05/05/16 - Laserfiche WebLink

Home

16. "Governmental Authority" means any state, federal, local, municipal or other governmental authority, agency, or licensing authority of any kind having jurisdiction over the Property or Seller. 17. "Hazardous Substances" shall mean 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 any state, local or federal Regulations relating to the protection of the environment. 18. "Indemnified Parties" means collectively, Buyer, its officers, directors, members, partners, governors, managers, and employees and their respective successors and assigns 19. "Inspection Period" shall mean the period of time from the Effective Date through and including the date that is seven (7) months after the Effective Date. 20. "Land" shall mean the property bordered by East Town Center Dr. NW, 146th Ave. NW, Taprock St. NW and East Ramsey Parkway NW in the City of Ramsey, Anoka County, Minnesota, legally described on Exhibit B to this Agreement. 21. "Permitted Encumbrances" means any defects or encumbrances on the Property to which Buyer does not submit a written Title Objection during the Inspection Period, or any defect or encumbrance that is waived by Buyer in accordance with the terms of this Agreement. 22. "Property" shall mean collectively the Land and all rights related thereto, including easements and adjacent street and alleys. 23. "Purchase Price" means Three Hundred Thousand and No/100 Dollars ($300,000.00), as the same may be adjusted pursuant to the terms and conditions of this Agreement. 24. "Regulations" means the rules and regulations applicable to the Property or Seller of any Governmental Authority having jurisdiction. 25. "Reports" means all feasibility studies, soil reports, environmental reports, permits, licenses, service contracts, title policies, surveys, and other appraisals, inspections, tests, reports, or studies in the possession or reasonable control of Seller with respect to the Property. 26. "Seller" shall have the meaning assigned to such term in the opening paragraph of this Agreement. 27. "Seller's Closing Documents" shall have the meaning assigned to such term in Section 8.1 of the Agreement. 28. "Seller's Title Notice" shall have the meaning set forth in Section 5.1. 29. "State" shall mean the State of Minnesota. US.106153450.02