2020-03-11 CC Packet - Laserfiche WebLink

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for the construction of up to a 53-unit, three story, apartment building complex on the Real Proper (which may be issued after the Condition Date, but on or before the Closing Date), and, (e) the Tax Increment Financing approvals as set forth in Section 4 A (vi) herein ((a) through (e) are hereinafter collectively Buyer shall be solely responsible for all costs associated with obtaining the Approvals. Buyer will pay the building permit costs that are related directly to the Project. (v) The Final Plat. The City shall adopt, a resolution approving any requisite final plat of the Real Property, vacating any existing public easements or granting any easements required for the Project (collectively, the if the Real Property is not currently a separate tax parcel. Buyer shall be solely responsible for all of the costs associated with the preparation of the preliminary plat and Final Plat. Seller shall be responsible for the recordation of the Final Plat on or before Closing. (vi) Tax Increment Financing. Buyer receives approval from the City for Tax Increment Financing equal to approximately $1,350,000, with terms and conditions acceptable to Buyer, to be codified in a Development Agreement (the Development . Upon failure of any Buyer may, at its sole and absolute discretion, by written notice to Seller given on or before 5:00 p.m. Minnesota time on the Condition Date, terminate this Agreement and the Earnest Money will promptly be returned to Buyer and neither Buyer nor Seller will have any further right, privilege, duty or obligation under this Agreement, (unless exclusively set forth herein). Failure of Buyer to give Seller notice of its election to terminate this Agreement prior to the Condition Date constitutes Condition by written notice to Seller. B. bligations to Close on the purchase of the Real Property: (i) Representations and Warranties by Seller. The representations and warranties of Seller contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date. (ii) Title. Buyer must be able to obtain the Title Policy (as that term is defined herein) in accordance with the requirements and terms of Section 5.C. below. (iii) Performance of Seller's Obligations. Seller has performed all of the obligations required to be performed by Seller under this Agreement, as and when required by this Agreement. (iv) Approvals (and the lapsing of any rights of appeal). adoption of resolutions granting the Approvals, in form acceptable to the Buyer, in its sole discretion. 5