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• b. Elect to accept the title in its unmarketable condition by <br /> giving written notice to Seller, in which event Buyer shall proceed to close <br /> the purchase of the Property in accordance with the terms of this <br /> Purchase Agreement and without any reduction in the Purchase Price. <br /> 4. Inspection. At Buyer's expense, Buyer, its agents and designees, are <br /> hereby granted the right at any time or times after the date hereof to enter upon and <br /> inspect, analyze, and test the Property. Buyer shall hold Seller harmless from any <br /> liability resulting from the entering upon the Property or the performing of any of the <br /> tests or inspections referred to in this Section 4 by Buyer, its agents or designees. <br /> 5. Covenants and Warranties of Seller. Seller covenants and warrants to <br /> Buyer as follows: <br /> a. To the best of Seller's knowledge, there is no action, <br /> litigation, investigation, condemnation or proceeding of any kind pending <br /> or threatened against Seller or the Property, or any interest therein, which <br /> could adversely affect the Property or title thereto, and Seller has no <br /> knowledge of any reasonable basis for the commencement of any such <br /> action, litigation, investigation, condemnation or proceeding. Seller shall <br /> give Buyer prompt written notice if any such action, litigation, investigation, <br /> • condemnation, or proceeding is commenced on or prior to the Closing <br /> Date. <br /> b. Seller certifies that to the best of Seller's knowledge there <br /> are no wells on the Property. <br /> c. Seller states that to the best of Seller's knowledge there is <br /> no individual sewage treatment system, as defined in Minn. Stat. 115.55. <br /> Buyer acknowledges that Buyer will be purchasing the Property relying only on <br /> such investigations, testing and inquiries of and regarding the Property as Buyer <br /> shall have chosen to make. Except as specifically set forth in this Purchase <br /> Agreement, the Seller has not made, and shall not be deemed to have made, and <br /> Buyer hereby disclaims any reliance on, any warranty or representation, oral or <br /> written, express or implied, regarding the Property, the condition of the <br /> Property, the soil conditions existing on the Property, the environmental <br /> conditions on the Property, the zoning or other laws and ordinances applicable <br /> to the Property, the uses to which the Property may be put, or any other thing or <br /> matter relating to the Property. <br /> 6. Closing. The closing shall take place on September 1, 2000, or such <br /> other date as is mutually agreed upon. Such date, or such other date as this <br /> • transaction actually closes, is herein referred to as the "Closing Date". The closing shall <br /> take place at Elk River City Hall, 13065 Orono Parkway, Elk River, Minnesota 55330, or <br /> -2- <br />