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1996_Ordinances
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1996_Ordinances
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a. The Deposit, earned interest and any Extension Payments shall be <br />• immediately returned to Buyer, and <br />b. Buyer shall deliver to Seller all physical surveys, site, engineering, or <br />other plans, and copies of all soil borings, environmental studies and <br />audits with respect to the Property. Seller shall reimburse Buyer only for <br />said physical surveys if it elects to receive such surveys and then only at <br />Buyer's actual costs. <br />C. Each party shall be relieved from any further liability under this <br />Agreement, and <br />d. This Agreement shall be deemed to have been terminated. <br />4.5. Expenses and Prorations. Except as otherwise provided herein, each party shall <br />be responsible for its expenses incurred in connection with this Agreement and the transaction <br />contemplated hereby. Seller shall pay all costs for the preparation of the Deed, Seller's <br />recording tax applicable thereto, its proportionate share of the current year's real estate taxes <br />allocable to the Property through Closing, and its own attorney's fees. Buyer shall pay its own <br />attorney's fees (including all costs for the preparation of any security or financing instruments), <br />its proportionate share of the current year's real estate taxes when due and payable, cost of title <br />insurance and all recording costs other than Seller's deed tax. <br />Section 5. Environmental Obligations. <br />• 5.1. a. Seller's Studies. To the extent that it has not already done so, Seller will, on <br />or before the execution of this Agreement, deliver to Buyer a copy of all environmental <br />assessment studies, soil reports and storm water engineering reports in the possession of Seller. <br />Seller makes no representations concerning the accuracy of such documents. <br />b. Hazardous Substances or Wastes. Seller makes no representations or <br />warranties, express or implied, concerning the absence of any "hazardous substances" (as <br />defined by the Comprehensive Environmental Response, Compensation and Liability Act of <br />1980, 42 U.S.C. Section 9601 et seq., as amended) or "hazardous wastes" (as defined by the <br />Resource Conservation Act, 15 U.S.C. Section 2601 et seq., as amended). Buyer hereby <br />acknowledges that some of the soils, equipment, or improvements on the Property (some of <br />which were part of an old sewage treatment plant), if removed from the Property, may have to <br />be bioremediated or otherwise disposed of as either a "hazardous substance" or "hazardous <br />waste" as defined herein above. All costs of and responsibility for removal, if necessary, and <br />disposal, if necessary, shall be borne solely by Buyer. Buyer will be solely responsible for any <br />solutions related to bearing capacity. <br />c. Seller's Removal of Contents of Tanks. Notwithstanding the foregoing, within <br />one hundred twenty (120) days after the execution of this Agreement, Seller shall, at its expense, <br />remove from the Property and properly dispose of any and all liquids in all tanks located on the <br />Property. <br />7 <br />
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