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<br />{e) Closang. The City's obligation to close on acquisation of tIae Triangle Parcel is contingent
<br />upon {i) the City having fou�d title acceptable in accordance with paragraph (b) of tliis Section, {ii) the
<br />City �aving determined, in its sole discretian, that it is satisfied with conditions of the Triangle Parcel,
<br />include without lirnitation e�vironmental conditions; and (iii) Developer having demolished the existing
<br />building on the Triangle Parcel, cieared the site of atl rt�bble and debris, removed any undergeound tanks
<br />and removed ar rernediated any k�azardous substances in accordance with paragraph (d} of this Section,
<br />and seeded the property. The closing on conveyance of the Triangle Parcel shalI occur on the iater of ten
<br />business days after satisfaction of all contingencies, or June 29, 2412 {the "Closing"). At closing,
<br />Developer shall deliver to City a warranty deed to the Triangle Parcel.
<br />follows:
<br />(t} Developer Represeratatioras. The Developer hereby represents and wa�rants to the City as
<br />(i} Environ�nental Compiiance. Developer has rec�ived no notice of and is not
<br />aware of any violation related to the Triangle Parcel of applicable law, s#atute, ordinanc�, rule,
<br />eegulation, �rder or deterrnin;ation of any governmental aufihority with respect to hazardous
<br />substances or of the presence of hazardous substances in or on the Triat�gle �arcel, except as
<br />discIosed in any of the Environmental Reparts. For purposes hereof "hazardous substances"
<br />means any substance desigzzated pursuant to the CIean Water Act, Title 33 U.S.C. Section 1321,
<br />any element, compound, mixture, salution or substance designated pursuant ta the
<br />Camprehensiva Environ.zx�ental Response, Compensation and Liability Act, Title 42 U.S.C.
<br />Section 9d02, any hazardous waste having the characteristics identified under or listcd pursuant to
<br />the Salid Waste Disposal Act, Title 42, i3.S.C. Section 6921, any toxic pol�utant listed under
<br />Sectian 307(a) of the Clean Water Act, Title 33 U.S.C. Section 1317(a), any hazardous air
<br />poltutant listed under Section 112 of the Clean. Air Act, Title 342 U.S.C. Section 7412, any
<br />imrriinently hazardous chemical substance or fnixture with resp�ct to whic�a the Administrator of
<br />the Environmental Protection Agency has taken action pursuant �o Section 7 of the To�ic
<br />Subsfiances Control Act, Title 15 U.S.C. Section 260b and any hazardous waste, hazardaus
<br />substance, pollutant or contaminant, as defined in the Minnesota E�vironmental Respons� and
<br />Liability Act, Minnesota Siatuies, Sectian 115B.02. The term also incl�des, but is not limited to,
<br />polychlorinated biphenyls, asbestos, petroleum products and various constii�zents of such
<br />products, urea formaldehyde and related substances.
<br />{ii) Stora�e Tanks. Developer is not aware of any underground storage tanks located
<br />an or in the Triangle �arcel, but acknowIedges its abligaiion to remave any tanks disclosed by
<br />any environmental reports or investigations by the City, in accordance with paragraph (d) of this
<br />Section.
<br />{iii} Pendin� Liti_a�n. There is no condemnation or other litigation presentiy
<br />pending or, to Developer's knowledge, under consideration by any party affecting, directIy or
<br />indirectly, the Triangle Parcel.
<br />(iv) GovernmentaI Action. Developer has not received natice of any action, suit or
<br />proceeding instituted by any person or en�ity against or affecting the Triangle Parcel befar� any
<br />federal, state, municipal or other governmental authority, including without limitation notice of
<br />any condemnati�n or taking for any public right-af-way or utility.
<br />(v) Authorization. Developex is the sole owner oi the Triangle Parcel, and has the
<br />right, power and capacity ta enter into this Section of this Agreement, to consummate the
<br />transactions contemplated hereby, and to comply with the terms, canditions .and provisions
<br />hereof.
<br />37899Dv6 5JB AR200-10 9
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