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insolvency, moratorium and other principles relating to or limiting the rights of contracting
<br />parties generally.
<br />(S) Violations of Law. On the Effective Date and Close of
<br />Escrow neither this Agreement nor the Properly shall be in violation of any law, ordinance,
<br />ruse regulation, or administrative or judicial order,
<br />(6) Hazardous Materials. Seller has not stored or released,
<br />caused to be stored or released or approved the storage or release on the Property; of any
<br />" hazardous materials" (as defined below). '1'o the best of Sel'ler's knowledge, no prior owner
<br />of the Property has stored or caused to be stored any hazardous materials on the Property, (b)
<br />no hazardous materials now exist in, an or under the Property in violation of any
<br />"environmental law" (as defined below), (c) there are no underground tanks on the Property
<br />nor have there ever been any underground storage tanks on the Property, (d) no use of or
<br />operations ou the Property have occurred which use or operation has violated any applicable
<br />envirounnental law; and (e) the Property is not on any "Superfund" list under any applicable
<br />environ nncatal law. As used herein, "environmental law" shall mean any and all present
<br />federal, state or local laws (whether common law, statute, rule, regulation or otherwise),
<br />permits, orders and any rather requirements of Govermnental Authorities relating to the
<br />environment to any "hazardous materials" (as defined below) (including without limitation the
<br />Comprehensive Ftnviromnental Response, Compensation and Liability Act of 1980 (42 U.S.C.
<br />§§ 9601 et seq.) as amended from time to time and the applicable provisions of the California
<br />Health and Safety Code and California Water Code). As used herein, "hazardous materials„
<br />shall tinean any (a) chemical, compound, material, mixture or substance that is now de-fined or
<br />listed in, of otherwise classified pursuant to any environmental law as a "hazardous
<br />substance;" "hazardous material," "hazardous waste," "extremely hazardous waste,"
<br />"infections waste,,, "toxic waste," "toxic pollutant" or any other formulation intended to
<br />define, list or classify snbstarnces by reason of deleterious properties or effect and (b)
<br />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
<br />solid waste steam, drilling fluids, produced waters and other wastes associated with the
<br />exploration, development and production of crude oil, natural gas or geothermal resources.
<br />(7) Assumed Obligations. With the exception of obligations
<br />or responsibilities of Seller that are expressly assumed by Buyer in this Agreement, there are
<br />no obligations or responsibilities of Seller with respect to the Property or otherwise of any kind
<br />that are assumed by Buyer.
<br />(S) Endangered Species. To the best of Seder's knowledge,
<br />(a) 'there are no endangered or threatened species of animals, plants or insects on the Property
<br />and (b) there are no environmental or biological characteristics of the Property or adjacent
<br />property which eider existing law will adversely affect Buyer's ability to own, develop and /or
<br />market the Property or the cost thereof.
<br />(9) Ownership of Property- Seller is the sole and only party
<br />that owns or holds any interest in the Property.
<br />-10-
<br />25C-20
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