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ordinance, rule or regulation which would affect the Subject Property or any portion <br />thereof. <br />(iii) Actual or impending mechanics liens against the Subject Property or any <br />portion thereof. <br />(iv) Notices or other information giving Seller reason to believe that any <br />conditions existing on the Subject Property or in the vicinity of the Subject Property <br />or in ground or surface waters associated with the Subject Property may have a <br />material effect on the value of the Subject Property or subject the owner of the <br />Subject Property to potential liabilities under environmental laws. <br />(g) Except for the Permitted Rental Arrangement, there is no lease, License, permit, <br />option or right of first refusal which affects the Subject Property or any portion thereof which will <br />not be terminated by closing. <br />(h) Within Seller's knowledge, and except for any matters identified in the Phase I and <br />Phase 11 Environmental Site Assessments, a copy of which reports Seller has provided to Buyer, <br />there is no condition at, on, under or related to the Subject Property presently or potentially posing <br />a significant hazard to human health or the environment, whether or not in compliance with law, <br />and there has been no production, use, treatment, storage, transportation, or disposal of any <br />hazardous substance on the Subject Property nor any release or threatened release of any hazardous <br />substance, pollutant or contaminant into, upon or over the Subject Property or into or upon ground <br />or surface water at the Subject Property. Within Seller's knowledge, no hazardous substance is <br />now or ever has been stored on the Subject Property in underground tanks, pits or surface <br />impoundments. <br />Each of the above representations and warranties is material and is relied upon by Buyer. <br />Each of the above representations shall be deemed to have been made as of the close of escrow <br />and shall survive the close of escrow. <br />If, before the close of escrow, Seller discovers any information or facts that would <br />materially change the foregoing representations and warranties, Seller shall immediately give <br />notice to Buyer of those facts and information. If any of the foregoing representations and <br />warranties cease to be true before the close of escrow, Seller shall be obligated to remedy the <br />problem before the close of escrow. If the problem is not remedied before close of escrow, Buyer <br />or Seller may elect to either (a) terminate this Agreement in which case Buyer shall have no <br />obligation to purchase the Subject Property, or (b) defer the closing date until such problem has <br />been remedied. Buyer's election in this regard shall not constitute a waiver of Buyer's rights in <br />regard to any loss or liability suffered as a result of a representation or warranty not being true nor <br />shall it constitute a waiver of any other remedies provided in this Agreement or by law or equity. <br />11. Buyer's Representations. Buyer makes the following representations: <br />(a) Buyer has all requisite authority and power to enter into this Agreement. <br />7 <br />