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a. Hazardous Material. Including without limitation polychlorinated biphenyls, petroleum, including crude oil or any fraction thereof, petroleum products, heating oil, natural gas, natural gas liquids, liquified natural gas or synthetic gas usable for fuel, and shall include without limitation substances defined as "hazardous substances," "toxic substances," "hazardous waste ", "pollutants or contaminants" or similar substances under any Hazardous Materials Laws. b. Hazardous Materials Laws. The Comprehensive Environmental Response Compensation and Liability Act of 1980 ( "CERCLA "), 42 U.S.C. § 9601 -9657, as amended, or any similar state law or local ordinance, the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901, et seq., the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq., the Clean Air Act, 42 U.S.C. § 7401, et seq., the Clean Water Act, 33 U.S.C. § 1251 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Safe Drinking Water Act, 42 U.S.C. § 300(f) et seq., the Minnesota Environmental Response and Liability Act, Minn. Stat. § 155B, the Minnesota Petroleum Tank Release Cleanup Act, Minn. Stat. § 115C, all rules or regulations promulgated under any of the foregoing, any amendments of the foregoing, or any other federal, state, county, municipal, local or other statute, law, ordinance or regulation. 13. "AS IS" SALE. BUYER ACKNOWLEDGES THAT IT WILL HAVE ADEQUATE OPPORTUNITY TO INSPECT THE PROPERTY AND ACCEPTS THE RISK THAT ANY INSPECTION MAY NOT DISCLOSE ALL MATERIAL MATTERS AFFECTING THE PROPERTY. BUYER AGREES TO ACCEPT THE PROPERTY IN ITS "AS IS" "WHERE IS" AND "WITH ALL FAULTS" CONDITION AT CLOSING WITHOUT ANY REPRESENTATION OR WARRANTY WHATSOEVER, INCLUDING AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND • • WITHOUT ANY RIGHT OF SET -OFF OR REDUCTION IN THE PURCHASE PRICE. 14. PAYMENT OF COSTS. The Seller will pay the cost of preparation of the Limited Warranty Deed. The Buyer shall pay the State Deed Tax. Seller and Buyer shall each pay one half (1 /2) of any closing fee payable to the Title Company with respect to the transaction contemplated by this Agreement. 15. SIGN REMOVAL. The Seller shall have the right to remove any signs currently located on the Property by March 16, 2007. Thereafter the City can remove same and dispose of any debris in whatever manner it deems appropriate without any compensation to the Seller. 16. TIME IS OF THE ESSENCE. Time is of the essence for all provisions of this Agreement. 5 •