CCP 01-13-2009 (3) - Laserfiche WebLink

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City and Minnesota Commercial Railway Company (the "Letter"), which Letter shall be merged with this Agreement as set forth in paragraph 17 hereof. C. CONDITION OF TITLE; BUTCHER'S SPUR. City agrees to accept title to the Butcher's Spur subject to the permitted encumbrances identified on the attached Exhibit K. City's objections to title are set forth on the attached Exhibit K. MT shall have until the Closing Date to cure the objections on the attached Exhibit K at its cost, but MT shall have no obligation to cure or correct those objections. In the event that City's objections cannot be or are not cured or corrected by the Closing Date, then this Agreement may be terminated at the option of the City. D. CONDITION OF TITLE; EXCHANGE PROPERTY. MT agrees to accept title to the Exchange Property subject to the permitted encumbrances identified on the attached Exhibit L. MT's objections to title are set forth on the attached Exhibit L. City shall have until the Closing Date to cure the objections on the attached Exhibit L at its cost, but City shall have no obligation to cure or correct those objections. In the event that MT's objections cannot be or are not cured or corrected by the Closing Date, then this Agreement may be terminated at the option of MT. 5. Environmental Investigation. A. DISCLOSURE. City represents that it has either provided MT with copies of, or made available to MT through the Barr Engineering website, all reports, assessments, investigations, surveys and test results in its possession or reasonable control relating to the environmental condition of the Exchange Property and the Butcher's Spur. MT represents and warrants that it possesses no reports, assessments, investigations, surveys or test results relating to the environmental condition of the Butcher's Spur. B. INSPECTION. Each party acknowledges that it has had the right to enter upon the property it is purchasing for the purpose of inspecting and surveying the property and conducting such environmental examination and tests as the party deems necessary. Each party represents and warrants that, if it has inspected the property it is purchasing and if it has obtained any reports as result of such inspection, examination or tests, it has provided the other party with a copy of all such reports, if any. C. "AS IS"; EXCHANGE PROPERTY. City makes no representations or warranties whatsoever, expressed or implied, as to the presence or absence of Hazardous Substances (hereinafter defined) in, on or under the Exchange Property and in connection therewith MT acknowledges and agrees that it is purchasing the Exchange Property "as is" relying solely upon MT's own judgment, discretion and investigation. D. "AS IS"; BUTCHER'S SPUR. MT makes no representations or warranties 9 whatsoever, expressed or implied, as to the presence or absence of Hazardous 2199835v4 4