7.0. EDSR 08-08-2005 - Laserfiche WebLink

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• c. Buyer and Seller must pro rate the real estate taxes, if any, which are payable with respect to the Property in the year of closing on a per-diem basis using a 411 calendar year, to the Date of Closing. If the Date of Closing occurs in the year in which Seller records the plat of NORTHSTAR BUSINESS PARK, Seller will have already paid any real estate taxes due and payable in that year in connection with the recording of the plat of NORTHSTAR BUSINESS PARK. For purposes of the pro-ration described in this Section 14(c), the real estate taxes due and payable with respect to the Property in the year in which Seller records the plat of NORTHSTAR BUSINESS PARK, will be calculated by multiplying the amount of the real estate taxes due and payable in that year for all of the property subject to the plat of NORTHSTAR BUSINESS PARK by a fraction the numerator of which is the square footage of the Property and a denominator of which is the square footage of all lots in NORTHSTAR BUSINESS PARK. If the Date of Closing occurs in a year following the year in which the plat of NORTHSTAR BUSINESS PARK is recorded, the current year real estate tax information will be used, if available, and if current year real estate tax information is not available using the amount of the real estate taxes due and payable in the year immediately preceding the year of closing. Any such pro-ration is final and no subsequent adjustments,refunds or additional payments must be made. 15. Seller's Representations. Seller makes the following representations to Buyer: a. Seller represents that, to the best of Seller's actual knowledge, there is no • action, litigation, governmental investigation, condemnation or administrative proceeding of any kind pending against Seller with respect to the Property or otherwise involving any portion of Property, and no third party has threatened Seller with commencement of any such action, litigation, investigation, condemnation or administrative proceeding. b. Seller represents that, to the best of Seller's actual knowledge, there are no wells located on the Property and there are no individual sewage treatment systems located on the Property. c. Seller represents that, to the best of Seller's actual knowledge, there are no underground or above ground storage tanks of any size or type located on the Property. d. Seller represents that, to the best of Seller's actual knowledge, there are no Hazardous Substances located on the Property; the Property is not subject to any liens or claims by government or regulatory agencies or third parties arising from the release or threatened release of Hazardous Substances in, on or about Property; and the Property has not been used in connection with the generation, disposal, storage, treatment or transportation of Hazardous Substances. For purposes of this Agreement, the term "Hazardous Substance" includes but is not limited to substances defined as "hazardous substances," "toxic substances" or "hazardous wastes" in the Comprehensive Environmental Response Compensation Liability Act of 1980, as amended, 42 U.S.C. §9601, et seq., and substances defined as "hazardous wastes," "hazardous substances," "pollutants, or contaminants" as defined in the Minnesota Environmental Response and Liability Act, Minnesota Statutes, §115B.02. The term "Hazardous Substances" also includes asbestos,polychlorinated biphenyls,petroleum, including crude oil or any 1787623v4payable