Common use of ADDITIONAL CLARIFICATIONS Clause in Contracts

ADDITIONAL CLARIFICATIONS. This Option to Purchase is not, and shall not be construed as, or interpreted as, any form of equitable mortgage or other equitable interest in the property. It is hereby declared that it is not the intent of the parties to create a loan of any nature or to create a mortgage of any kind. In the event that the Buyer/Optionee hereunder should ever raise such an issue in a court of law or otherwise this Option shall terminate immediately. Any breach of the Option to Purchase Agreement between Buyer/Optionee and Seller/Optionor, or the failure of the Buyer/Optionee to timely and properly exercise the option granted in any Option to Purchase Agreement between Buyer/Optionee and Seller/Optionor, shall be a material breach of the Lease Agreement and shall terminate the Buyer/Optionee’s leasehold to the Property, but not the Buyer/Optionee’s obligations under the Lease Agreement. Condition of Property: Seller/Optionor warrants that when the contemplated sale is consummated, the Property shall be purchased in its then PRESENT AS-IS CONDITION. Risk of loss or damage to the Property for any reason, except through fault of Buyer/Optionee, prior to the consummation of the sale shall be borne by the Seller/Optionor with the exception of personal contents inside the property.