|
Zl
<br /> or"foreign estate", as those terms are defined in Section 1445 of the Internal Revenue Code.
<br /> • 8.6 Proceedings. There is no action, litigation, investigation, condemnation or
<br /> proceeding of any kind pending or threatened against Seller or any portion of the Property.
<br /> 8.7 Condition. The buildings, structures and improvements included within the
<br /> Property are structurally sound and in good repair and in first-class condition, and all
<br /> mechanical, electrical, heating, air conditioning, drainage, sewer,water and plumbing systems
<br /> are in proper working order.
<br /> 8.8 Wells. The Seller certifies and warrants that the Seller does not know of any
<br /> "Wells"on the described Property within the meaning of Minn. Stat. § 103I. This
<br /> representation is intended to satisfy the requirements of that statute.
<br /> 8.9 Storage Tanks. No above ground or underground tanks are located in or
<br /> about the Property, or have been located under, in or about the Property and have
<br /> subsequently been removed or filled. To the extent storage tanks exist on or under the
<br /> Property, such storage tanks have been duly registered with all appropriate regulatory and
<br /> governmental bodies, and otherwise are in compliance with applicable federal, state and local
<br /> statutes, regulations, ordinances and other regulatory requirements.
<br /> 8.10 Reports. Seller has delivered to Buyer copies of all environmental reports and
<br /> studies relating to the Property which are in the possession of Seller.
<br /> 8.11 Wetlands. There does not exist on or contiguous to the Property any portion of
<br /> a wetland, watercourse, waterbody, floodplain or shoreland district, or tidelands or coastal
<br /> • zone, which is regulated by the Army Corps of Engineers,the Minnesota Department of
<br /> Natural Resources or any other federal, state or local governmental-agency under any
<br /> Environmental Law.
<br /> 8.12 Individual Sewage Treatment Systems. Solely for purposes of satisfying the
<br /> requirements of Minn. Stat. § 115.55 Sellers represents that there is no"individual sewage
<br /> treatment system" (within the meaning of that statute) on or serving the Property.
<br /> Seller will indemnify Buyer, its successors and assigns, against, and will hold Buyer, its successors and
<br /> assigns, harmless from, any expenses or damages, including reasonable attorneys' fees, that Buyer
<br /> incurs because of the breach of any of the above representations and warranties,whether such breach
<br /> is discovered before or after Closing. Except as herein expressly stated,Buyer is purchasing the
<br /> Property based upon its own investigation and inquiry and is not relying on any representation of Seller
<br /> or other person and is agreeing to accept and purchase the Property"as is,where is" subject to the
<br /> conditions of examination herein set forth and the express warranties herein contained. Consummation
<br /> of this Agreement by Buyer with knowledge of any such breach by Seller will not constitute a waiver or
<br /> release by Buyer of any claims due to such breach.
<br /> 9. Casualty; Condemnation. If all or any part of the Property is substantially damaged
<br /> by fire, casualty, the elements or any other cause, Seller shall immediately give notice to Buyer, and
<br /> Buyer shall have the right to terminate this Agreement by giving notice within thirty(30)days after
<br /> Seller's notice. If Buyer shall fail to give the notice, then the parties shall proceed to Closing, and Seller
<br /> shall assign to Buyer all rights to insurance proceeds resulting from such event. If eminent domain
<br /> proceedings are threatened or commenced against all or any part of the Property, Seller shall
<br /> immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement by giving
<br /> notice within thirty (30) days after Seller's notice. If Buyer shall fail to give the notice,then the parties
<br /> • shall proceed to Closing, and Seller shall assign to Buyer all rights to appear in and receive any award
<br /> 5
<br />
|