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described above, in, on, under and/or around the Property now or at any time prior to the date of Closing. g. That to Seller's knowledge, there never has been, and is not now on the Property, any underground storage tanks, wells or septic systems. h. That situated within the Property is a water pipe providing potable water from a well situated in Seller's adjacent pump station property to Seller's adjacent residential property. Said pipe will be cut off in Seller's pump station property and left abandoned in place within the Property prior to Closing. 16.02 Buyer's Warranties. Buyer represents and warrants to Seller as follows: a. The execution and delivery of this Agreement by Buyer and the consummation by Buyer of the transaction contemplated hereby are within Buyer's powers and all requisite action has been taken to make this Agreement valid and binding upon the accordance with its terms. b. Neither the execution nor delivery of this Agreement by Buyer will contlict with or result in a violation or breach of any law, regulation, order, writ, or injunction of any court or governmental agency applicable to Buyer. c. Buyer shall, at its sole expense, demolish and remove the existing two-story frame structure from the Property within six (6) months of Closing. SECTION 17 - APPROVALS AND ANNEXATION 17.01 Approvals. Buyer agrees to cooperate with Seller in its pursuit of any and all approvals that may be required to close the sale and convey the Property to Buyer. SECTION 18 - REMEDIES 18.01 In the event Buyer fails to comply with any or all of the obligations, covenants, warranties or agreements to be performed, honored or observed by Buyer under and pursuant to the terms and provisions of this Agreement and such default is not cured within thirty (30) days after written notice (other than Buyer's failure to tender the Purchase Price on the date of Closing, a default for which no notice is required), then Seller may (i) terminate this Agreement or (ii) seek an action for specific performance against Buyer to enforce the provisions of this Agreement. 18.02 The failure of either party to act upon a default of the other in any ofthe terms, conditions or obligations under this Agreement shall not be deemed a waiver of any subsequent breach or default under the terms, conditions or obligations hereof by such defaulting party. 18.03 In the event Seller fails to comply with any or all of the obligations, covenants, warranties or agreements to be performed, honored or observed by Seller under and pursuant to the terms and provisions of this Agreement, and such default is not cured within thirty (30) H:\Property Purchase-Disposal\Park Property\Purchase and Sale of vacant lot_12-20-05v3.doc 7 9~