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<br /> 6.2.3 Waive the objections and proceed to close.
<br /> • 7. Operation Prior to Closing. During the period from the date of Seller's acceptance
<br /> of this Agreement to the Closing Date (the"Executory Period"), Seller shall operate and maintain the
<br /> Property in the ordinary course of business in accordance with prudent,reasonable business standards,
<br /> including the maintenance of adequate liability insurance and insurance against.loss by fire,windstorm
<br /> and other hazards, casualties and contingencies,-including vandalism and malicious mischief. Seller shall
<br /> execute no contracts, leases or other.agreements regarding the Property during the Executory Period
<br /> that are not terminable on or before the Closing Date,without the prior written consent of Buyer, which
<br /> consent may be withheld by Buyer at its sole discretion.
<br /> 8. Representations and Warranties b Steer. Seller represents and warrants to
<br /> Buyer as follows:
<br /> 8.1 Existence; Authority. Seller is duly organized, qualified and in good standing,
<br /> and has the requisite power and authority to enter into and perform this Agreement and Seller's
<br /> Closing Documents; such documents have been duly authorized by all necessary action; such
<br /> documents are valid and binding obligations of Seller, and are enforceable in accordance with
<br /> their terms.
<br /> 8.2 Operations. Seller has received no notice of actual or threatened cancellation
<br /> or suspension of any utility services or certificate of occupancy for any portion of the Property.
<br /> Seller has received no notice of actual or threatened special assessments or reassessments of
<br /> the Property. The Property is, and to Seller's best knowledge has been, used in compliance
<br /> with all governmental permits. All necessary permits have been obtained and are in full force
<br /> and effect and no default exists thereunder.
<br /> • 8.3 Environmental Laws.No toxic or hazardous substances or wastes,pollutants or
<br /> contaminants(including, without limitation, asbestos, urea formaldehyde,the group of organic
<br /> compounds known as polychlorinated biphenyls,petroleum products including gasoline, fuel oil,
<br /> crude oil and various constituents of such products, and any hazardous substance as defined in
<br /> any Environmental Law(collectively, "Hazardous Substances") have been generated, treated,
<br /> stored,transferred from, released or disposed of, or otherwise placed, deposited in or located
<br /> on the Property in violation of any Environmental Law, nor has any activity been undertaken on
<br /> the Property that would cause or contribute to the Property becoming a treatment, storage or
<br /> disposal facility within the meaning of any Environmental Law. The term"Environmental Law"
<br /> shall mean any and all federal, state and local laws, statutes, codes, ordinances,regulations,
<br /> rules,policies, consent decrees,judicial orders,administrative orders or other requirements
<br /> relating to the environment or to human health or safety associated with the environment,all as
<br /> amended or modified from time to time. There has been no discharge,release or threatened
<br /> release of Hazardous Substances from the Property, and there are no Hazardous Substances
<br /> or conditions in or on the Property that may support a claim or cause of action under any
<br /> Environmental Law. The Property is not now, and to the best of Seller's knowledge never has
<br /> been, listed on any list of sites contaminated with Hazardous Substances, nor used as landfill,
<br /> dump, disposal or storage site for Hazardous Substances. Seller has maintained all records
<br /> required to be kept concerning the presence, location and quantity of asbestos containing
<br /> materials, and presumed asbestos containing materials, in the Property and will deliver the same
<br /> to Buyer on or before closing.
<br /> 8.4 Seller's Defaults. Seller is not in default concerning any of its obligations or
<br /> liabilities regarding the Property.
<br /> • 8.5 FIRPTA. Seller is not a"foreign person", "foreign partnership", "foreign trust"
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