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reasonable efforts, Seller is unable to make Seller's title marketable within one hundred twenty <br />(120) days from Seller's receipt of Buyer's Objection, Buyer may either: <br />a. terminate this Agreement pursuant to the procedures set forth in Section <br />19 below; or <br />b. notify Seller that Buyer waives Buyer's Objection. If Buyer waives <br />Buyer's Objection, the matter giving rise to such Objection will be deemed a permitted <br />encumbrance and the Parties must fully perform their obligations under this Agreement. <br />The Parties must establish a new Date of Closing by mutual agreement, but if the Parties <br />cannot establish a new Date of Closing by mutual agreement, the Date of Closing will be <br />the date fifteen (15) days from the effective date of Buyer's notice to Seller that Buyer <br />waives Buyer's Objection. <br />If Buyer does not notify Seller of Buyer's election to terminate this Agreement pursuant to <br />subsection (a) above or waive Buyer's Objection pursuant to subsection (b) above within fifteen <br />(15) days of Buyer's receipt of notice from Seller that Seller does not intend to make Seller's title <br />to the Property marketable or the expiration of the one hundred twenty (120) day period provided <br />for above, as the case may be, this Agreement automatically terminates and Buyer must deliver <br />an executed and recordable quit claim deed to the Property or other recordable instrument to <br />Seller to evidence the termination of this Agreement. <br />11. Seller's Representations. Seller makes the following representations to Buyer: <br />a. Seller represents that, to the best of Seller's actual knowledge, there is no <br />action, litigation, governmental investigation, condemnation or administrative proceeding <br />of any kind pending against Seller with respect to the Property or otherwise involving any <br />portion of Property, and no third party has threatened Seller with commencement of any <br />such action, litigation, investigation, condemnation or administrative proceeding. <br />b. Seller represents that, to the best of Seller's actual knowledge, there are no <br />wells located on the Property. <br />c. Seller represents that, to the best of Seller's actual knowledge, there are no <br />underground or above ground storage tanks of any size or type located on the Property. <br />d. Seller represents that, to the best of Seller's actual knowledge, there are no <br />Hazardous Substances located on the Property; the Property is not subject to any liens or <br />claims by government or regulatory agencies or third parties arising from the release or <br />threatened release of Hazardous Substances in, on or about Property; and Property has <br />not been used in connection with the generation, disposal, storage, treatment or <br />transportation of Hazardous Substances. For purposes of this Agreement, the term <br />"Hazardous Substance" includes but is not limited to substances defined as "hazardous <br />substances," "toxic substances" or "hazardous wastes" in the Comprehensive <br />Environmental Response Compensation Liability Act of 1980, as amended, 42 U.S.C. <br />§9601, et seq., and substances defined as "hazardous wastes," "hazardous substances," <br />"pollutants, or contaminants" as defined in the Minnesota Environmental Response and <br />2150570v4 <br />