2004-08-04 P&R - Laserfiche WebLink

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... e. That Seller makes no representation regarding future real estate taxes or assessments for the Property, except as may be specifically provided in this Agreement. 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 tenns. 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. 17.02 Annexation. Buyer and Seller acknowledge that the Property is situated within the corporate boundaries of the City of Lino Lakes as well as the City of Centerville. Annexation by the City of Centerville of that portion of the Property situated in the City of Lino Lakes is the solution desired by the parties. Unto that end, Buyer agrees to initiate and consummate any and all agreements, or other such actions, as may be required to accomplish said annexation. C:\Documents and Settings\TBender\Loca1 Settings\Temporary Internet Files\OLK3D\Purchase and Sale of vacant 10t_ 07-22-04.doc 7