CCP 09-22-1997 - Laserfiche WebLink

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......... . I it provided in this paragraph, then all or a portion of the remaining portion (the I "R "O'Io;n;ng Portion") of the Purchase Price will be forgiven by the Seller, as provided herein. The Remaining Portion of the Purchase Price is Eighty Five Thousand Two Hundred Fifty Five Dollars ($85,255.00). If the Purehaser commences construction of a I phase of the improvements described in Planning Case 97-06 by April 1, 1998, completes construction of at least 100,000 square feet of improvements by December 31, 1998, completes construction of at least 170,000 aggregate square feet of improvements by I August 30, 1999, and completes construction of at least 270,000 aggregate square feet of improvements by December 30, 1999, then the Remaining Portion of the Purchase Price shall be forgiven in whole. If the Purchaser shall fail to commence or complete the I improvements, or any portion thereof, consistent with the pending approval in Planning Case No, 97-06 at the times stated in the preceding sentence, then all or a portion of the Remaining Portion may, at the option of the Seller, be declared due and payable. The I amount of the Remaining Portion that shall be due in such event shaIl be determined by multiplying the RP.1'I'loining Portion by a fraction, the numerator of which is the total square footage of improvements the construction of which has been completed and for I which a certificate of occupancy has been issued by the Seller as of the date on which the Seller is entitled to declare the Remaining Portion due, and the denominator of which is 270,000. In such event, the ROimlo;ning Portion, or part thereof, will be due and payable Ie by the Purchaser by cash or certified check on within ninety (90) days after demand by the Seller; provided that if the Purchaser has Dot paid the Remaining Portion to the Seller by a date thirty (30) days after demand by Seller, interest shall accrue on the unpaid I Remaining Portion from such date until paid at the mte of interest equal to two (2) percentage points over the Prime Rate in effect as of such date as announced by NOIWest Bank of Minneapolis. I The basis for the reduction in the Purchase Price as described in 2(2) above is that the Purchaser has agreed to assume certain costs of wetland mitigation necessitated by the I construction by the Seller or the Arden Hills Economic Development Authority of a new road to serve Phases n, ill and IV, The reduction in the Purehase Price is intended to partially" compensate the Purchaser for the value of such costs of wetland mitigation asS\l!lled by. !he I Purchas~ . 3. SURVEY. I The Purchaser has caused a certified AI. TAlACSM survey of the Property ("Survey") to be prepared by a surveyor licensed by the State of Minnesota. The Survey has been certified to I Purchaser and the Title Company and shows (a) the location by courses and distances of the Property with all boundaries staked, (b) all easements on or appurtenant to the Property, (c) all encroachments, the extent thereof and establi~hed building lines, (d) the location of all means of I ingress and egress to and from the Property and to and from all abutting public streets, (e) the size and location of all Improvements, if any, on the Property, (f) the topographical features of .- the Property at one foot contour intervals (g) all applicable setback lines. (h) the area of the Property, and (i) such other pertinent facts as have been requested by Purchaser. The Survey is I 2 m.d 61>0<' l.C6 1:19 '~'d '~I3Q ~ A3la~a G0:D <.66t-61-d3S