Laserfiche WebLink
Doc# 3014704 \1 <br />• c. Title Evidence. Buyer agrees that in lieu of delivering an Abstract of Title or a <br />Registered Property Abstract as provided for in lines 80 and 81 of the Purchase <br />Agreement, Seller may instead deliver to Buyer a commitment for an ALTA <br />Owner's Policy of Title Insurance committing to insure marketable title to the <br />Property in Buyer. <br />d. Environmental Indemnification. Seller agrees that it will hold harmless, <br />indemnify, and defend Buyer and the City of Ramsey, a municipal corporation <br />under the laws of the State of Minnesota, their elected officials, officers, agents <br />and employees against any and all claims, expenses (including attorney's fees), <br />losses, damages or lawsuits for damages arising from or related to the presence or <br />release of Hazardous Materials located on the Property to the extent that such <br />Hazardous Materials were located on the Property on or prior to the date of <br />closing. <br />"Claims" means any and all actual out -of- pocket expenses that the Buyer may <br />incur relating to the cleanup and/or containment of any Hazardous Materials <br />located on the Property resulting from the presence or release of any Hazardous <br />Materials on the Property on or prior to the date of closing which is required by <br />applicable Environmental Laws. <br />"Environmental Laws" means all federal, state or local laws, ordinances, rules, <br />regulations or policies governing the use, storage, treatment, transportation, <br />manufacture, refinement, handling, production or disposal of Hazardous <br />Materials. <br />"Hazardous Materials" means any flammable substances, explosives, radioactive <br />materials, hazardous wastes, toxic substances, pollutants, pollution, or related <br />materials specified as such in, or regulated under, any of the Environmental Laws <br />including without limitation any "hazardous waste" as defined by the Resource <br />Conservation and Recovery Act of 1976, as amended from time to time, and <br />regulations promulgated thereunder and any "hazardous substance" as defined by <br />the Comprehensive Environmental Response, Compensation and Liability Act of <br />1980 and the Superfund Amendment and Reauthorization Act of 1986, as <br />amended from time to time, and regulations promulgated under it. <br />For the purpose of this indemnification provision the term "Hazardous Materials" <br />shall not include asbestos. <br />This indemnification provision shall survive the closing of the sale of the Property <br />and the delivery of the deed conveying title to the Buyer. <br />e. 1031 or 1033 Exchange. If Seller elects to arrange a tax - deferred exchange of the <br />Property pursuant to Section 1031 or 1033 of the Internal Revenue Code ( "IRC "), <br />Buyer agrees to cooperate in such exchange provided that Buyer shall incur no <br />additional cost or expense. Such exchange may be a simultaneous exchange or a <br />delayed exchange, and Seller shall have the right to assign its right, title and <br />2 <br />