2006-02-22 CC Packet - Laserfiche WebLink

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f. That Seller has not, and has no knowledge that anyone else has, used, generated, stored or disposed of above, in, on, under or around the Property any Hazardous Materials, as hereinafter defined, and has no knowledge, of any Hazardous Materials above, in, on, under or around the Property. The term "Hazardous Materials" means any material or substance which is listed in the United States Department of Transportation Hazardous Material Table (49 CFR 172.101) on the date of this Agreement which is kept, used, or disposed of in a manner and in quantities which do not comply with applicable laws and regulations pertaining to said materials or substances. Further, Seller agrees that it will not use, generate, store or dispose of or permit the use, generation, storage or disposal of any Hazardous Materials, as herein 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 conflict 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. 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. H:\Property Purchase-Disposal\Park Property\Purchase and Sale of vacant lot_ParceI2-vI ,doc 7111