11-13-2002 Council Agenda - Laserfiche WebLink

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b. Buyer agrees to accept title to the Property subject to all real estate taxes, if any, due and payable in 2003 and thereafter. 12. Seller's Representations. Seller makes the following representations to Buyer: a. Seller represents to Buyer that Seller has the legal and corporate authority to enter into this Agreement and to sell the Property and that the individuals executing this Agreement on behalf of Seller have the legal and corporate authority to execute this Agreement on behalf of Seller and to bind Seller. b. Seller represents that Seller is not a foreign person, foreign partnership, foreign trust or foreign estate as those terms are defined in Section 1445 of the Internal Revenue Code. c. Seller represents that, to the best of Seller's actual knowledge, there are no unrecorded mortgages, contracts, purchase agreements, options, leases, easements or other agreements or interest relating to all or any part of the Property other than the Preliminary Development Agreement between Seller and Sherman Associates, Inc. dated March 13, 2002 (the "Preliminary Development Agreement "); the Development Agreement and the Demolition Agreement, as defined in Section 14 below. d. Seller represents that, to the best of Seller's actual knowledge and except as disclosed in this Section 12(d), there is no action, litigation, governmental investigation, condemnation or administrative proceeding of any kind pending against Seller or involving any portion of Property, and no third party has threatened Seller with commencement of any such action, litigation, investigation, condemnation or administrative proceeding. Buyer is aware that The -Eco - • _ _ t e e _ • £ itherit of 11 _ _ ... ' Seller has acquired title to a portion of the property pursuant to a "quick take" condemnation. e. Seller represents that, to the best of Seller's actual knowledge, all wells, as that term is defined in Minnesota Statutes, Section 103I.005, subd. 21, located on the Property are described on the Minnesota Well Disclosure Certificate attached as Exhibit B. Seller further represents that, to the best of Seller's actual knowledge, sewage generated at the Property goes to a facility permitted by the Minnesota Pollution Control Agency. f. Seller represents that to the best of Seller's actual knowledge, there are no underground or above ground storage tanks of any size or type located on the Property. g. Seller represents that, to the best of Seller's actual knowledge, the Property is not subject to any liens or pending claims by government or regulatory agencies or third parties arising from the release or threatened release of Hazardous Substances in, on or about Property. Seller represents that Seller does not have actual knowledge of the presence of Hazardous Substances on the Property or that the Property has been used in connection with the generation, disposal, storage, treatment or transportation of Hazardous Substances except to the extent Seller has acquired such knowledge from Buyer or as a result of Buyer's investigatory activities on the Property. For purposes of 142339v12ed V8 to V7; 11/1/02 5