2006.04.17 EDA Packet - Laserfiche WebLink

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8.5 FIRPTA. Seller is not a"foreign person", "foreign partnership", "foreign trust" or"foreign estate", as those terms are defined in Section 1445 of the Internal Revenue Code. 8.6 Proceedings. There is no action, litigation, investigation, condemnation or proceeding of any kind pending or threatened against Seller or any portion of the Property. 8.7 Condition. The buildings, structures and improvements included within the Property are structurally sound and in good repair and condition, and all mechanical, electrical, heating, air conditioning,drainage, sewer,water and plumbing systems are in proper working order. All fixtures, equipment and appliances included in the Property are in proper working order. 8.8 Wells. The Seller certifies and warrants that the Seller does not know of any "Wells"on the described Property within the meaning of Minn. Stat. § 103I. This representation is intended to satisfy the requirements of that statute. 8.9 Sewage Treatment System Disclosure. For the purposes of satisfying any applicable requirements of Minn. Stat. § 115.55, Seller discloses and certifies that: a) Seller has no knowledge of the existence of an abandoned individual sewage treatment system on the Property. b) Sewage generated on the Property goes to a facility permitted by the Minnesota Pollution Control Agency. Seller will indemnify Buyer, its successors and assigns, against, and will hold Buyer, its successors and assigns, harmless from, any expenses or damages, including reasonable attorneys' fees, that Buyer incurs because of the breach of any of the above representations and warranties, whether such breach is discovered before or after Closing. Except as herein expressly stated, Buyer is purchasing the Property based upon its own investigation and inquiry and is not relying on any representation of Seller or other person and is agreeing to accept and purchase the Property "AS IS, WHERE IS" subject to the conditions of examination herein set forth and the express warranties herein contained. Consummation of this Agreement by Buyer with knowledge of any such breach by Seller will not constitute a waiver or release by Buyer of any claims due to such breach. 9. Casualty. If all or any part of the Property is substantially damaged by fire, casualty, the elements or any other cause, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Earnest Money by giving notice within 30 days after Seller's notice. If Buyer shall fail to give the notice, then the parties shall proceed to Closing, and Seller shall assign to Buyer all rights to insurance proceeds resulting from such event and shall pay to Buyer the amount of any deductible or co-insurance. 10. Broker's Commission. Seller and Buyer represent to each other that they I have dealt with no brokers, finders or the like in connection with this transaction, and agree to -6-