Agenda - Economic Development Authority - 08/10/2023

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c. Buyer must comply with and shall cause it employees, agents, and contractors to comply with all applicable laws, while on the Property. d. Other than a standard Phase 1 environmental assessment, 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. The cost of any test or additional survey work will be borne solely by Buyer. f The payment and indemnification provisions of this Section 7 shall survive any termination or cancellation of this Agreement. 8. 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) except as follows: i. Pending Improvements. There are no public improvements which have been commenced or completed and for which assessment has been or may be levied against the Property, and Seller has no knowledge of any planned improvements which may result in assessment against the Property except for Zeolite Street NW and West Ramsey Parkway NW. These public improvements are anticipated to be constructed prior to the completion of the 200 unit market rate apartment project by the Buyer. The Buyer agrees to contribute $256,000 to the City for its share of the construction costs for West Ramsey Parkway NW. ii. Pending Proceedings. There is no litigation, suit, arbitration, mediation, proceeding, claim or investigation, including without limitation any environmental, zoning or land use regulation proceeding, pending or threatened, against Seller or relating to any aspect of the Property which might create or result in a lien on, or otherwise have a material adverse impact on, the Property or any part thereof or interest therein and there is presently no real estate tax protest or similar tax abatement proceeding pending with respect to the Property. iii. Authority. Seller has full power and authority to enter into this Purchase Agreement and incur and perform its obligations hereunder. -4- Error! Unknown document property name.