to any part of the property. Buyer agrees that if he is somehow damaged, he will not later claim he relied upon or was harmed by ANY representation made by the Seller or his agents, even if the Seller or his agents made such a representation, and even if the representation is shown to be negligent, incorrect or misleading.

If Buyer has a beef with anything related to the condition of his unit or of these premises before the contract becomes binding, he will have a simple choice: Buy or don't buy. If Buyer has a beef with anything related to the condition of his unit or of these premises after the contract becomes binding but before the sale, he will have a simple choice: Close or forfeit his earnest money deposit. If Buyer has a beef with anything related to the condition of his unit or of these premises after the sale, he will have a simple choice: Stay or sell. Buyer agrees that once the deal is done, there is no turning back, no litigation and no whining. "Buyer's remorse" is OK but Seller suspects elation about Buyer's incredibly great deal is a more likely sentiment.

Buyer, his representatives and agents, acknowledge that they understand all the above, that they are OK with it, and by closing this deal, they agree to forever hold their peace. If a Buyer's attorney attempts to defeat any part of this agreement, Buyer agrees that all injunctive relief, damages or judgments shall be limited to liquidated damages of two hundred and fifty dollars ($250), which shall include all costs and fees. In layman's terms, that means the Seller desires to set the "Buyer beware" standard so high that the Buyer cannot overcome it. However, and just to cover his behind, Seller hereby represents that this building has dozens of huge, material defects that should cause any Buyer in his right mind to retract his offer immediately and buy elsewhere.

All parties understand that the language of this agreement may seem a little tongue-in-cheek and informal but the broad intent is to ensure there is a "meeting-of-the-minds" on the spirit and nature of this "as-is" agreement, that every sentiment is out in the open and that every contingency or expectation is dispersed. Buyer and Seller (but not necessarily Buyer's attorney) agree that litigation sucks and must be avoided under all circumstances. This property is not for sale to crybabies.

This Buyer's "AS IS" Acknowledgement and Agreement is incorporated by reference into Purchaser's Agreement (located via the internet at: http://www.edgewatercondos.info/Granville%20Gardens/documents/Sales%20Contract.html) as if fully set forth therein, that it is binding on all parties and that Buyer has attached a copy of this Agreement thereto.