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Property to Buyer as contemplated in this Agreement,or(ii)Buyer's ability to own,develop and/or
<br /> market the Property in the manner disclosed by Buyer to Seller. To the best of Seller's knowledge,
<br /> there are no condemnation or eminent domain proceedings pending or threatened with respect to
<br /> the Property.
<br /> 6.1.4 Binding Agreement. This Agreement constitutes a legal, valid and
<br /> binding obligation of Seller enforceable against Seller in accordance with its terms, except to the
<br /> extent that such enforcement may be limited by applicable bankruptcy, insolvency,moratorium
<br /> and other principles relating to or limiting the rights of contracting parties generally.
<br /> 6.1.5 Violations of Law. On the Effective Date and Close of Escrow
<br /> neither this Agreement nor the Property shall be in violation of any law,ordinance,rule regulation,
<br /> or administrative or judicial order.
<br /> 6.1.6 Hazardous Materials. Seller has not stored or released,caused to be
<br /> stored or released or approved the storage or release on the Property, of any "hazardous
<br /> materials" (as defined below). To the best of Seller's knowledge,no prior owner of the Property
<br /> has stored or caused to be stored any hazardous materials on the Property; (b) no hazardous
<br /> materials now exist in, on or under the Property in violation of any "environmental law" (as
<br /> defined below); (c)there are no underground tanks on the Property nor have there ever been any
<br /> underground storage tanks on the Property; (d) no use of or operations on the Property have
<br /> occurred which use or operation has violated any applicable environmental law; and (e)the
<br /> Property is not on any"Superfund"list under any applicable environmental law. As used herein,
<br /> "environmental law"shall mean any and all present federal, state or local laws(whether common
<br /> law, statute, rule, regulation or otherwise), permits, orders and any other requirements of
<br /> Governmental Authorities relating to the environment to any"hazardous materials" (as defined
<br /> below)(including without limitation the Comprehensive Environmental Response,Compensation
<br /> and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) as amended from time to time and the
<br /> applicable provisions of the California Health and Safety Code and California Water Code). As
<br /> used herein,"hazardous materials"shall mean any(a)chemical,compound,material,mixture or
<br /> substance that is now defined or listed in, or otherwise classified pursuant to any environmental
<br /> law as a "hazardous substance," "hazardous material," "hazardous waste," "extremely
<br /> hazardous waste,""infectious waste,""toxic waste,""toxic pollutant"or any other formulation
<br /> intended to define, list or classify substances by reason of deleterious properties or effect and
<br /> (b)petroleum, petroleum by-products, natural gas, natural gas liquids, liquefied natural gas,
<br /> synthetic gas usable for fuel(or mixtures of natural gas in such synthetic gas), ash,municipal solid
<br /> waste steam, drilling fluids, produced waters and other wastes associated with the exploration,
<br /> development and production of crude oil,natural gas or geothermal resources.
<br /> 6.1.7 No Assumed Obligations. There are no obligations or
<br /> responsibilities of Seller with respect to the Property or otherwise of any kind that are assumed by
<br /> Buyer.
<br /> 6.1.8 Endangered Species. To the best of Seller's knowledge, (a)there
<br /> are no endangered or threatened species of animals,plants or insects on the Property,and(b)there
<br /> are no environmental or biological characteristics of the Property or adjacent property, which
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