|
d. Title Policy. At closing, Buyer will receive the Title Policy ("Title Policy")
<br />issued by the Title Company pursuant to the Commitment, or a suitably marked -
<br />up Commitment initialed by the Title Company undertaking to issue such a Title
<br />Policy in the form required by the Commitment as approved by Buyer.
<br />e. Cancellation of Agreement. Buyer and Seller agree to sign a cancellation of the
<br />Contract upon termination of this Agreement.
<br />7. Representations and Warranties by Seller. Seller represents and warrants to Buyer as
<br />follows:
<br />a. Title to Property. Seller holds marketable title to the Property, free and clear of
<br />all encumbrances except the Permitted Encumbrances.
<br />b. Environmental Laws. To the best of Seller's knowledge, no toxic or hazardous
<br />substances or wastes, pollutants or contaminants (including, without limitation,
<br />asbestos, urea formaldehyde, the group of organic compounds known as
<br />polychlorinated biphenyls, petroleum products including gasoline, fuel oil, crude
<br />oil and various constituents of such products, and any hazardous substance as
<br />defined in the Comprehensive Environmental Response, Compensation and
<br />Liability Act of 1980 ("CERCLA"), 42 U.S.C. Section 9601-9657, as amended)
<br />have been generated, treated, stored, released or disposed of, or otherwise placed,
<br />deposited in or located on the Property, nor has any activity been undertaken on
<br />the Property that would cause or contribute to (i) the Property to become a
<br />treatment, storage or disposal facility within the meaning of, or otherwise bring
<br />the Property within the ambit of, the Resource Conservation and Recovery Act of
<br />1976 ("RCRA"), 42 U.S.C. Section 6901 et seq., or any similar federal law, state
<br />law or local ordinance, (ii) a release or threatened release of toxic or hazardous
<br />wastes or substances, pollutants or contaminants, from the Property within the
<br />ambit of, CERCLA, or any similar federal law, state law or local ordinance, or
<br />(iii) the discharge of pollutants or effluents into any water source or system, the
<br />dredging or filling of any waters or the discharge into the air of any emissions,
<br />that would require a permit under the Federal Water Pollution Control Act, 33
<br />U.S.C. Section 1251 et seq., or the Clean Air Act, U.S.C. Section 7401 et seq., or
<br />any similar state law or local ordinance. To Seller's knowledge, no substances or
<br />conditions exist in or on the Property that may support a claim or cause of action
<br />under RCRA, CERCLA or any other federal, state or local environmental statutes,
<br />regulations, ordinances or other environmental regulatory requirements, including
<br />without limitation, the Minnesota Environmental Response and Liability Act,
<br />Minn. Stat. 115B ("MERLA") and the Minnesota Petroleum Tank Release
<br />Cleanup Act, Minn. Stat. 115C. To Seller's knowledge, no aboveground or
<br />underground tanks, are located in or about the Property, or have been located
<br />under, in or about the Property and have subsequently been removed or filled.
<br />c.
<br />Environmental Claims. There is no Environmental Claim pending or, to the
<br />knowledge of the Seller, threatened against the Seller or against any person whose
<br />7
<br />
|