|
<br />related materials as defined by Federal, State or local law . Buyer shall be responsible
<br />to restore the property to its original condition prior to testing if any damages result
<br />from testing.
<br />
<br />b. It has been disclosed by an environmental audit that a fuel storage tank has been
<br />discovered on the Property. Lessee agrees to remove the tank, conduct such further
<br />tests as are necessary to determine the status of contamination from the tank, if any, on
<br />the premises and to file an appropriate tank closure report with Department of
<br />Environmental Resource Management, as required by law. Further, if it is determined
<br />that there has been leakage or other contamination, Lessee agrees to remedy and
<br />remove same. All such activities will be deducted from and act as a set-off against the
<br />$10,000 expenditure, subject to the provisions as set forth in subparagraph a. above.
<br />
<br />c. Except as set forth in subparagraphs a. and b. of Section 3. hereinabove, Section 4
<br />hereinbelow and except as to Seller's collective obligation to deliver good, marketable
<br />and insurable title to Buyer, Buyer understands and agrees that this property is being
<br />sold "as is" with "all faults" and specifically and expressly without any warranties,
<br />representations or guarantees, either express or implied, of any kind, nature or type
<br />whatsoever from or on behalf of the Seller. Buyer acknowledges that Buyer has not
<br />relied, and is not relying, upon any information, document, sales brochures or other
<br />literature, maps or sketches, projections, proforma statement, representation, guarantee
<br />or warranty (whether express or implied, or oral or written, or material or immaterial)
<br />that may have been given by or made by or on behalf of Seller. If there are any
<br />objections to marketability, the party causing such objection shall be the party
<br />responsible for curing same.
<br />
<br />4. Covenants. Representations and Warranties of the Lessee and Fee Simple Owner. Lessee, as
<br />to its leasehold interest and for itself only, and Fee Simple Owner, as to its fee simple interest
<br />and for itself only, hereby covenant, represent and warrants the following to the Buyer:
<br />
<br />a.
<br />
<br />Macabee Realty, Inc. is a corporation duly authorized, validly existing in good standing
<br />under the laws of the State of Florida, is the Lessee of this Property and has the full,
<br />unrestricted authority to make, deliver, enter into the terms and conditions of this
<br />contract and shall enter into all documentation, as required by Buyer's title insurance
<br />company, necessary to terminate the leasehold interest simultaneous with the closing
<br />of this transaction. In lieu of the Warranty Deed required under Section 1. of the
<br />Standards for Real Estate Transactions, Lessee shall deliver an Assignment of its
<br />Leasehold Interest and a Quit-Claim Deed to Buyer in order to effectuate the transfer
<br />of this Property at cloSinl' ~
<br />'I~-t- ~',\\ 'o~fIt'
<br />Marshall & Ilsley..Comp ny of Florida" Trustee,~the bona fide trustee under a land
<br />trust established on behalf of several benefici~ries under the laws of the State of
<br />Florida, and, the fee simple owner of the Property. Seller has the full unrestricted
<br />power and authority to make, deliver and enter into to the terms and conditions of this
<br />contract. Seller is taking all necessary action to authorize performance of this contract.
<br />Seller agrees to execute any and all documentation as required by the Buyer's title
<br />
<br />b.
<br />
<br />2
<br />
|