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"Hazardous Substance" or "Hazardous Substances" means any pollutant, contaminant, hazardous
<br />substance or waste, solid waste, petroleum product, distillate, or fraction, radioactive material, chemical
<br />known to cause cancer or reproductive toxicity, polychlorinated biphenyl or any other chemical, substance
<br />or material listed or identified in or regulated by any Environmental Law.
<br />11. RELEASE. By accepting the deed to the Property, Buyer, for itself, its directors, officers, stockholders,
<br />divisions, agents, affiliates, subsidiaries, predecessors, successors, and assigns and anyone acting on its
<br />behalf or their behalf hereby fully releases and forever discharges Seller from any and all Claims
<br />(including without limitation all Claims arising under any Environmental Law and all Claims arising at
<br />common law, in equity or under a federal, state or local statute, rule or regulation), past, present and
<br />future, known and unknown, existing and contingent, arising out of, resulting from, or relating to the
<br />condition of the Property, and Buyer hereby waives any and all causes of action (including without
<br />limitation any right of contribution) Buyer had, has or may have against Seller and anyone acting on its
<br />behalf with respect to the condition of the Property, whether arising at common law, in equity or under a
<br />federal, state or local statute, rule or regulation. The foregoing shall apply to any condition of the
<br />Property, known or unknown, contemplated or uncontemplated, suspected or unsuspected, including
<br />without limitation the presence of any Hazardous Substance on the Property, whether such Hazardous
<br />Substance is located on or under the Property, or has migrated from or to the Property.
<br />12. NOTICES. Notices permitted or required by this Agreement must be in writing and shall be deemed
<br />given when delivered in legible form to the party to whom addressed. Notices may be sent by certified
<br />mail or e-mail. Notices are effective two business days after they are mailed via certified mail, return
<br />receipt requested or, if sent by email, upon email transmission (provided that any email transmission that
<br />occurs after 5:00 pm Pacific Time will be deemed provided on the following day). If delivered at the
<br />Closing, a notice shall be deemed given when hand -delivered to the party's representative at the Closing.
<br />The business addresses of the parties are as follows:
<br />Seller:
<br />Buyer:
<br />City Administrator
<br />City of Ramsey
<br />7550 Sunwood Drive N.W.
<br />Ramsey, MN 55303
<br />Email: bhagen@cityoframsey.com
<br />CorTrust Bank, N.A.
<br />Mr. Dean Suchy, Market President
<br />:I 300 Babcock Blvd East
<br />Delano, MN 55328
<br />Email: dsuchy@cortrustbank.com
<br />Notices not given in the manner or within the time limits set forth in this Agreement are of no effect and
<br />may be disregarded by the party to whom they are directed.
<br />13. CLOSING. This transaction for each lot shall close within 30 days after Buyer delivers a Notice to
<br />Proceed to Seller or on such earlier date as Seller and Buyer may establish by mutual, written
<br />agreement; provided, however, Buyer may extend the Closing a total of two (2) times, each time for a
<br />period of Sixty (60) days, by depositing an additional Ten Thousand and 00/100 Dollars ($10,000.00)
<br />earnest money with Escrow Agent for each extension. Each $10,000.00 extension payment shall be
<br />non-refundable, but applicable to the Purchase Price. The Closing shall take place at the offices of the
<br />Escrow Agent, or at some other place as the parties may mutually agree prior to such date. At the option
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