Agenda - Economic Development Authority - 09/01/2016

Home

b. Buyer must defend and indemnify Seller from and against and hold Seller harmless Seller from all"Claims,"as defined in Section 10,arising out of, resulting from or relating to any loss of or damage to any property or business or out of any injury to or death of any person,if the loss,damage,injury,or death arises or is alleged to arise either directly or indirectly and either wholly or in part from:(a)any action or omission of Buyer or its employees,agents,or contractors, while on the Property pursuant to this Section;or(b)actions or omissions of Buyer or Buyer's employees,agents,or contractors that cause or result in the release of any Hazardous Substance onto the Property or onto other property. c. Buyer must comply with and shall cause its employees,agents,and contractors to comply with all applicable laws,while on the Property. d. Buyer may not commence any environmental testing on the Property until Buyer submits a work plan for such testing to Seller,and Seller approves the work plan, in writing. Seller may not unreasonably withhold condition or delay Seller's approval of a work plan. e_Buyer must,promptly and without demand from Seller,provide Seller with true and complete copies of all draft and final reports relating to Buyer's geotechnical and environmental investigations and testing of the Property including,without limitation,any reports relating to any Phase I Environmental Site Assessment of the Property. f. The cost of any test or additional survey work will be borne solely by Buyer. 9. PROPERTY SOLD AS IS. Subject to Buyer's right to terminate this Agreement pursuant to Section 9,Buyer agrees to accept the Property in its current condition, including,without limitation,its current environmental and geological condition,and in an"AS-IS"and with"ALL FAULTS"condition. Buyer's payment of the Purchase Price at Closing constitutes Buyer's acknowledgment and agreement that: a. Seller has not made any written or oral representations or warranties of any kind with respect to the Property(including without limitation express or implied warranties of title,merchantability,or fitness for a particular purpose). b. Buyer has not relied on any written or oral representation or warranty made by Seller,its agents or employees with respect to the condition or value of the Property. c. Buyer has had an adequate opportunity to inspect the condition of the Property, including without limitation any environmental testing,and to inspect documents applicable thereto,and Buyer is relying solely on such inspection and testing,and d. The condition of the Property is fit for Buyer's intended use. 4 DRAFT