CCP 12-15-1997 - Laserfiche WebLink

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I' DEC-12-1997 10:40 BRADLEY 8. DElVE, R.A. 612 926 5743 R.04 I of installing the brick cxterior on each of the buildings to be constructed pursuant to " Planning Case 97-06 and shall occur in the manner and at the time described in subsection 2(6} below. (6) The reductions in the Purchase Price described in subsections (4) and (5) I above shall be accomplished as described in this subsection. The amount of the Purchase Price to be paid at the Closing shall be reduced by $261,405, in addition to the reductions I described in subsections (I) and (2) above if the Purchaser satisfies all of the following conditions as of the Closing Date: I (a) the Purchaser delivers to the Seller a payment and performance bond, in a form and from an obligor acceptable to the Seller, under which the obligor agrees to perl'orm by May 1, 1998, the Purchaser's obligations to compete at least I $250,000 of soil correction work as described in section 3.4(f) of the Contract described in Section 5 of this Purchase Agreement; and I ('0) the Purchaser delivers to the Seller a Promissory Note (the "Promissory Note''), in a form approved by the Seller, by which the Purchaser agrees to pay to the Seller on May I, 1998, the sum of $261,405, together with interest from May I 1, 1998 at the rate of _% per annum until paid; and (c) the Purchaser delivers to the Seller a guaranty, in a form approved by the Ie Seller, pursuant to which Dennis Doyle agrees to guarantee the obligations of the Purchaser under the Promissory Note described in ('o) above. I If the Purchaser satisfies conditions (a) to (c) above, the amount of the Purchase Price that shall be payable at the Closing shall be $49,710. I On May 1, 1998, the Purchaser shall pay the Seller in cash or certified funds the 5\UIl of $261,405 evidenced by the Promissory Nole. The Seller shall use up to $61,405 of such fllIlds to reimbum: the Purchaser for its actual and documented costs of foundation I removal described in subsection 2(4). To the extent that the Purchaser has not incurred and paid the full $61,405 in foundation removal costs as of May 1, 1998, the Seller will reimburse the Purchaser for so much of such costs as have been paid and will reimbW'se I the Purchaser for the remainder of the $61,405 at such time as the Purchaser provides the Seller with documentation of such costs. The Purchaser shall be responsible for the payment of any costs offoundation removal that exceed $61,405. I The Seller will use the remaining $200,000 of the Purchaser's payment under the Promissory Note 10 establish an escrow accotmt from which will be disbursed from time I to time fimds to reimburse the Purchaser for its actUal and documented costs of brick: installation described in subsection 2(5) above. The form of the escrow agreement and the identity of the escrow agent shall agreed upon by the Purchaser and the Seller and all I escrow fees shall be paid by the Purchaser. Disbursements from the escrow account shall be made by the escrow agent upon request by Purchaser, but not morel often than tI 3 I