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11-23-2005 Additions
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11-23-2005 Additions
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4/19/2012 3:11:13 PM
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g. Hazardous Substances. To the best of Seller's knowledge, no hazardous <br />substances are located on the Real Estate. Seller has received no notice from any <br />governmental entity or any private party that any hazardous substances are <br />currently located on the Real Estate in violation of any environmental law. Seller <br />has no actual knowledge of the use, storage or release of any hazardous <br />substances on the Real Estate. Seller has not released any hazardous substances <br />on the Real Estate. To the best of Sellers knowledge, there are no underground <br />storage tanks or related piping located on the Real Estate and there were no above <br />ground storage tanks which have been removed. <br />Seller shall give Buyer prompt written notice if it obtains any information which would in <br />any manner affect, alter or change any of the foregoing warranties. Seller shall indemnify and <br />hold Buyer, its successors and assigns, harmless with respect to any loss, cost, expense, damage <br />or liability, including reasonable attorney's fees, resulting from any circumstances making said <br />warranty materially untrue as of the closing date. In the event that any of the foregoing <br />representations or warranties or arty other representations or warranties of Seller contained in this <br />Agreement are not materially true as of the closing date, Buyer may, at its option, and without <br />waiving any claim it may have under the foregoing indemnity, terminate this Agreement by <br />giving written notice to Seller. <br />7. TITLE. Within ten (10) days of the time that Buyer notifies Seller that it has <br />removed the contingencies set forth in Paragraph 4, Seller, at its expense shall deliver to Buyer a <br />commitment for an owner's title insurance policy (ALTA 1992 Owner's form) issued by CI Title <br />or another title insurance company acceptable to Buyer ( "Title Company ") naming Buyer as the <br />proposed owner- insured of the Real Estate in the amount of the Purchase Price (the <br />"Commitment "). The Commitment shall be a commitment to insure marketable title in Buyer, <br />free and clear of all mechanic's lien claims, questions of survey, unrecorded interests, rights of <br />parties in possession or other expectations. The Commitment shall include all requirements to <br />deleting standard expectations and other exceptions and issuing the endorsements. Buyer will be <br />allowed ten (10) days after receipt of the Commitment and the survey (as hereinafter defined) for <br />examination thereof and for making any objections to the marketability of the title to the Real <br />Estate, said objections to be made by written notice or to be deemed waived. Buyer need not <br />object to mortgages or other monetary liens, all of which Seller shall cause to be satisfied at or <br />prior to closing. If any objections are so made to the marketability of the title to the Real Estate, <br />Seller shall have ten (10) days after delivery of such objections to notify Buyer in writing of any <br />objections Seller does not intend to cure. Seller may not elect not to cure objections to the <br />standard exceptions in the Commitment, Seller hereby agreeing to provide such affidavits and <br />indemnities as Title Company may require in order to delete them at closing. If Seller notifies <br />Buyer that Seller does not intend to cure one or more objections, Buyer, at its option, may <br />terminate this Agreement by giving written notice to Seller within ten (10) days after delivery of <br />Seller's notice. If Buyer so terminates this Agreement the Earnest Money shall be returned <br />immediately to Buyer and neither party shall have any further rights or obligations hereunder. If <br />Buyer does not germinate this Agreement during such ten (10) day period it shall be deemed to <br />have waived any objections identified in Seller's notice. If Buyer does not terminate this <br />Agreement. Seiler shall immediately commence and diligently endeavor to complete all actions <br />-4-22- <br />
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