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3. All right, title and interest of Seller in and to all easements of record and <br />all easements not of record benefiting the Land and any improvements thereon (or the <br />owner or users thereof) over other property; and <br />4. All rights and governmental permits, whether or not of record, which <br />benefit and/or are appurtenant to the Land. <br />(such property hereinafter is collectively called the "Subject Property"). <br />NOW, THEREFORE, in consideration of the foregoing, and in consideration of the <br />mutual covenants herein contained, which each of the parties hereto acknowledges as adequate <br />and sufficient, it is hereby agreed as follows: <br />1. Purchase and Permitted Encumbrances. Subject to the terms and conditions <br />herein, Seller does hereby agree to sell to Purchaser, and Purchaser does hereby agree to purchase <br />from Seller, the Subject Property, subject only to the following encumbrances (hereinafter called <br />"Permitted Encumbrances "): <br />(a) Building, zoning and subdivision ordinances, and State and <br />Federal regulations, subject to the other terms and conditions herein in respect <br />thereto. <br />(b) Real estate taxes which are not yet due and payable for the year of <br />Closing. Seller and Purchaser shall allocate /prorate real estate taxes and special <br />assessments (including interest included in such installments) payable in the year <br />of Closing in the manner provided in Subparagraph 12(c) hereof. <br />(c) Those easements, encumbrances, and restrictions set forth on <br />Exhibit B and on the title commitment provided for herein which are not <br />objected to by Purchaser in connection with Purchaser's examination of title and <br />survey and made a part hereof and such other easements, encumbrances and <br />restrictions as may be approved by Purchaser pursuant to the terms of this <br />Agreement. <br />2. Representations of Seller. Seller states, warrants and represents as of the date <br />hereof as follows: <br />111/ (a) Except for all matters listed on Exhibit B and the existing <br />mortgage on the Property (if any), Seller has not made, done, executed or <br />