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07/05/2006 07:50 FAX 6516381994 LAND TITLE NEW BRIGHTON [i�006/011
<br /> vvi tai tIPuu Ann io.04 r&& (0006/011
<br /> 7. Operation Prior to Closing. During the period from the date of Seller's
<br /> acceptance of thiF Agreement to the Closing Datc (the "Executory Period"), Seller shall operate
<br /> and maintain the Property in the ordinary course of business in accordance with prudent,
<br /> reasonable business standards, including the maintenance of adequate liability insurance and
<br /> insurance against loss by fire, windstorm and other hazards, casualties and contingencies,
<br /> including vandalism and malicious mischief. Seller shall execute no contract~, leasr-v or other
<br /> agroementc regarding the Property during the Executory Period that are not terminable on or
<br /> before the Closing Date, without the prior written consent of Buyer, which consent may be
<br /> withheld by Buyer at its sole discretion_
<br /> 8, Representations and Warranties by Seller, Seller represents and warrants
<br /> to Buycr as follows:
<br /> 8.1 Existence; Authority. Seller(Lois Mahlberg and 'Paul Schoeller) has the requisite
<br /> power and authority to enter into and perform this Agreement and Seller's
<br /> Closing Documents; such documents arc valid and binding obligations of Seller,
<br /> and are enforceable in accordance with their terms,
<br /> 8.2 Ovemtions. Seller has received no notice of actual or threatenod cancellation or
<br /> suspension of any utility services or certificate of occupancy for any portion of
<br /> the Property.
<br /> 8.3 Env Laws. No toxic or hazardous substances or wastes, pollutants or
<br /> contaminants (including, without limitation., asbestos, urea formaldehyde, the
<br /> getup of organic compounds known as polynhlorinated biphenyls, petroleum
<br /> products including Moline, fuel oil, crude oil and various constituents of such
<br /> products, and any hazardous substance as defined in any Environmental Law
<br /> (collectively, "Hazardous Substances') have been generated, treated, stored,
<br /> transferred from, released or disposed of, or otherwise placed, deposited in or
<br /> located on the Property in violation of any Environmental law, nor hes any
<br /> activity been undertaken on the Property that would cause or contribute to the
<br /> Property becoming a treatment, storage or disposal facility within the meaning of
<br /> any Envirunmeartal Law. TMC term "Environmental Law" shall mean any anti all
<br /> fcdcral, state and local laws, statutes, codes, ordinances, regulations, rules,
<br /> policies, consent decrees, judicial orders, administrative orders or other
<br /> requirements relating to the environment or to human health or safety associated
<br /> with Ihe; emvircmme nt, all as amended or modified from tine to time. Thcre has
<br /> been no discharge,release or threatened release of Hazardous Substanc:ev from the
<br /> Property, and there are no Hazardous Substances or conditions in or on the
<br /> Property that may support a claim or cause of action under any Environmental
<br /> Law, The Property is not now, and to the best of Sellerr'a knowledge nover has
<br /> been, listed on any list of situ contaminated with Hazardous Substanue s,nor used
<br /> as landfill, dump, disposal or storage site for Hazardous Substances. Seller has
<br /> maintained all records rdquired to be kept concerning the presence, location and
<br /> quantity of asbestos containing materials, and presumed asbestos containing
<br /> materials,in the Property and will deliver the same to Buyer on orbcforc Closing.
<br /> A-1
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