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Documents; such documents are valid and binding obligations of Seller, and are <br /> enforceable in accordance with their terms. Seller (Swany of Hugo, Inc.) is duly <br /> incorporated and is in good standing under the laws of the State of Minnesota; <br /> Seller is duly qualified to transact business in the State of Minnesota; Seller has <br /> the requisite corporate power and authority to enter into and perform this <br /> Agreement and those Seller's Closing Documents signed by it; such documents <br /> have been duly authorized by all necessary corporate action on the part of Seller <br /> and have been duly executed and delivered; such execution, delivery and <br /> performance by Seller of such documents does not conflict with or result in a <br /> violation of Seller's Articles of Incorporation or Bylaws, or any judgment, order, <br /> or decree of any court or arbiter to which Seller is a party; such documents are <br /> 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 or <br /> suspension of any utility services or certificate of occupancy for any portion of <br /> the Property. <br /> 8.3 Environmental Laws. No toxic or hazardous substances or wastes, pollutants or <br /> contaminants (including, without limitation, asbestos, urea formaldehyde, the <br /> group of organic compounds known as polychlorinated biphenyls, petroleum <br /> products including gasoline, 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 has 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 Environmental Law. The term "Environmental Law" shall mean any and all <br /> federal, 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 the environment, all as amended or modified from time to time. There has <br /> been no discharge, release or threatened release of Hazardous Substances 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 Seller's knowledge never has <br /> been, listed on any list of sites contaminated with Hazardous Substances, nor used <br /> as landfill, dump, disposal or storage site for Hazardous Substances. Seller has <br /> maintained all records required 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 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 /> -5- <br />