09-12-2007 Council Agenda - Laserfiche WebLink

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( against Seller or the Property made in connection therewith. Buyer's obligations under this Section 3(c)(i) shall survive the termination of this Agreement. i) Seller shall execute such applications, covenants, plat or other documents as may be reasonably required by Buyer in order to make use of the Property which Buyer intends; provided, however, that the same shall not become effective prior to the actual conveyance of the Property to Buyer, and Seller shall not be required to incur any expenses in connection therewith. (d) Testing. Buyer shall have determined, in its sole discretion, on or before the Closing Date, that it is satisfied with the results of and matters disclosed by soil tests, well tests, engineering inspections, hazardous waste and environmental reviews of the Property, all such tests, inspections and reviews to be obtained at Buyer's sole cost and expense. Document Review. Buyer shall have determined, on or before the Closing Date, that it is satisfied with its review and analysis of the Title Evidence to the Property. (e) (f) Underground Storage Tanks. Seller shall have, at Seller's cost and expense, removed all underground storage tanks from the Property in the area denoted in bold lines on attached Exhibit D (the "Tank Area ") and in the 20 -foot area immediately adjacent to and bordering each side of such Area (the "Buffer Area ") in the manner required by the Minnesota Pollution Control Agency (the "MPCA "), including any remediation required by said agency related to any leaks of petroleum from such tanks and to any petroleum contamination in the Tank Area or Buffer Area, whether or not related to leaks from such tanks. In the event of any required remediation, Seller shall obtain a letter from the MPCA stating that it will require no further action with respect to the remediation therefor (the "Closure Letter "); provided, however, that such removal and remediation shall be completed to the MPCA's standards applicable and appropriate to the Property's continued use as a commercial /industrial property. and Seller shall have no liability or responsibility for any remediation beyond the standard of the Property's continued use as a cominercial/industnal property or outside of the Tank Area and Buffer Area. Seller shall escrow funds sufficient to complete the tank removal if tanks are not removed by the Closing Date, which funds shall be held by Land Title, Inc. (the "Title Company "). The amount of the escrow shall be 150% of the estimate for the full completion of tank removal as prepared by Liesch Associates, Inc. ( "Liesch "). The parties agree that the escrow amount is $30,729.00 (the "Escrowed Funds "), based on the Memorandum provided by Liesch dated February 13, 2007 (the "Memorandum "), which Memorandum is attached hereto as Exhibit A. Tanks shall be removed by Seller by no later than thirty (30) days after the Closing Date. Escrowed Funds will be released so as to fund the tank removal and any required remediation; provided however, that any balance of Funds shall be retained in escrow until the receipt of the Closure Letter. In the event the MPCA requires no remediation, the Escrowed Funds shall be released to Seller promptly upon presenting evidence that the tanks have been removed. Seller agrees to request the MPCA to correct the underground storage tank registration when the tank removal change in status is filed, as noted in the Memorandum. Seller, its agents, 9 4