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insolvency, moratorium and other principles relating to or limiting the rights of contracting <br />parties generally. <br />(5) Violations of Law. On the Effective Date and Close of <br />Escrow neither this Agreement nor the Property shall be in violation of any law, ordinance, <br />rule 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). To the best of Seller'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, on 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 on the Property have occurred which use or operation has violated any applicable <br />enviromnental law; and.(e) the Property is not on any "Superfund" list under any applicable <br />environmental 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 other requirements, of Governmental Authorities relating to the <br />environment to any "hazardous materials" (as defined below) (including without limitation the <br />Comprehensive Environmental 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 mean any (a) chemical, compound, material, mixture or substance that is now defined or <br />listed in, or otherwise classified pursuant to any environmental law as, a "hazardous <br />substance," "hazardous material," "hazardous waste," "ci;tremely hazardous waste," <br />"infectious waste," "toxic waste," "toxic pollutant" or any other formulation intended to <br />define, list or classify substances by reason of deleterious properties or effect and (b) <br />petroleum, petroleum by- product's, 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 />(8) Endangered Species. To the best of Seller'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 envirormiental or biological characteristics of the Property or adjacent <br />property which under 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 />25A-20 <br />