A non-legalese re-write to help explain the statement. . .

xx agrees and takes into account that in carrying out any contract of sale (as written in this document) xx will comply with all laws, regulations and other ordinances issued by any governmental, state or other authority relating to the subject matter (including specifications) of this Agreement and to the actions by the Parties of their obligations hereunder.

The point of this statement is that the contract is ensuring that both the buyer and the seller, or 'xx' promise(s) to adhere to everything written into the document in consideration of all of the laws that govern the subject matter (property or business or whatever it pertains to, and any contractually promised changes), and will carry it out accordingly.

If xx purchases a health club from the seller, and the contract stipulates that the seller will install new locker room shower tile and a new pump in the pool as a provision of the sale, this document makes it clear that in carrying out the agreement, everyone will do the things stated, and follow all laws that govern the actions promised within the contract.

or

xx is purchasing permission to run a food and beverage stand within the sellers stadium, and so xx will follow all laws necessary in doing so and both parties agree to honor the obligations of the agreement set forth. Perhaps the seller agrees to make space for the food stand on the north side of the stadium, but after the deal is done tells the seller it must be on the south side. The contract would protect xx in getting the north side location, and would also protect the seller from legal authorities actions (deferring responsibility to xx) for the construction and sanitation aspects of the food stand and so forth.