Agenda - Economic Development Authority - 10/09/2014

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to correct any Objections. If the Objections are not cured within such thirty -day period, Buyer will have the option to do any of the following: i) Terminate this Agreement and receive a refund of the Earnest Money. ii) Waive the Objections and proceed to close. If Buyer fails to terminate this Agreement within fifteen (15) days of Seller's failure to cure any Objections during such thirty -day period, Buyer shall be conclusively deemed to have waived such Objections and shall proceed to close. d. Title Policy. At closing, Buyer will receive the Title Policy ("Title Policy") issued by the Title Company pursuant to the Commitment, or a suitably marked - up Commitment initialed by the Title Company undertaking to issue such a Title Policy in the form required by the Commitment as approved by Buyer. e. Cancellation of Agreement. Buyer and Seller agree to sign a cancellation of the Contract upon termination of this Agreement. 7. Representations and Warranties by Seller. Seller represents and warrants to Buyer as follows: a. Title to Provo -iv. Seller holds marketable title to the Property, free and clear of all encumbrances except the Permitted Encumbrances. b. Environmental Laws. To the best of Seller's knowledge, no toxic or hazardous substances or wastes, pollutants or contaminants (including, without limitation, asbestos, urea formaldehyde, the group of organic compounds known as polychlorinated biphenyls, petroleum products including gasoline, fuel oil, crude oil and various constituents of such products, and any hazardous substance as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), 42 U.S.C. Section 9601-9657, as amended) have been generated, treated, stored, released or disposed of, or otherwise placed, deposited in or located on the Property, nor has any activity been undertaken on the Property that would cause or contribute to (i) the Property to become a treatment, storage or disposal facility within the meaning of, or otherwise bring the Property within the ambit of, the Resource Conservation and Recovery Act of 1976 ("RCRA"), 42 U.S.C. Section 6901 et seq., or any similar federal law, state law or local ordinance, (ii) a release or threatened release of toxic or hazardous wastes or substances, pollutants or contaminants, from the Property within the ambit of, CERCLA, or any similar federal law, state law or local ordinance, or (iii) the discharge of pollutants or effluents into any water source or system, the dredging or filling of any waters or the discharge into the air of any emissions, that would require a permit under the Federal Water Pollution Control Act, 33 U.S.C. Section 1251 et seq., or the Clean Air Act, U.S.C. Section 7401 et seq., or any similar state law or local ordinance. To Seller's knowledge, no substances or 7