Agenda Packets - 1997/10/06 - Laserfiche WebLink

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FILE No. 038 10/01 '97 15:56 ID:TOLD DEVELOPMENT 612 420 7574 PAGE 16 4.8 Buyer shall have entered into binding purchase agreements with the owners of • certain adjacent property and can simultaneously close on the purchase of the Property and said adjacent parcels. 4.9 Buyer shall have agreed to the form of quit claim deed to be given by the Seller. 4.10 In the event Buyer fails to receive approval of the development of the Property at a public hearing, this Agreement may be terminated by either Seller or Buyer. Seller shall cooperate with Buyer in accomplishing the conditions precedent contained in this Section 4, including but not limited to Seller's providing or obtaining any relevant information, certifications or applications, investigating the history of the Property and executing documents but said cooperation is not intended to apply to matters before the City of Mounds View. Buyer agrees to provide copies of all relevant information that Buyer obtains during its inspection period other than information regarding potential tenants and users of the Property or financial or proprietary information about Buyer. Seller shall provide copies of soil tests, compaction tests and any other engineering reports applicable to development on the Subject Property. 5. SELLER'S WARRANTIES AND COVENANTS. 5.1 Seller has not received (a) any written notice from any state or local authority s having jurisdiction over the Property of any violation of any law, regulation, ordinance or code affecting the Property, or (b) any written notice of any liabilities or threatened litigation or anticipated condemnation with respect to any part of the Property. 5.2 To the best of Seller's knowledge which knowledge for purposes hereof is limited to the actual knowledge of Catherine Capone Bennett without additional inquiry (a) there does not exist, in or under the Property, any contaminant, pollutant, toxic, or hazardous waste, the release of disposal of which is regulated by any law, regulation, ordinance or code, including, but not limited to asbestos, PCB's, urea formaldehyde, and oil products(collectively "Contaminants"), (b) the Property has not been used as a sanitary landfill, dump, industrial waste disposal area, or any other similar usage; (c) no hazardous or toxic materials, as such terms are defined under applicable local, state and federal laws and regulations, exist on the surface or subsurface of the Property or in any surface waters or ground waters on or under the Property; and (d) it is in compliance with all applicable environmental laws, regulations, ordinances and orders relating to the Property. 5.3 Seller shall indemnify and hold Buyer harmless from and against any claim, loss or expense, including reasonable attorneys' fees, arising out of any material breach of the representations, warranties and covenants contained in this Section 5. 5.4 Seller represents and warrants that no person has any option to purchase all or any portion of the Property, nor shall any person have any right of first refusal or similar right with respect to all or any portion of the Property. Seller may not, without Buyer's prior written consent (which shall -4-