Reso 2008-1213 - Laserfiche WebLink

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description but Seller shall not be required to convey any lands other than the legal description of the Property set forth on Exhibit "A" attached hereto. Any objections must be delivered 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 the Survey which render title unmarketable shall be treated as Title Objections in accordance with Section 5.2 hereof. 7. Seller's Representations. Seller hereby represents and warrants to Buyer as of the Effective Date and as of the Closing Date as follows: 7.1 Seller's Authority. Seller has legal right and ability to sell the Property pursuant to this Agreement. The execution and delivery of this Agreement by Seller and the consummation by Seller 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 Leasehold Interests. Seller warrants that at the time of closing the property will not be encumbered by any leaseholds which exceed the two-year period, which commenced on January 7, 2008. Seller represents to the City that no existing lease or tenancy is for a period of more than two (2) years. Seller agrees that during the option period and thereafter if the City exercises its option to purchase the subject property, no new leases will be executed and no existing leases will be modified or extended without the written consent of the City. This condition shall survive the closing. 7.3 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 breach of, or default under, any indenture, agreement, lease, instrument, obligation or the agreement of limited partnership, limited partnership certificate or related instruments 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. 7.4 No Default. To the actual knowledge of the Seller and its representatives, Seller is not in default under an indenture, mortgage, deed of trust, loan agreement, lease or other agreement to which Seller is a party and which affects any portion of the Property. 7.5 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 injury 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 environment (collectively "Governmental Authority(ies)"). Buyer must rely on its Environmental reports and assessments, as Seller is not aware of Property's environmental condition. Option Agreement for 287 Sunny Isles Blvd 8