07-B 1st & Kaufman Prop Awd - Laserfiche WebLink

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as the context required. 7. After closing, as between PURCHASER and SELLER, the risk of liability or expense for environmental problems, even if arising from events before closing, will be the sole responsibility of PURCHASER, regardless of whether the environmental problems were known or unknown at closing. Once closing has occurred, PURCHASER indemnifies, holds harmless, and releases SELLER from liability from any latent defects and from any liability for environmental problems affecting the property, including liability under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the Resource Conservation and Recovery Act (RCRA), the Texas Solid Waste Disposal Act, or the Texas Water Code. PURCHASER indemnifies, holds harmless, and releases SELLER from any liability for environmental problems affecting the property arising as the result of SELLER's own negligence or the negligence of SELLER's representatives. SELLER indemnifies, holds harmless, and releases SELLER from any liability for environmental problems affecting the property arising as the result of theories of products liability and strict liability, or under new laws or changes to existing laws enacted after the date of this contract that would otherwise impose on SELLERS in this type of transaction new liabilities for environmental problems affecting the property. Specifically, these releases and indemnifications govern and apply to any asbestos, lead paint, or other similar contaminants found or existing in or on the property. The provisions of this section regarding the property will be included in the deed with appropriate modification of terms as the context requires. 8. If all or any part of the property is materially damaged or destroyed by fire, act of God, weather, or any casualty, SELLER shall promptly notify PURCHASER in writing. Then, at the option of PURCHASER (exercisable within thirty (30) days), this Agreement may be terminated in which event PURCHASER's deposit will be refunded and neither party shall have any further claim against the other. If this Agreement is not terminated by PURCHASER, the purchase price shall not be reduced and the parties shall proceed to closing of the property as set out herein. 9. PURCHASER shall be responsible for all ad valorem taxes, if any, due and payable on the property for calendar year 2005 or thereafter. 10. This property shall be sold conditioned upon and subject to a perpetual deed restriction prohibiting the use of the aforesaid property as a warehouse or storage unit. The aforesaid restrictions shall run with the land making up the property, shall be binding on PURCHASER as grantee and grantee's successors and assigns forever, and shall inure to the benefit of SELLER as grantor, grantor's successors and assigns forever. The provisions of this section regarding the property will be included in the deed with appropriate modification of terms as the context requires. 11. PURCHASER agrees to accept the property subject to its current zoning classification under the City's current Zoning Ordinance, as such zoning shall exist on the property or shall be subject to change following thirty (30) days from the date of award and passage of a Page 4 of 8