Reso 2007-1120 - Laserfiche WebLink

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the Property set forth on Exhibit "A" attachcd hereto. Any objections must be dclivered to Seller's attorney within thirty (30) days after the Effective Date. Upon such proper and timely notification, all such objections to matters shown on thc SUI'vey which render titlc unmarketable shall be treated as Title Objections in accordance with Section 5,2 hereof. Buyer's failure to include any such matter in such a timely noticc shall constitute a waiver by Buyer of its right to object to all matters which an accurate, current sUl'vey of the Property would reveal, which shall thereafter be deemed Permitted Exceptions for all purposes hereunder L Seller's Representations. Seller hereby represents and warrants to Buyer as of the Effectivc Date and as of the Closing Date as follows: 7.1 Seller's Authoritv. Seller has legal right and ability to sell the Property pUl'suant to this Agreement. The execution and delivery of this Agreement by Seller and the consummation by SelicI' of the transaction contemplated by this Agreement is within Seller's capacity and all requisite action has been taken to make this Agreement valid and binding on Seller in accordance with its terms. 7.2 No Legal Bar. The execution by Seller of this Agreement and the consummation by Seller of the transaction hereby contemplated does not, and on the Closing Date will not, result in a bleach of, or default under, any indenture, agreement, lease, instillment, obligation or the agreement of limited partnership, limited partnership certificate or related instillments affecting the Seller, to which Seller is a party and which affects all or any portion of the Property, or to Seller's knowledge, constitutes a violation of any Governmental Requirement. 7.3 No Defaull. To the actual knowledge of the Seller and its representatives, Seller is not in default under an indentUl'e, mortgage, deed of trust, loan agreement, lease or other agreement to which Seller is a party and which affects any portion of the Property. 7.4 Hazardous Materials, Seller has no actual knowledge nor has the Seller received any written notice that there has been any discharge of hazardous material at the Property. As used herein, the term "Hazardous Material" shall mean any substance, water or material which has been determined by state, federal or local government authority to be capable of posing a risk of injUl'Y to health, safety and property, including but not limited to, all of those materials, wastes and substances designated as hazardous or toxic by the U.S, Environmental Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or any other state or local governmental agency now or hereafter authorized to regulate materials or substances in the environmental (collectively "Governmental Authority(ies)"), Buyer must rely on its Environmental reports and assessments, as Seller is not aware of Property's environmental condition. 7.5 Litigation and Parties in Possession. To the actual knowledge of the Sellcr, there are no actions, suits, proceedings or investigations pending or, to the knowledge of Seller, threatened against Seller or the Property affecting any portion of the Propelty. 7.6 Buver's Remedies for Seller's Misrepresentations. In the event that Buyer becomes aware prior to Closing that any of Seller's warranties or representations set forth in this Agreement are not true in any material respect on the Effective Date or any time thereafter but Eric Feder 8