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07/11/2007 17:41 FAX 952 896 3250 <br />LARKIN HOFFMAN DALY Z008/018 <br />(a) Authority, If Seller is a corporation, partnership or <br />other entity, Selier represents that it is duly <br />organized and is in good standing under the laws of the <br />State of Minnesota; Seller is duly qualified to <br />transact business in the State of Minnesota; Selier has <br />the requisite power and authority to enter into and <br />perform this Agreement and those Seller's Closing <br />Documents signed by it; such documents have been duly <br />authorized by all necessary action on the part of <br />Seller and have been duly executed and delivered; such <br />execution, delivery and performance by Seller of such <br />documents does not conflict with or result in a <br />violation of Selle1:', Articles of Organization or <br />Operating Agreement., or any judgment, order, or decree <br />of any court or arbiter to which Selier. is a party; <br />such documents are valid and binding obligations of <br />Seller, and are enforceable in accordance with their <br />terms. <br />(b) Title to Property. The Property is currently subject <br />to that certain Contract for Deed dated April 11, 2000 <br />( "Contract "), between Seller, as purchaser, and M. <br />Michele Sebesta as seller ( "Sebesta "). The,Contract <br />permits Seller to prepay the balance of tho same prior <br />to the June 1, 2018 maturity date if the Property is <br />aold and conveyed in lieu of and under threat of <br />condemnation. Buyer and Seller hereby acknowledge that <br />this Agreement is for the voluntary purchase and Sale <br />of the Property and that said sale is in lieu of and <br />under threat of condemnatiion.. On or before the • <br />Closing, Seller shall own the Property, ._free and clear <br />of all encumbrances except the Permitted Encumbrances. <br />(c) Utilities. Seller has received no notice of actual or <br />threatened reduction or curtailment of any utility <br />service now supplied to the Real Property._ <br />(d) RnyironmeitaA...Laws. Buyer acknowledges that. the <br />Property has been used as an automotive repair <br />facility. Except (i) those toxic or haaardous <br />substances or wastes, pollutants or contaminants <br />commonly associated with automotive repair and used in <br />the automotive sale business (including, without <br />limitation, petroleum products and automotive paint <br />products); (ii) to the extent identified in that <br />certain Phase I Environmental Assessment and Phase II <br />Environmental Site Assessment, both issued by Schoell <br />and Madson, Inc. on April 23, 1999 (the "Environmental <br />Reports "); and (iii) to the extent identified in any <br />8 <br />9 <br />