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DRAFT Earnest Money Draft Date: July 19, 2006 Page 2 of 6 penalty. The promissory note and mortgage shall have a "due on sale" provision which requires immediate payment if Buyer sells the property to a private entity or person. 3. REPRESENT ATIONS AND WARRANTIES. As an inducement to Buyer to enter into this Agreement, and as part of the consideration therefore, Seller represents and warrants to and covenants with Buyer that: a) Seller warrants that there are no underground storage tanks on the Property. b) Seller has received no notice of any violation of any zoning, building, health and safety, fire safety and environmental codes and laws from the City of Ramsey, or other local authority. c) Seller has received no notice of a violation of statutes, ordinances, regulations, judicial decrees or orders, or the pendancy of any lawsuits, administrative or arbitration hearings or governmental investigations or proceedings affecting the Property. d) To the Seller's knowledge, there are no environmental proceedings, applications, petitions, resolutions, or other matters pending before any governmental agency, which would affect the property in any manner. e) To Seller's knowledge there are no environmental proceedings, applications, petitions, court pleadings, resolutions, investigations, by public or private agencies, or other matters pending which could prohibit, impede, delay, or adversely affect the use of the Property. f) Seller understands that if any liens are attached to this Property, they will be paid in full on o'r before closing. g) The property is not within a flood zone. h) The buildings are entirelywithin-the boundary lines of the pr<?perty. i) Seller is not a "foreign person", "foreign partnership", "foreign trust", or "foreign estate" as defined in Section 1445 of the Internal Revenue Code. j) To the best of Seller's knowledge, the buildings, structures, and improvements included within the property are structurally sound and in good repair and condition and all mechanical, electrical, HV AC, sewer, water and plumbing systems are in property working order. k) Seller understands that this purchase agreement includes all improvements to the land and all architectural plans, environmental reports or any other applicable reports or any other applicable reports that have been performed over the past 24 months. 4. BUYER'S CONTINGENCIES. Unless waived by Buyer in writing, Buyer's obligation t6"'purchase the property shall be subject to Buyer being able to satisfy the following contingencies on or before closing. The sufficiency 9f the contingencies will be determined by Buyer, in Buyer's sole discretion.