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1. 7. Assets cold AB Ie: Xelver anO Releesa.
<br />Subject to Seller's repreaentatSone end verrentlae eat forth in
<br />Section 1 of this Agreement, the Aamets era bal nq mold by Gal ler
<br />and purchased by Buyer "ae Sa" and without Curtner varrsnties of
<br />any nature, axprecs or implied, including vlthout limitstlon
<br />rarrentles o[ merchnntabillty os fitness for a portico ler
<br />purpose. Buyer acknovledgee that !t hoe had to the beat of
<br />Buyer's knowledge a full opportunity to conduct all due diligence
<br />deemed appropriate by Buyer concerning the Aasata. At the
<br />completion of the Cloaing, Buyet shall ba deemed to have waived
<br />and talaasad any and all claimr and caueaa of action that St has
<br />or may have, et the time of Cloainq or in the future, egalnet
<br />Seller or any governing body of Seller, or any of their curtest
<br />or former officers, directors, amployaea, agents or ettornaye,
<br />[or any end ell liebilit Ses, obllgatlone, loeaes, damngea, Cinea,
<br />pansltlea or consequential damages Buyer may incur as a result of
<br />or 1n relation to Sts purchase or aubsa~uant ovnerahlp,
<br />operation, Bale or dlmpoaal of the Aseate, including, but not
<br />limited to, those arising from or relating to any anvironmentel
<br />contamination of the Aerate or othariiaa arising from or zalet ing
<br />to any applicable fedora 1, atete ar local statute, law, rule,
<br />requlstion or ordinnnce, including, but not limited to, the
<br />Comprehensive Environmental Response, Compan:ntion and LSebillty
<br />Aet (CERCLA), the Resource Consariatlon and Recovery Act (RL:RA),
<br />the Toxic Substsncae Control Aet, tba Federal Insactlcide,
<br />Fungicide end Aodentleida Aat; the Clean A!r Act, the Clans Nstar
<br />Act, end the Safa Drinking Wstar Act, or any state or local
<br />equivalent to Chose fadarnl lava. Buyer apae>.f Soally
<br />acknovladgea that it !a srare of, end hsa bean provided
<br />Sntormation concerning the fact tDat the KMC Lsnd Ss within a
<br />e3[e commonly known a^ the "39th end Mead Slte" listed on the
<br />Nat ion el priorities LSet under CERCLA.
<br />x.1. Clew enfl.Time~
<br />::.: ~.:. the au.;c.,•uL UI bidder, tl,a
<br />cloaing of [ha rate +r:a puc::hanu uL ~ha Resets (thn •Cloaing")
<br />ehsll take place at 1600 EPIC Canter, 901 N. Nein, Wlehite,
<br />Kenaem 67202 as soon as pzacticsble after issuance by the
<br />Bankrvptcy Court of the Sale Order (the "Clog ing Data"), provided
<br />Sn no event shall the Cloning ba ln[er than July 12, 1996. If
<br />Buyer Ss not the euccaestul bidder, the Closing shell take piece
<br />at a location designated by Seller.
<br />(b) The Cloaing shell be deemed to be
<br />effective for mil purposes ae of the close of Dumineae nt the
<br />place of Cloaing, on the Cloainq Data.
<br />2.2. Am r v 1 6,bi t t N! her Offers. If attar
<br />filing with the Bankruptcy Court the motion to approve the male
<br />of the Amaets purausnt hereto, KMC racaive^ any higher oilers to
<br />purehssa the Aasnta pursuant to the terms of this Agreement, IOLC
<br />will ^chedule an suction Bala to be held prior to the hepr Sng on
<br />the motion to approve the male at which Buyer and all parties who
<br />have submitted higher otters will ba permitted to participate.
<br />2.). Cond itione, Buyer'9 obligation to purchase
<br />the Asaats or otherwise to partorn any obligation provided in
<br />thin Agreement shall be conditioned axpraealy upon the
<br />LultLllmant o[ oath oY the Lollovinq condltione precedent:
<br />..' (a) Thera being no material adverea change
<br />Sn the condition of the tangible pezaonal property or results of
<br />operatlone se of the date of the FSnanclel 6tetement on or before
<br />the Cloaing Dit e; end
<br />j;: i.
<br />'", (L) The ri111ngnesm of a title Sneuranee
<br />company acceptable to Buyer to lseue upon the sole condition of
<br />payment of Sta normal premium on the closing its atanaard ALTA
<br />ovnar'e form policy of title lnauranca, vlthout artended
<br />coverage, together with such endormaments as Buyer may reeaonably
<br />require, lneuriny Buyer in the amount o[ the price, that title to
<br />the E8C Land Se vested !n Buyer as of the Cloainq on tba Closing
<br />Data, subieet only to the lion of real aetata taxaa not yet due
<br />end payable, and the exceptions Lo title which era approved bl!
<br />auyar prior to the Closlnq Dats (the •Parmltted EneumDreneea•).
<br />(e) Tha representations and varrentlas of
<br />Sallnr herein contained are true and complete in all raspecte on
<br />end as of the Clominq Data.
<br />(d) Snller shell have performed all '~
<br />covenants end obligations end complied with all conditions
<br />required by this Agraemant to ba performed or complied with r:;
<br />them on or prior to the Closing Date.
<br />(e) Sallnr shell have executed and dellvmrad
<br />to Buyer all documents contempletad end sat out in Section 2.6 of
<br />the Agreement.
<br />2.6. (Lliverf em by Seller. At the Clominq, Seller
<br />ehsll deliver the follovln9 io euyerr
<br />(a) 8111 of sale and a general asalgnment
<br />with raepect to the Resets.
<br />rw,r• „)y~
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