CCP 07-21-1997 - Laserfiche WebLink

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I I remove all such objections prior to the "Closing Date" (as hereinafter defined). If any objection .. has not been cured or removed prior to the Closing Date, Purchaser, at its election, shall either (i) accept the Title Commitment as it is, subject to the right to deduct the amount of all Liens from the Purchase Price; (ii) terminate this Agrcement; or (iii) extend the Closing Date for a period that Purchaser and Seller decm reasonable for curing such objections, but not to exceed ninety I (90) days. If all objections to title are not cured within such cxtended period, if any, Purchaser shall then elect either (i) or (ii) abovc. Upon any such termination, each party shall be released from all duties or obligations contained herein (except for any liabilities accming prior to such I termination) and in such event the Earnest Money shall be refunded to Purchaser and the parties shall execute an agrcement in recordable form canceling this Agreement. I 5. DEVELOPMENT AGREEMENT. Seller shall have the right to rcview and approve Purchaser's plans and specifications for I the constmction of the buildings and other improvements to be located On the Property in accordance with that certain Development Agreement dated as of , 1997, (the I "Contract") between the Purchaser and the Arden Hills Economic Development Authority (the "Authority"). Purchaser covenants and agrees to comply with the provisions of the Contract relative to the development of the Land. I 6. WETLANDS MITIGATION. As further consideration for the Seller's conveyance of the Property to the Purchaser, the .. Purchaser agrees that the Seller will be responsible for any wetlands mitigation that will be necessary by virtue of the constmction of the Public Improvements to be constmcted by the I Authority pursuant to the Contract. The Purchaser's obligations with respect to wetlands mitigation is more fully described in Section _ of the Contract. I 7. Use. Purchaser agrees that the Property shall only be used for the constmction and operation of I the improvements described in the Contract. 8. REPRESENTATIONS AND WARRANTIES. I (A) Seller represents and warrants to Purchaser as follows, which representations and warranties shall be deemed made by Seller as of the date hereof and as of the Closing Date, shall I survive the Closing, and but for such representations and warranties, Purchaser would not execute this Agreement: I (1) There are no other parties in possession of any portion of the Property. (2) There are no pending or, to the best of Seller's knowledge, threatened I actions, suits, condemnation or other proceedings before or by any judicial body or any governmental authority, against or affecting Seller or the Property. .. 3 I