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-158- <br /> <br /> Section 2.4. Inspection. Developer, its agents and designees, are hereby granted the right, <br />at all reasonable times, to enter upon and inspect, analyze, and test the Development Property <br />and its various components for all reasonable purposes, including, but not limited to, <br />investigations for the presence of asbestos, PCBs and other hazardous substances, hazardous <br />wastes, pollutants, or contaminants on the Development Property. Developer shall pay for the <br />cost of all investigations of the Development Property which are ordered by Developer. <br />Developer hereby agrees to indemnify and hold City harmless from any claims, damage, costs, <br />and liability including, without limitation, reasonable attorney's fees, resulting from the entering <br />upon the Development Property or the performing of any of the analyses, tests, or inspections <br />referred to in this Paragraph; however, nothing contained herein shall be deemed to require <br />Developer to indemnify or hold City harmless from any liability for any environmental <br />remediation which based upon Developer's tests or inspections, may be determined to be <br />necessary, pursuant to applicable law or regulation. The provisions of this Paragraph shall <br />survive the closing or tem~ination of this Agreement. <br /> <br /> Section 2.5. Environmental Audit. The Developer may, at its sole expense, obtain a <br />currently dated phase one environmental audit ("Enviro~Lmental Audit") of the Development <br />Property. <br /> <br /> Section 2.6. Obligations on Closing Date. At the closing, City shall execute, where <br />appropriate, and deliver to Developer: <br /> <br />(a) <br /> <br />A warranty deed ("Deed"), properly executed on behalf of City in recordable <br />form, conveying the Development Property to Developer. The Deed shall contain <br />the following statement: "The City certifies that the City does not know of any <br />wells on the described Development Property" unless City delivers a well <br />certificate described in Subparagraph (f) hereof. <br /> <br />(b) <br /> <br />All certificates, instruments, and other documents necessary to permit the <br />recording of the Deed. <br /> <br />(c) <br /> <br />A policy of title insurance issued pursuant to the Title Commitment, subject to no <br />exceptions other than those accepted by Developer pursuant to Section 2.3. hereof <br />together with those abstracts of title to any portion of the Development Property <br />which are in the City's possession and the owners' duplicate certificate of title to <br />any portion of the Development Property which is registered property; provided, <br />however, Developer shall pay the premium for the policy of title insurance. The <br />insured value to be $446,000~ <br /> <br />(d) <br /> <br />A standard Seller's Affidavit with respect to judgments, bankruptcies, tax liens, <br />mechanics liens', parties in possession, unrecorded interests, encroachment or <br />boundary line questions, and related matters, properly executed on behalf of City. <br /> <br />(e) Any well certificate required by M.S. § 1011.235. <br /> <br />(f') The Assessment Agreement. <br /> <br />(g) The Lien Agreement. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br /> <br /> <br />