Orange County NC Website
Browse       Search
~~ <br />iv. Except for chemicals used in the fanning of the Property, Seller has no <br />actual know]edge of the existence, extent or nature of any hazardous materials, <br />substances, wastes or other enviromnentally regulated substances (including any <br />materials containing asbestos), in or under the Property. <br />b. Inspection and Remedies. Prior to the expiration of the Buyer's Inspection Period <br />as defined above, Buyer may obtain from a reputable company, at Buyer's sole expense, a <br />written report evaluating whether the Property is flee from contamination and/or evidence of <br />contamination from hazardous wastes, hazardous substances, hazardous materials, toxic <br />substances, hazardous air pollutants or toxic pollutants as those terms are used in the Resource <br />Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation <br />aztd Liability Act, the Hazardous materials Transportation Act, the Toxic Substances Control <br />Act, the Clean Air Act and the Clean Water Act, or in any amendments thereto, or in any <br />regulations promulgated pursuant thereto, or in any applicable state or local law, regulation or <br />ordinance. <br />If such report discloses any matters adverse to the interests of the Buyer, Buyer shall <br />notify Seller in writing prior to the expiration of Buyer's Inspection Period. After such <br />notification, but prior to the expiration of Buyer's Inspection Period, Buyer shall elect in writing <br />to either: (i) close on the Property or (ii) terminate this Contract and all rights of the patties <br />hereunder. <br />c. Seller shall indemnify and hold Buyer harmless from and against (i) any and all <br />damages, penalties, fines, claims, liens, suits, liabilities, casts (includutg cleazrup costs), <br />judgments and expenses (including attorneys', consultants' or experts' fees and expenses) of <br />every kind and nature suffered by or asserted against Buyer as a direct or induect result of any <br />requirement under any law, regulation or ordinance, local, State or federal, which requires the <br />elhnination or removal of any hazardous materials, substances, wastes or other environmentally <br />regulated substances placed on the Property at any tune after the Closing Date by Seller or <br />Seller's agents related to the development by Seller of the Waterstone Master Plan or any part <br />thereof. Seller's obligations under this Section shall survive the Closing and contuiue in full <br />effect notwithstanding receipt of the purchase price. <br />18. Closing Documents. <br />a. At Closing, the Seller shall deliver to Buyer the following <br />i. a duly executed and acknowledged Deed in recordable form conveying <br />fee simple and marketable title to the Property free and clear of all liens and <br />encumbrances, except as provided elsewhere in this Contract; <br />ii. a duly executed lien affidavit warranting and holding Buyer and the Title <br />Company harmless against unpaid laborers' and materialtnen's liens; <br />iii. a certificate given under penalty of perjury and on a form approved under <br />regulations promulgated under Section 1445 of the Internal Revenue Code of 1986, as <br />amended, that Seller is not a foreign person; <br />10 <br />RTP 84406v7 <br />