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(hereafter "the Phase I"), at Buyer's expense. Should the Phase I disclose that one or more <br /> underground storage tanks are located on the property, a condition precedent to Buyer's <br /> obligation to close on the sale of the Property is that the following be done at Seller's expense: <br /> (1) any underground storage tanks located on the Property be removed, (2) removal of <br /> discharged fuel oil or other contaminants from the Property in a manner and to the extent <br /> required to meet requirements for a certificate, (3) a copy of a certificate demonstrating <br /> removal and clean-up be provided to Orange County, c/o Jeffrey Thompson, Director of <br /> Assets Management Services, P.O. Box 8181, Hillsborough, North Carolina 27278, as soon as <br /> the certificate is available and (4) the original of the certificate be provided to Buyer at the <br /> closing. However, Seller shall not be obligated to undertake the cleanup identified in the Phase <br /> I report if, in Seller's sole discretion, Seller determines that it is not economically reasonable <br /> to do so. In that event, Seller may terminate this Agreement upon written notice to Buyer. <br /> (2) Seller warrants and represents to Buyer as follows: <br /> (i) Seller has no knowledge of, and no reason to believe (A) that any <br /> industrial use has been made of the Property, (B) that, except for chemicals used in the <br /> farming of the Property, the Property has been used for the storage, treatment or disposal of <br /> chemicals or any wastes or materials that are classified by federal, State or local laws as <br /> hazardous or toxic substances, or (C) that any manufacturing, landfilling or chemical <br /> production has occurred on the Property. <br /> (ii) To the best of Seller's knowledge, the Property is in compliance <br /> with all federal, State and local environmental laws and regulations, including, but not limited, <br /> to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 <br /> ("CERCLA"), Public Law No. 96-510, 94 Stat. 2767, 42 USC 9601 et seq., and the <br /> 4 <br />