Agenda - Council - 12/09/2008 - Laserfiche WebLink

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(j) No Under round Tanks• Above Ground Tank .Status. SELLER does not know of any underground or above ground storage tanks currently on the Property, or any underground or aboveground storage tanks formerly on the Property that had a release for which no corrective action was taken, except as may otherwise be disclosed in the affidavit -filed of~record, copies of which will be supplied to BUYER (this statement being made pursuant to the. disclosure requirements of Minnesota Statutes section 116.48). (k) Com Hance with Environmental Laws. To the best of SELLER'S knowledge: SELLER is in compliance with all local, state, ,and federal environmental laws and regulations pertaining to reporting or clean-up of any hazardous substance, hazardous waste, petroleum product, or .any other pollutant regulated by state or federal law creation, storage, transportation or disposal of any contaminant; SELLER has no knowledge of the actual existence of any contaminant on, at, or under the Property in violation of applicable laws, including groundwater under such Property, other than what was disclosed in connection with the Environmental Investigation of the Property. (1) No Methamphetamine Production. To SELLER'S knowledge; methamphetamine production has not occurred on the Property. (m) AirRort Zoning. Airport zoning regulations can be revie ated t the office of the County Recorder of the County in which the Property is loc (n) SELLER'S Indemnification. SELLER will indemnofy aBnd~R~nss harmlessrfroma assigns, against, and will hold BUYER, its success g any expenses or damages; including reasonable attorneys' fees and remediation costs, that BUYER incurs because of the breach of any of the representations and warranties contained in this Section 7. The foregoing representations shall survive the closing for a period of twelve (12) months after the Closing Date. Any claim or cause of action must be served and filed before the expiration of said twelve (12) month period or it shall be barred and waived. 8. Due Diligence Expenses. .Any and all tests, inspections, investigations, examinations, surveying and other review and analysis of or in connection with the. Property shall be referred to herein as "Due Diligence." BUYER shall pay all costs and expenses of its Due Diligence and shall repair and restore any damage to the Property in connection with its Due Diligence or any other entry onto the Property by or on behalf of BUYER. BUYER agrees that BUYER has had and/or will have the opportunity to obtain and/or perform all such Due Diligence that BUYER deems appropriate or otherwise requires. BUYER hereby indemnifies and agrees to defend and hold harmless SELLER from and against any and all liens, claims, injuries, damages, losses, costs and expenses, including reasonable attorneys' fees and costs, suffered or incurred by SELLER that are caused by or arise out of BUYER'S Due Diligence or other entry onto the Property by or on behalf of BUYER. The obligations and liabilities of BUYER under this subparagraph shall survive the closing or the termination of this Agreement. 6 -29-