01-14-1999 Council Agenda - Laserfiche WebLink

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2966558 Each delivered notice shall be deemed to have been given on the date it is delivered, and each mailed notice shall be deemed to have been given on the date it is deposited in the mail. The addresses given above may be changed by ten (10) days notice given in accordance with this section. 12. Successors and Assigns. This Option Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, successors and assigns. 13. Representations and Warranties. Owner represents and warrants from the date of this Agreement to the Date of Closing that: (a) Owner will have marketable title to the Property free and clear of all liens and leasehold interests placed thereon by Owner, except those liens which will be satisfied on the Date of Closing. (b) Owner has not entered into any agreements or arrangements other than this Agreement for the sale and disposition of the Property, or granted any right to purchase the Property, or mortgaged, pledged or subjected to lien charge or other incumbrance any of the Property. (c) To the best of the Owner's knowledge, the Property is not subject to any regulation, restriction or covenants which would prohibit development and use of the Property. (d) Owner has no obligations to any third parties involved in the Property that Buyer would be obligated to assume, except those which have been previously disclosed in writing to Buyer by the Owner. (e) That they have full power and authority to enter into and perform the terms of this Agreement. 14. Environmental. Owner shall allow Buyer the right to investigate and test the Property at its expense for any contamination or presence of hazardous substances or pollution regulated by any federal, state or local law, statute, ordinance or rule. If Buyer determines in its absolute discretion that such substance exists on or under the Property, this Agreement will be null and void at the option of the Buyer. The Buyer will notify Owner of such discovery in writing, and may terminate this Agreement at any time prior to the Date of Closing. Owner represents and warrants that he has done nothing to cause any hazardous substance or pollution to occur on or under the Property and to the best of his knowledge, no such substances affect the Property and no part of the Property was ever used for any industrial or manufacturing purposes or as a dump. Owner has not received any written notice from any federal, state or local authority having jurisdiction over the property of any violations of law, regulation, ordinance or code affecting the Property. If Owner receives such notice, he will immediately deliver to the Buyer such notice prior to the Date of Closing. Owner shall defend, indemnify 0143160.02 Page 109