R2003-20 AUTHORIZING AGREEMENT - Laserfiche WebLink

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subject to the right to deduct from the Purchase Price funds necessary to satisfy outstanding mechanics, broker's, mortgage-related or judgment liens, any special assessments or deferred or delinquent real estate taxes, or(ii)terminate this Agreement. Upon any such termination, each party shall be released from all duties and obligations under this Agreement, except as otherwise provided in this Agreement. 9.6 If this transaction proceeds to Closing, Seller will furnish to Buyer, in accordance with the terms of Section 12.1 below, a title policy issued by the Title Company in the form required by the Commitment approved by Buyer(the "Title Policy"). SECTION 10 - SELLER'S REPRESENTATIONS. WARRANTIES AND COVENANTS I�I 10.1 General Representations and Warranties. Sellerwarrants and represents to Buyer ' that the following statements are now, true and accurate: A. Seller is the contract vendee of the Property pursuant to the Prime Contract; the Prime Contract is in full force and effect, and Seller has not received any notice of any default under the Prime Contract that remains uncured, nor to Seller's knowledge has Seller committed any act or omission which with the passage of time or the giving of notice,or both,would constitute a default thereunder;the photocopy of the Prime Contract which has been delivered to Buyer is a true and exact photocopy of said instrument, except that the financial terms have been deleted therefrom;and the Prime Contract has not been modified or amended in any regard. B. The Shopping Center Tract is not subject to any mechanics' liens, nor are there any third parties in or entitled to possession or use of the Property. C. Seller has not received any notice, nor is it aware of any pending action to take all or any portion of the Shopping Center Tract, nor has Seller agreed or committed to dedicate any part of the Shopping Center Tract. D. The Shopping Center Tract and the Property have free and full access to and from all adjoining streets, roads and highways, and there is no pending or threatened action which would limit or impair such access. E. The Property has not been classified under any designation authorized by law to obtain a special low ad valorem tax rate or receive either an abatement or deferment of ad valorem taxes which, in any such case, will result in additional, catch-up ad valorem taxes in the future in order to recover the amounts previously abated or deferred. There are no minimum value,minimum tax or other agreements 12 ::ODMA\PCDOCS\N EWARIQ617546\3 February 12,2003