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<br />access to and from roads and the Property is adequate for the Proposed Use, <br />including without limitation, median cuts and curb cuts. Buyer is the benefitted party to . <br />this contingency. <br /> <br />5.7 Architecture and Site Plan. On or before the Closing Date, and without <br />limitation of the terms of Section 5.5, Buyer shall be satisfied that it may develop the <br />Property in accordance with a site plan, architectural plan, building plan, grading and <br />drainage plan and other plans and specifications satisfactory to Buyer in its sole <br />discretion. Buyer is the benefitted party to this contingency. <br /> <br />5.8 Real Estate Committee. On or before Thirty (30) days from the <br />Execution Date, Buyer shall have received approval from its Executive Committee for <br />the purchase ofthe Property, in its sole discretion. Buyer is the benefitted party to this <br />contingency. <br /> <br />5.9 Seller's Approval ContinQencv. On or before Forty Five (45) days from <br />the Execution Date, Seller shall have received approval from its City Council for the <br />sale of the Property, in its sole discretion. Seller is the benefitted party to this <br />contingency. <br /> <br />Each party shall reasonably cooperate with the other party's efforts to satisfy such <br />contingencies. Unless otherwise expressly stated herein, each party shall bear all cost and <br />expense of satisfying its contingencies set out herein. If any of the foregoing contingencies . <br />have not been satisfied on or before the applicable contingency date, then this Agreement <br />and any related agreements may be terminated pursuant to the respective contingencies <br />above, by written notice from the terminating party to the other party. Such written notice <br />must be given on or before the applicable contingency date, or each party's right to terminate <br />this Agreement and any related agreements pursuant to this Section shall be waived. If either <br />party terminates this Agreement and any related agreements pursuant to this Section, then <br />any amount previously paid by Buyer to Seller, including the Earnest Money, shall <br />immediately be refunded to Buyer. Upon termination, neither party shall have any further <br />rights or obligations against the other regarding this Agreement and any related agreements <br />or the Property. <br /> <br />If Buyer elects not to exercise any of the contingencies set out herein, such election <br />may not be construed as limiting any representations or obligations of Seller set out in this <br />Agreement, including without limitation any indemnity or representations of Seller set out <br />herein with respect to environmental matters. Further, Buyer shall not be deemed to have <br />waived any of the foregoing contingencies on account of its execution of this Agreement and <br />its agreement that the Permitted Encumbrances shall not constitute objections to title. <br /> <br />6. ClosinQ. The closing of the purchase and sale contemplated by this Agreement <br />("Closing") shall occur fifteen (15) days after the expiration or waiver of all contingencies <br />described in Section 5, at such time and location as mutually agreed to by Seller and Buyer, <br />but in no event later than September 30,2005. The date on which the Closing occurs shall be <br />called the "Closing Date." Seller agrees to deliver exclusive vacant possession of the . <br />Property to Buyer on the Closing Date. <br /> <br />Purchase Agreemenl4 <br /> <br />4 <br />