Agenda - 08-27-2012 - C1 - Laserfiche WebLink

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county, municipal and other local laws, regulations and ordinances that are similar to such federal laws or that regulate Hazardous Materials. The term "Hazardous Materials" includes petroleum, including crude oil or any fraction thereof, natural gas, natural gas liquids, liquified natural gas, or synthetic gas usable for fuel (or mixtures of natural gas or such synthetic gas), asbestos and asbestos containing materials, polychlorinated biphenyls and any substance, material waste, pollutant or contaminant listed or defined as hazardous or toxic under any Environmental Law. (c) Underground Storage Tanks: Septic Fields. There are no underground storage tanks or septic fields present or the Property, with the exception of the tank or tanks associated with the house and large stable building situated on the Property. Seller will show the location of all such tank(s)to Purchaser prior to expiration of the Inspection Period. (d) Tenancies: Other Parties in Possession. At Closing there will be no leases, tenants, or other parties in possession of the Property. Buyer agrees that Seller may lease to tenants during the term of this Agreement provided such tenant is required to vacate the Property no less than thirty(30)days prior to Closing. (e) Violation of Laws. Seller has not received notice of violation of any law, ordinance, regulation,or requirement affecting the Property or Seller's use of the Property. (f) Condemnation; Zoning; Land Use. Seller has not received notice of any condemnation, zoning, or land-use proceedings affecting the Property, and is aware of no fact or condition, including compliance with any applicable restrictive covenants or municipal regulations that affects or could affect Purchaser's intended residential construction and use of the Property. (g) Lti}ation. There is no litigation pending or threatened against Seller or the Property that would affect the Property or Seller's ability to perform its obligations under this Agreement. (h) No Other Obligation to Sell the Property or Restriction against Selling the Property. Except for lien(s)of mortgages or deeds of trust, if any,that will be paid in full at closing with the proceeds of the sale, Seiler has not obligated itself to sell the Property to any party other than Purchaser. Seller's performance of this Agreement will not cause a breach of any other agreement or obligation to which Seller is a party or to which it is bound. (i) No Liens. On the Closing Date,the Property will be free and clear of all mechanic's and materialman's liens and other liens and encumbrances of any nature except the Permitted Exceptions, and no work or materials will have been furnished to the Property that might give rise to mechanic's, materialman's, or other liens against the Property other than work or materials to which Purchaser has consented. 6.2 Purchaser's Representations and Warranties. As a material inducement to Seller to execute this Agreement and consummate this transaction,Purchaser represents and warrants to Seller that: (a) Authority. Purchaser has the full right and authority and has obtained any and all consents required therefor to enter into this Agreement and perform its obligations hereunder. This Agreement has been and all of the documents to be delivered by Purchaser at the Closing will be authorized and properly executed and will constitute the valid and binding obligations of Purchaser, enforceable in accordance with their terms. (b) Conflicts and Pending Action. There is no agreement to which Purchaser is a party or to Purchaser's knowledge binding on Purchaser which is in conflict with this Agreement. There is no action or proceeding pending or to Purchaser's knowledge, threatened, against Purchaser which challenges or impairs Purchaser's ability to execute or perform its obligations under this Agreement. 6.3 Survival of Representations and Warranties. The representations and warranties set forth in this Article 6 are made as of the date of this Agreement and are remade as of the Closing Date and shall not be deemed to be merged into or waived by the instruments of Closing, but shall survive the Closing for a period of 6 months, -6-