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16. "Governmental Authority" means any state, federal, local, municipal or other
<br />governmental authority, agency, or licensing authority of any kind having jurisdiction
<br />over the Property or Seller.
<br />17. "Hazardous Substances" shall mean toxic or har rdous substances or wastes, pollutants
<br />or contaminants (including, without limitation, asbestos, urea formaldehyde, the group of
<br />organic compounds known as polychlorinated biphenyls, petroleum products including
<br />gasoline, fuel oil, crude oil and various constituents of such products, and any hazardous
<br />substance as defined in any state, local or federal Regulations relating to the protection of
<br />the environment.
<br />18. "Indemnified Parties" means collectively, Bier, its officers, directors, members,
<br />partners, governors, managers, and employees and their respective successors and assigns
<br />19. "Initial Closing Date" means May 1, 2015.
<br />20. "Inspection Period" shall mean the period of time from the Effective Date through and
<br />including the Closing Date.
<br />21. "Land" shall mean the real property located near the intersection of Zeolite Street NW
<br />and Civic Centre Drive in the City of Ramsey, Anoka County, Minnesota, described on
<br />Exhibit B to this Agreement.
<br />22. "Permits" shall mean all permits, licenses, and trade names relating to the Property.
<br />23. "Permitted Encumbrances" means any defects or encumbrances on the Real Property to
<br />which Buyer does not submit a written Title Oblection during the Inspection Period, or
<br />any defect or encumbrance that is waived by Buyer in accordance with the terms of this
<br />Agreement.
<br />24. "Property" shall mean collectively the Real Property, the Contracts, the Permits, and the
<br />Warranties.
<br />25. "Purchase Price" means Four Hundred Thirty -Five Thousand Dollars ($435,000.00), as
<br />the same may be adjusted pursuant to the terms and conditions of this Agreement.
<br />26. "Real Property" shall mean collectively the Land. any improvements located thereon, and
<br />all easements and rights benefiting or appurtenant to the Land.
<br />27. "Regulations" means the rules and regulations applicable to the Property or Seller of any
<br />Governmental Authority having jurisdiction.
<br />28. "Reports" means all feasibility studies, soil reports, environmental reports, permits,
<br />licenses, service contracts, title policies, surveys, and other appraisals, inspections, tests,
<br />reports, or studies in the possession or reasonable control of Seller with respect to the
<br />Property.
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