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i ~- <br />untrue in any material respect, or (ii) any requirement under any law, regulation or ordinance, <br />local, State or federal, which requires the elimination or removal of any hazardous materials, <br />substances, wastes or other environmentally regulated substances existing or placed on the <br />Property at any time up to and including the Closing Date. <br />(4) Should the Phase I disclose the existence on the Property of any hazardous <br />materials, substances, wastes or other environmentally regulated substances (including without <br />limitation, any materials containing asbestos), a condition precedent to Buyer's obligation to <br />close on the sale of the Property is that the following be done at Seller's expense: (1) any such <br />material or substance located on the Property be removed, (2) other found contaminants be <br />removed from the Property, (3) that a copy of a certificate demonstrating removal and clean-up <br />be provided to Orange County, c/o Pamela Jones, Director of Purchasing and Central Services, <br />132 E. King Street, Hillsborough, North Carolina 27278, as soon as the certificate is available <br />and (4) that the original of the certificate be provided to Buyer at the closing. In the event Seller <br />is unable or unwilling, in its sole discretion, to effect any such cure or remediation, it shall so <br />notify Buyer, in writing, and Buyer may thereafter elect to (i) accept the Property "as-is" and in <br />such condition; or (ii) refuse to accept the Property in which event this Agreement shall <br />9 <br />