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about the Property as disclosed in the Phase One <br />Environmental Assessment prepared for this site by <br />Liesch Associates, Inc. and dated January 24, 2006. <br />Storage tanks have been duly registered with all <br />appropriate regulatory and governmental bodies and <br />otherwise are in compliance with applicable Federal, <br />state and locate statutes, regulations, ordinances and <br />other regulatory requirements. <br />9. Damage. If, prior to the Closing Date, all or any part <br />of the Property is substantially damaged by fire, casualty, <br />unforeseen elements or any other cause, Seller shall immediately <br />give notice to Buyer of such fact and at Buyer's option (to be <br />exercised within thirty (30) days after Seller's notice), this <br />Agreement shall terminate, in which event neither party will have <br />any further obligations under this Agreement. If Buyer fails to <br />elect to terminate despite such damage, or if the Property is <br />damaged but not substantially, Seller shall promptly commence to <br />repair such damage or destruction and return the Property to its <br />condition prior to such damage. If such damage shall be <br />completely repaired prior to the Closing Date then there shall be <br />no reduction in the Purchase Price and Seller retain the proceeds <br />of all insurance related to such damage. If such damage shall <br />not be completely repaired prior to the Closing Date but Seller <br />is diligently proceeding to repair, then Seller shall complete <br />the repair after the Closing Date and shall be entitled to <br />receive the proceeds of all insurance related to such damage <br />after repair is completed; provided, however, Buyer shall have <br />the right to delay the Closing Date until repair is completed. <br />If Seller shall fail to diligently proceed to repair such damage <br />then Buyer shall have the right to require a closing to occur and <br />the Purchase Price (and specifically the cash portion payable at <br />the Closing Date) shall be reduced by the cost of such repair, or <br />at Buyer's option, the Seller shall assign to Buyer all right to <br />receive the proceeds of all insurance related to such damage and <br />the Purchase Price shall remain the same. <br />10. Condemnation. If, prior to the Closing Date, eminent <br />domain proceedings are commenced against all or any part of the <br />Property, Seller shall immediately give notice to Buyer of such <br />fact and at Buyer's option (to be exercised within thirty (30) <br />days after Seller's notice), this Agreement shall terminate, in <br />which event neither party will have further obligations under <br />-20- <br />