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ARTICLE 3- REPRESENTATIONS AND WARR.ANTIES OF PARTIES <br />Warranties of Seller <br />3.01 Seller hereby represents and warrants to Buyer as follows: <br />(1) (a) That it is an Ohio limited liability company; (b) that set forth in the signature <br />page hereof is the name of the Managing Member of Seller; (c) that it is the owner of the <br />Property in fee simple, subject to the Lease of JAMES LUMBER COMPANY; (d) that <br />at the Closing, the Property will be free and clear of all liens and encumbrances, except as <br />expressly permitted herein; and (e) that Seller shall have full right and authority to convey <br />the Properiy to Buyer as contemplated hereby; and <br />(2) That other than JAMES LUMBER COMPANY, there are no parties in <br />possession of any part of the Property as lessees, tenants at sufferance, or trespassers. <br />ARTICLE 4 - BREACH <br />B Sller <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 of this Agreement; or <br />(2) Request that all funds paid by Buyer be forthwith returned to Buyer; or <br />(3) Continue to pursue the Eminent Domain proceedings styled City of North <br />Olmsted v. Z Properties L.L. C., et al. Case No. 2001 ADV 0048931 Cuyahoga County <br />Probate Court. <br />7i31i01 (#i) -5-