02-24-10 Council Agenda - Laserfiche WebLink

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d. Proceedings. There is no action, Litigation, investigation, condenmation or proceedings of any Kind pending or to the best of Seller's laiowledge, threatened against Seiler for any portion ofthe heal estate. e. Wells. 'to the best of Scllcr's knowledge, there are no wells located on the Real Estate that have not eit9ier been romoved or sealed. f. Septic Tanlts. Any and all septic tanks have been removed. g. Leasehold Interests. Any and all leasehold interests in the Real Estate arc terminable on ar before Closing. h. ITazardous Substances. To the best oi' Seller's knowledge, no hazardous substances are located on the Peal Istate. Seller has received no notice from any governmental entity or any private party that any hazardous substances are currently located on the Real I:'sstate in violation of any environmental law. Seller has no actual Knowledge of the use, storage or release of any hazardous substances ou the Real Estate. Seller has not released any hazardous substances on the Real Estate. To the best of Seller's knowledge, there are no underground storage tanks or related piping located on the Real Estate and there were uo above ground storage lanl<s which have been removed. Seller shall give I3u}+er prompt written notice if it obtains any information which would in any manner affect, altet• ot• change any oi'the foregoing warranties. Seller shall itldemuify and hold Buyer, its successors and assigns, harmless with respect to any loss, cost, expense, damage or liability, including reasoarable attorney's fees, resulting from any circumstances making said warranty uraterially untrue as of the Closing Date. In the event that any of the foregoing representations or warranties or any other representations orwarranties of Seller contained in this Agreement are not materially true as oi'the Closing Date, Buyer may, al its option, acrd without waiving any claim it may have under the Foregoing indemnity, terminate Phis Agreement by giving written notice to Seller. 6. TITLE, Within fifteen (IS) days after the Effective Date, Seller, at its expense, shall deliver Co Buyer a commitment for an owner's title insurance policy (ALTA 1992 Owner's form) issued by Land Title or another title insurance company acceptable to Buyer (""Title Company") naming Buyer as the proposed owner-insured of the Real Estate in the amount o1'tlre Purchase Price (the "Conunitmcnt"). The Conuninuent shall be a commitment Co insure marketable title in Buyer, free and clear of all mechanic's lien claims, questions of survey, unrecorded interests, rights of parties iu possession or other expectations. The Commitment shall include all requirements to <lclete standard exceptions and issue endorsements. Buyer will be allowed ten (10) days after receipt of the Conuniunent and the survey (as hereinafter defined) for examination thereof and for making any objections to the marketability of the title eo the Real Istate, said objections to be made by written notice or to be deemed waived. Buyer need not object to mortgages or other monetary liens, all of which Seller shall cause to be satisfied at or prior to Closing. If any of~jectious are so made to the marketability of the title to the 12.ea1 Istate, Seller shall have ten (10) days after delivery of such objections to notify Buyer in writing of any -3- 4