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Sale of Napoleonville, LA property, Our file ENR-02
Gerald: I have been contacted by Kim Torres of the Assumption Parish Police Jury. She has some questions and concerns about the Purchase & Sale Agreement, to wit: 1). They want to add warranty language to ? 4 as follows: Seller warrants that it is the record title owner to the property being sold, and warrants it has good and merchantable title, free of any and all liens or encumbrances, and agrees to indemnify and hold harmless buyer for the same. Seller warrants that it is a corporation in good standing and that persons executing this sale on behalf of seller has valid and binding authority to do so. I believe this additional language is acceptable with some minor revisions which I will do. 2). They are concerned about the warranty language which covers hazardous wastes in ? 4. They tell me that they have not done an environmental inspection of the property. They want to know if there have ever been any underground tanks or other hazardous waste sources on the property. They are looking for something in writing that no such sources existed. 3). Upon checking the conveyance records, they found that on March 31, 1993, Louisiana Resources Pipeline Co., L.P. sold the property to Louisiana Resources Co., Inc. Then, on February 28, 2000, Louisiana Resources Pipeline Co., L.P. again sold the property to LRCI, Inc. I have not done a title exam so I cannot explain this discrepancy. 4). She gave me the physical address of the property and the name of the Police Jury President which I will insert in the documents. Please contact me to discuss our response to these concerns. Keith