CCP 12-15-1997 - Laserfiche WebLink

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DEC-12-1997 10:39 BRADLEY 2. DEWE, R.A. 612 926 5743 P.03 '. provided in this paragraph, then all or a portion of the remaining portion (the "Remaining I 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 Purchaser commences construction of a phase of the improvements descnoed in Planning Case 97-06 by May 1,1998, completes construction I 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 August 30, 1999, and completes construction of at least 270,000 aggregate square feet of I 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 improvements, or any portion thereof, consistent with the pending approval in Planning I 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 amount of the Remaining Portion that shall be due in such event shall be determined by I multiplying the Remaining Portion by a fraction, the nwnerator of which is the total square footage of improvements the construction of which has been completed and for which a certificate of occupancy has been issued by the Seller as of the date on which the I Seller is entitled to declare the Remaining Portion due, and the denominator of which is 270,000. In such event, the Remaining Portion, or part thereof, will be due and payable by the Purchaser by cash or certified check on within ninety (90) days after demand by I the Seller; provided that if the Purchaser has not paid the Remaining Portion to the Seller by a date thirty (30) days after demand by Seller, interest shall accrue on the unpaid Remaining Portion from such date until paid at the rate of interest equal to two (2) .. percentage points over the Prime Rate in effect as of such date as announced by Norwest Bank of Minneapolis. (3) The Purchase Price shall be reduced by $4,060 to compensate the I Purchaser for its cost of removing gas piping located on the Property and by S8,210 to compensate the Purchaser for its cost of removing water main piping on the Property. I Such reductions shall occur on the Closing Date and shall reduce the amount to be paid by the Purchaser on the Closing Date. (4) The Purchase Price shall also be reduced by up to $61,405 to reimburse I the Purchaser for its costs of removing the foundation of the fonner Kern Milling facility on the Property. The amount to be reduced on account of such foundation removal costs I shall be determined based on the contract entered into by the Purchase for such work but shall not exceed $61,405. This reduction in the Purchase Price shall occur at the time and in the manner described in subsection 2(6) below. I The Purchaser has agreed to upgrade the improvements descnoed in (5) Planning Case 97-06 through the installation of brick exterior on each ofthe buildings to I be constructed. Such upgrade will result in additional costs to the Purchaser. Therefore, in order to induce the PUIChaser to undertake such upgrades, the Seller agrees that it will further reduce the Purchase Price by up to S200,000. Such reduction in the Purchase I Price shall be accomplished through the Seller's reimbursement of the Purchaser's COits 2 -. I