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5 <br />518333v9 DTA MU205-47 <br />with respect to warranty of income potential, operating expenses, uses, <br />habitability, tenant ability, or suitability for any purpose, merchantability, or <br />fitness of the Property for a particular purpose, all of which warranties the <br />Authority hereby expressly disclaims, except as otherwise expressly stated herein. <br />The Developer is relying entirely upon information and knowledge obtained from <br />its own investigation, experience and knowledge obtained from its own <br />investigation, experience or personal inspection of the Property. The Developer <br />expressly assumes, at closing, all environmental and other liabilities with respect <br />to the Property and releases and indemnifies the Authority from same, whether <br />such liability is imposed by statute or derived from common law including, but <br />not limited to, liabilities arising under the Comprehensive Environmental <br />Response, Compensation and Liability Act (“CERCLA”), the Hazardous and <br />Solid Waste Amendments Act, the Resource Conservation and Recovery Act <br />(“RCRA”), the federal Water Pollution Control Act, the Safe Drinking Water Act, <br />the Toxic Substances Act, the Superfund Amendments and Reauthorization Act, <br />the Toxic Substances Control Act and the Hazardous Materials Transportation <br />Act, all as amended, and all other comparable federal, state or local environmental <br />conservation or protection laws, rules or regulations. The foregoing assumption <br />and release shall survive Closing. All statements of fact or disclosures, if any, <br />made in this Agreement or in connection with this Agreement, do not constitute <br />warranties or representations of any nature. The foregoing provision shall survive <br />Closing and shall not be deemed merged into any instrument of conveyance <br />delivered at Closing. <br /> <br />d. The Authority does not know of any wells on the Property, and will so certify in the <br />deed conveying the Property to the Developer. <br /> <br />e. The Authority does not know of any underground storage tanks on the Property. <br /> <br />f. The Authority has no knowledge of any individual sewage treatment system on or <br />serving the Property. <br /> <br />10. Conditions Precedent to Acquisition and Conveyance. Notwithstanding anything herein to <br />the contrary, the Authority shall not be obligated to endeavor to acquire and convey the <br />Property to the Developer until the following conditions precedent have been satisfied: <br /> <br />a. The Developer has submitted, in accordance with section 7.1 of the CPD, a <br />commitment or other evidence of financing which is adequate, in the Authority’s <br />sole discretion, to fully finance construction of the Minimum Improvements, as <br />defined in the CPD; <br /> <br />b. The Authority has held a public hearing and fulfilled all requirements of Minnesota <br />Statutes, section 469.105; and <br /> <br />c. There has been no Event of Default on the part of the Developer which has not <br />been cured.