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3.01 Seller hereby represents and warrants to Buyer as follows: <br />(1) (a) That it is an Ohio Partnership; (b) that set forth in the signature page hereof <br />is the name of the Managing Member of Seller; (c) that it is the owner of the Property in <br />fee simple absolute; (d) that at the Closing, the Property will be free and clear of a11 liens <br />and encumbranees, except as expressly pernutted herein; and (e) that Seller shall have full <br />right and authority to convey the Property to Buyer as contemplated hereby; and <br />(2) That there are no parties in possession of any part of the Properry as lessees, <br />tenants at sufferance, or trespassers. <br />ARTICLE 4 - BREACH <br />Bv Seller <br />4.01 Should Seller default on the full and timely performance of any obligation under the <br />terms of this Agreement for any reason other than Buyer's default, Buyer may: <br />(1) Enforce specific performance ofthis Agreement; or <br />(2) Request that all funds paid by Buyer be forthwith returned to Buyer. <br />(3) Continue to proceed in the iawsuit styled City of North Olmsted v. C& C <br />Realty, et al, Case No. 2001 ADV 0048610 of Cuyahoga County Probate Court. <br />Bv Buyer <br />4.02 Should Buyer fail to consummate the purchase of the Property, the conditions to <br />Buyer's obligations set forth above in this Agreement having been satisfied and Buyer heing in <br />default, and Seller not being in default hereunder, Seller may: <br />(1) Bring suit for damages against Buyer; or <br />(2) Rescind the transaction. <br />ARTICLE 5 - MISCELLANEOUS <br />Salvage Rights <br />4