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water conditions on or around the Property that are in Seller's control. Purchaser may
<br />conduct an environmental site assessment of the Property to determine the existence
<br />and extent, if any, of any Hazardous Materials on the Property. For purposes of this
<br />Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, material
<br />or waste of any kind or any other substance which is regulated by any Environmental
<br />Law, with the exception of any "Exempt Materials" as defined in Section 4(A)1. below. In
<br />the event that the environmental audit provided for herein confirms the presence of
<br />Hazardous Materials on the Property, Purchaser, at its sole option, may elect to terminate
<br />this Agreement, have any deposit returned, and neither Party shall have any further
<br />obligations under this Agreement. Alternatively, the Purchaser and Seller may agree to
<br />an adjustment of the Initial Purchase Price. However, if no adjustment of the Initial
<br />Purchase Price is agreed upon, and should Purchaser elect not to terminate this
<br />Agreement, Seller shall, at its sole cost and expense and prior to the Closing, promptly
<br />commence and diligently pursue any assessment, clean up and monitoring of the
<br />Property necessary to bring the Property into full compliance with any and all applicable
<br />federal, state or local laws, statutes, ordinances, rules, regulations or other governmental
<br />restrictions regulating, relating to, or imposing liability or standards of conduct concerning
<br />Hazardous Materials ("Environmental Law"). However, should the estimated cost to Seller
<br />of clean-up of Hazardous Materials exceed a sum which is equal to 20% of the Final
<br />Purchase Price as stated in paragraph 3, Seller may elect to terminate this Agreement
<br />and neither Party shall have any further obligations under this Agreement. In the event
<br />that Hazardous Materials placed on the Property prior to Closing are discovered after
<br />Closing, Seller shall remain obligated hereunder, with such obligation to survive the
<br />Closing and delivery and recording of the deed described in paragraph 7 of this
<br />Agreement and Purchaser's possession of the Property, to diligently pursue and
<br />accomplish the clean-up of Hazardous Materials in a manner consistent with all applicable
<br />Environmental Laws at Seller's sole cost and expense.
<br />(B) Survey - Purchaser may have the Property surveyed to the Florida Minimum
<br />Technical Standards for Land Surveys. Purchaser shall order the Survey. If the survey
<br />("Survey"), certified by professional surveyor and mapper licensed by the State of Florida,
<br />shows any encroachment on the Property or that improvements intended to be located
<br />on the Property encroach on the land of others the same shall be treated as a title defect
<br />as provided in paragraph 6 below. If the Survey shows any material deviations in the
<br />represented acreage, size, or configuration of the Property or location of easements,
<br />Purchaser, at its sole option, may elect to terminate this Agreement, have any deposit
<br />returned, and neither Party shall have any further obligations under this Agreement.
<br />Alternatively, the Purchaser and Seller may agree to an adjustment of the Initial Purchase
<br />Price.
<br />(C) Other Investigations - Purchaser may undertake such other tests, analyses,
<br />investigations, and inspections as deemed necessary by Purchaser to determine to
<br />Purchaser's satisfaction the Property's engineering, architectural, and environmental
<br />properties; zoning, zoning restrictions and land use; soil, grade, and other environmental
<br />features; availability of access to public roads, water, and other utilities; consistency with
<br />local, state, and regional growth management plans; availability of permits, approvals,
<br />'� 3
<br />Purchaser v1 Seller
<br />331
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