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Purchaser may tettninate this Contract pursuant to Section 14 of this
<br />Contract.
<br />(4) Contingency. Purchaser's obligation to close hereunder is expressly
<br />contingent upon Purchaser's satisfaction, in Purchaser's sole discretion, with
<br />the results of the environmental investigation, and upon there having been no
<br />change in the condition of the Property, or the property in the vicinity of the
<br />Property as such condition was reflected in such investigation.
<br />(5)
<br />Hazardous Substances and Environmental Laws. As used in this
<br />Contract, "Hazardous Substance," shall mean and include all hazardous or
<br />toxic substances, wastes or materials, any pollutants or contaminants
<br />(including, without limitation, asbestos and raw materials which include
<br />hazardous constituents, radon and urea formaldehyde), and any other similar
<br />substances, or materials which are included or regulated by any local, state,
<br />or Federal law, rule or regulation pertaining to environmental regulation,
<br />contamination, clean-up or disclosure, including, without limitation, the
<br />Comprehensive Environmental Response Compensation and Liability Act of
<br />1980, the Superfund Amendments and Reauthorization Act of 1986, the
<br />Resource Conservation and Recovery Act, the Toxic Substances Control Act
<br />and the Federal Insecticide, Fungicide and Rodenticide Act, as amended,
<br />(collectively, "Environmental Laws").
<br />e. Purchaser's Right to Enter Property. Purchaser and its employees and agents
<br />shall have the right and permission from and after the date hereof to enter upon the Property or any
<br />part thereof, at all reasonable times and from time to time, for the purpose of making all soil,
<br />drainage, utilities, traffic, and other tests, investigations, inspections and studies Purchaser desires
<br />in connection with its evaluation of the Property and in connection with the engineering, feasibility
<br />and environmental studies described above.
<br />f. Costs and Mechanics' Liens. Purchaser shall pay all costs and expenses of such
<br />tests, investigations, inspections and studies of the Property and shall indemnify, defend and hold
<br />Seller and the Property harmless from mechanics' liens caused by the activities of Purchaser or
<br />Purchasers' agents, contractors or subcontractors. Purchaser shall further repair and restore any
<br />damage to the Property caused by or occurring during such tests, investigations, inspections and
<br />studies and return the Property to substantially the same condition as existed prior to such entry.
<br />g. As -Is. PURCHASER ACKNOWLEDGES THAT PURCHASER IS
<br />PURCHASING THE PROPERTY IN RELIANCE SOLELY ON SELLER'S
<br />REPRESENTATIONS, WARRANTIES AND COVENANTS IN SECTION 8 AND
<br />PURCHASER'S INSPECTION OF THE PROPERTY PURSUANT TO THIS SECTION 6 AND
<br />ON PURCHASER'S JUDGMENT REGARDING THE SUFFICIENCY OF SUCH
<br />INSPECTIONS. PURCHASER IS NOT RELYING ON ANY WRITTEN OR ORAL
<br />REPRESENTATIONS, WARRANTIES OR STATEMENTS THAT SELLER OR SELLER'S
<br />AGENTS HAVE MADE EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF
<br />TITLE TO THE PROPERTY AND THE REPRESENTATIONS, WARRANTIES AND
<br />COVENANTS OF SELLER SET FORTH IN THIS CONTRACT, INCLUDING BUT NOT
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<br />DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreeinent.docx
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