2006 S ERCD - Approval of Contract to Purchase Real Property - Paydarfar Tract

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information delivered by Seller, or by Seller's agents in connection with this Agreement, are and shall be, to the best of Seller's knowledge, true and complete and shall not contain any untrue statement of material fact or omit to state any material fact, the disclosure of which is necessary to make the statements contained therein and in this Agreement, in light of the circumstances under which they are made, not misleading. (fj Environmental. (1) Seller has no knowledge of any underground storage tanks being located on the Property. Buyer agrees to perform a Phase I Environmental Assessment of the Property (hereafter "the Phase I"), at Buyer's expense. Should the Phase I disclose that one or more underground storage tanks are located on the property, a condition precedent to Buyer's obligation to close on the sale of the Property is that the following be done at Seller's expense: (1) any underground storage tanks located on the Property be removed, (2) all discharged fuel oil or other contaminants be removed from the Property, (3) a copy of a certificate demonstrating removal and clean-up be provided to Orange County, c/o Pamela Jones, Director of Purchasing and Central Services, 132 E. King Street, Hillsborough, North Carolina 27278,, as soon as the certificate is available and (4) the original of the certificate be provided to Buyer at the closing. (2) Seller warrants and represents to Buyer as follows: (i) Seller has no knowledge of, and no reason to believe (A) that any industrial use has been made of the Property, (B) that, except for chemicals used in the farming of the Property, the Property has been used for the storage, treatment or disposal of chemicals or any wastes or materials that are classified by federal, State or local laws as hazardous or toxic substances, or (C) that any manufacturing, landfilling or chemical production has occurred on the Property. 4