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Property to Buyer as contemplated in this Agreement, or (ii) Buyer's ability to own, develop and/or
<br />market the Property in the manner disclosed by Buyer to Seller. To the best of Seller's knowledge,
<br />there are no condemnation or eminent domain proceedings pending or threatened with respect to
<br />the Property.
<br />6.1.4 Binding Agreement. This Agreement constitutes a legal, valid and
<br />binding obligation of Seller enforceable against Seller in accordance with its terms, except to the
<br />extent that such enforcement may be limited by applicable bankruptcy, insolvency, moratorium
<br />and other principles relating to or limiting the rights of contracting parties generally.
<br />6.1.5 Violations of Law. On the Effective Date and Close of Escrow
<br />neither this Agreement nor the Property shall be in violation of any law, ordinance, rule regulation,
<br />or administrative or judicial order.
<br />6.1.6 Hazardous Materials. Seller has not stored or released, caused to be
<br />stored or released or approved the storage or release on the Property, of any "hazardous
<br />materials" (as defined below). To the best of Seller's knowledge, no prior owner of the Property
<br />has stored or caused to be stored any hazardous materials on the Property; (b) no hazardous
<br />materials now exist in, on or under the Property in violation of any "environmental law" (as
<br />defined below); (c) there are no underground tanks on the Property nor have there ever been any
<br />underground storage tanks on the Property; (d) no use of or operations on the Property have
<br />occurred which use or operation has violated any applicable environmental law; and (e) the
<br />Property is not on any "Superfund" list under any applicable environmental law. As used herein,
<br />"environmental law" shall mean any and all present federal, state or local laws (whether common
<br />law, statute, rule, regulation or otherwise), permits, orders and any other requirements of
<br />Governmental Authorities relating to the environment to any "hazardous materials" (as defined
<br />below) (including without limitation the Comprehensive Environmental Response, Compensation
<br />and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) as amended from time to time and the
<br />applicable provisions of the California Health and Safety Code and California Water Code). As
<br />used herein, "hazardous materials" shall mean any (a) chemical, compound, material, mixture or
<br />substance that is now defined or listed in, or otherwise classified pursuant to any environmental
<br />law as a "hazardous substance," "hazardous material," "hazardous waste," "extremely
<br />hazardous waste," "infectious waste," "toxic waste," "toxic pollutant" or any other formulation
<br />intended to define, list or classify substances by reason of deleterious properties or effect and
<br />(b) 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 solid
<br />waste steam, drilling fluids, produced waters and other wastes associated with the exploration,
<br />development and production of crude oil, natural gas or geothermal resources.
<br />6.1.7 No Assumed Obligations. There are no obligations or
<br />responsibilities of Seller with respect to the Property or otherwise of any kind that are assumed by
<br />Buyer.
<br />6.1.8 Endangered Species. To the best of Seller's knowledge, (a) there
<br />are no endangered or threatened species of animals, plants or insects on the Property, and (b) there
<br />are no environmental or biological characteristics of the Property or adjacent property, which
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