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DRAFT <br /> <br /> Date: May 16, 2006 <br /> Page 2 of 6 <br /> <br /> A. Seller warrants that there are no underground storage tanks on the Property. <br /> <br /> B. Seller has received no notice of any violation of any zoning, building, health and safety, fire <br /> safety and environmental codes and laws from the City of Ramsey, or other local authority. <br /> <br /> C. Seller has received no notice of a violation of statutes, ordinances, regulations, judicial decrees <br /> or orders, or the pendancy of any lawsuits, administrative or arbitration hearings or <br /> governmental investigations or proceedings affecting the Property. <br /> <br />D. To the Seller's knowledge, there are no environmental proceedings, applications, petitions, <br /> resolutions, or other matters pending before any governmental agency, which would affect the <br /> property in any manner. <br /> <br />E. To Seller's knowledge there are no environmental proceedings, applications, petitions, court <br /> pleadings, resolutions, investigations, by public or private agencies, 'or other matters pending <br /> which could prohibit, impede, delay, or adversely affect the use of the Property. <br /> <br />F, Seller understands that if any liens are attached to this Property, they will be paid in full on or <br /> before closing. <br /> <br />G. The property is not within a flood zone. : <br /> <br />H. The buildings are entirely within the boundary lines of the property. <br /> <br />i. Seller is not a "foreign person", "foreign partnership", "foreign trus¢, or "foreign estate" as. <br /> <br /> defined in Section 1445 of the Internal Revenue Code. <br /> <br />J. To the best of Seller's knowledge, the buildings, structures, and improvements included within <br /> the property are structurally sound and in good repair and condition and all mechanical, <br /> electrical, HVAC, sewer, water and plumbing systems are in property working order. <br /> <br />K. Seller understands that this purchase agreement includes all improvements to the land and all <br /> architectural plans, environmental reports or any other applicable reports or any other applicable <br /> reports that have been performed over the past 24 months. <br /> <br />BUYER'S CONTINGENCIES. Unless waived by Buyer in writing, Buyer's obligation to purchase the <br />property shall be subject to Buyer being able to satisfy the following contingencies on or before <br />closing. The sufficiency of the contingencies will be determined by Buyer, in Buyer's sole discretion. <br />If any of these conditions is not satisfied by the date herein, Buyer has the option to terminate this <br />Agreement by giving written notice of termination to Seller on or before the date of closing, time being <br />of the essence, in which case Buyer and Seller must sign a Cancellation of Purchase Agreement. <br />Buyer may waive any condition in Buyer's sole and absolute discretion. <br /> <br />-224- <br /> <br /> <br />