05-13-2002 Council Packet - Laserfiche WebLink

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Compensation Liability Act of 1980, as amended, 43 U.S. § 9601, e/ seq., the Minnesota Environmental Response and Liability Act, Minn. Stat. 1 1 SB or the Minnesota Petroleum Tank Release Cleanup Act, Minn. Stat. § 1 15C. If, at any time prior to the Closing, Seller acquires actual knowledge of events or circumstances which render the representations set forth in this Section inaccurate in any respect. Seller shall immediately notify Buyer, in writing. The representations, warranties and indemnification set forth above shall survive the closing of this transaction and Seller's delivery of the Deed to Buyer, At Closing, an authorized representative of Seller shall execute and deliver to Buyer a certificate of Seller .ertifying that to the best of Seller’s knowledge the representations contained in this Section are true as of the Closing or, if such representations are no longer true, describing, in detail, the reasons why the representations are no longer true (the "Date Down Certificate"). “As-ls** Sale . Buyer acknowledges that it will have adequate opportunity to inspect the property and accepts the risk that any inspection may not disclose all material matters affecting the property. Subject only to the terms of this Section 11, Buyer agrees to accept the property in its **As Is* **Where Is” and ”With All Faults ” condition at closing without any representation or warranty whatsoever including as to merchantability or fitness for a particular purpose, and without any right of set-off or reduction in the purchase price. 12. Buyer's Representations and Warranties . Buyer hereby represents and warrants to Seller as follows, which representations and warranties shall survi'.'e the closing. (a) Buyer has not engaged a real estate broker or other agent to act as Buyer’s real estate agent in connection with this transaction. (b) The Buyer is a limited liability partnership duly organized and in good standing in the State of Minnesota. (c) The Buyer has full and complete authority to en»er into this Purchase Agreement. HC2oDS2/ 4715/ 2672211 vl(RED) 2/4>2002