Resolution 2001-55 - Laserfiche WebLink

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Purchasers which do not materially damage the Property. Purchasers shall promptly provide to Seller copies of the results of all such tests, inspections, and studies following the receipt of same by Purchasers. Any inspections conducted by Purchasers shall not mitigate or otherwise affect Seller's representations and warranties, above. Prior to closing Purchasers may at their sole expense, obtain a Phase I environmental audit of the Property. The Phase I environmental audit and all inspections must be satisfactory to the Purchasers, in the Purchasers' sole discretion. If the Phase I is not satisfactory to the Purchasers, Purchasers shall give Seller written notice of the environmental defects. Seller agrees to attempt to correct such defects at Seller's expense within 120 days of said notice, or within a time agreed to, in writing, by both parties. If necessary, the closing set forth in Paragraph 7 of this Agreement, shall be postponed for 120 days or to a date agreed upon by the parties. If Seller has not corrected such defects within said 120 days, or other time agreed to by the parties, the Purchasers, at their option, individually or collectively, may complete the transaction notwithstanding the defects or may, upon notice to Seller in recordable form, declare this Agreement terminated, whereupon all payments made by Purchasers to Seller shall be returned to Purchasers, and all parties released herefrom. Purchasers shall use reasonable care during any entry on the Property and shall be responsible for any damage caused by such entry. 12. If any underground tank/s is/are located on the Property, said tank/s shall be removed by Seller at Seller's expense prior to the closing of the Property. If any underground tank/s is/are removed prior to closing pursuant to this Paragraph, Seller shall provide at the time of closing of the Property an affidavit, subscribed and sworn to by a registered professional engineer licensed in the State of Colorado and approved by the Purchasers, stating that the Property meets all applicable federal, state and local laws, regulations, and standards regarding such sites, including without limitation, the following standards: (a) No more than 75 parts per million total petroleum hydrocarbons in the soil using an analytical test/s which are standard in the industry for the detection of specific compound mentioned herein. (b) No more than 10 parts per million total petroleum hydrocarbons in ground water, other than drinking water, using an analytical test/s which are standard in the industry for the detection of the specific compound mentioned herein. (c) The BTEX (benzene, toluene, ethyl benzene and xylene) and FIN~RU PURCHASE A~REEMENT -9-