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• (c) Upon payment of the Purchase Price herein set forth, and upon satisfaction of all of the terms and conditions of this Contract, Seller shall deliver to Purchaser at Closing a Special Warranty Deed conveying all of the City's interest to the Property to Purchaser, fully executed and signed by Seller. Seller will bear the cost of preparing the Deed. Seller is exempt from payment of the grantor's tax imposed by Virginia Code §58.1-802. (d) In the event that it appears the conditions and contingencies set forth in this Contract cannot, or will not be met prior to Closing, the parties may either: agree, in writing, to extend the Closing date; or either party may elect to void this Contract, without liability or penalty, by delivering written notice of this election to the other party on or prior to the Closing date. If Purchaser elects to void this Contract, Seller shall immediately return to the Purchaser all deposits received by it under this Contract. V. OTHER TERMS This Contract is further contingent upon the following: (a) Purchaser shall be liable for all real estate taxes due on the Property after the date of Closing. (b) From the date of this Contract through Closing, risk of loss or damage to the property by • fire, windstorm, casualty or other cause is assumed by the Seller. From the date of this Contract Seller shall not commit, or suffer any other person or entity to commit, any waste or damage to the Property or any appurtenances thereto. From the date of this Contract, Seller shall not permit the manufacture, use, storage or disposal of hazardous wastes and/or toxic substances on or in the Property or in or near any adjoining waterways or drainage ditches. Purchaser acknowledges that Seller makes no representations or warranties, whether express or implied, concerning the absence of any "hazardous substances" (as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601 et seg., as amended) or "hazardous wastes" (as defined by the Resource Conservation Act, 15 U.S.C. Section 2601 et seq., as amended). Purchaser further acknowledges that the Seller makes no guarantee, representation or warranty regarding the condition of the premises, and Seller expressly disclaims any and all obligation and liability to Purchaser regarding any physical or environmental defects which may exist with respect to the premises. (c) Upon Closing, Purchaser will prepare and file the federal 1099-S form with the Internal Revenue Service, if required. (d) No transfer or assignment of any rights or obligations hereunder shall be made by anyone having an interest herein, without the advance written consent of all other persons or entities having an interest herein. • Prepared by Charlottesville City Attorney's Office May 28, 1999 Page 4 of 5