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L 4.1 Title to the Property. Seller has good, marketable, insurable title to the Property of
<br /> record, free and clear of all encumbrances, except for such matters as are set forth on the list to be
<br /> attached hereto and signed by Buyer and Seller as Exhibit B (the "Permitted Encumbrances").
<br /> 4.2 Rights of Others to Purchase Propert y. Seller has not entered into any other
<br /> contracts for the sale of the Property, nor are there any rights of first refusal or options to purchase
<br /> the Property or any other rights of others that might prevent the consummation of this Agreement.
<br /> 5. Environmental Laws.
<br /> 5.1 Hazardous Materials. Seller covenants, warrants and represents that no toxic or
<br /> hazardous substances or wastes, pollutants or contaminants (including, without limitation, asbestos,
<br /> urea formaldehyde, the group of organic compounds known as polychlorinated biphenyls,
<br /> petroleum products including gasoline, fuel oil, crude oil and various constituents of such products,
<br /> and any hazardous substance as defined in the Comprehensive Environmental Response
<br /> Compensation and Liability Act of 1980 ("CERCLA"), 42 U.S.C. §9601-9657, as amended)
<br /> ("Hazardous Materials") have been generated, treated, stored, released or disposed of, or otherwise
<br /> placed, deposited in or located on the Property nor has any activity been undertaken on the Property
<br /> that would cause or contribute to (a) the Property to become a treatment, storage or disposal facility
<br /> within the meaning of, or otherwise bring the Property within the ambit of, the Resource
<br /> Conservation and Recovery Act of 1976 ("RCRA"), 42 U.S.C. §6901 et sea., or any similar state
<br /> law or local ordinance, (b) a release or threatened release of toxic or hazardous wastes or
<br /> \.. substances, pollutants or contaminants, from the Property within the meaning of, or otherwise bring
<br /> the Property within the ambit of, CERCLA, or any similar state law or local ordinance, or (c)the
<br /> discharge of pollutants of effluents into any water source or system, the dredging or filling of any
<br /> waters or the discharge into the air of any emissions, that would require a permit under the Federal
<br /> Water Pollution Control Act, 33 U.S. C. §1251 et sea., or the Clean Air Act, 42 U.S.C., §7401 et
<br /> Se
<br /> Mc., or any similar state law or local ordinance. There are no substances or conditions in or on the
<br /> Property that may support a claim or cause of action under RCRA, CERCLA or any other federal,
<br /> state or local environmental statutes, regulations, ordinances or other environmental regulatory
<br /> requirements, including without limitation, the Minnesota Environmental Response and Liability
<br /> Act, Minn. Stat. 115B ("MERLA") and the Minnesota Petroleum Tank Release Cleanup Act, Minn.
<br /> Stat. 115C.
<br /> 5.2 Buyer's Remedies. In the event that Hazardous Materials as defined herein are
<br /> found or suspected to be present on the Property, then Buyer may(1) terminate this Agreement. and
<br /> all Earnest Money returned to Buyer together with reimbursement to Buyer for the cost of any
<br /> Phase I or other environmental study obtained by Buyer; or (2) require the Seller to remove or
<br /> otherwise remediate in accordance with governmental requirements any Hazardous Materials on or
<br /> under the Property and/or rectify any other condition set forth in the preceding paragraph prior to
<br /> the Closing Date in which case Seller shall complete such work within thirty(30) days after receipt
<br /> of notice from Buyer that the Conditions Precedent have been satisfied.
<br /> 6. Obligations of Seller Prior to Closing.
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