2020-03-11 CC Packet - Laserfiche WebLink

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(v) Construction Loan Financing. construction loan have been met, including a market appraisal satisfactory to (vi) Closing Documents. Section 6.A. (vii) Conditions. There exists no material change in the environmental or physical condition of the Real Property between the Condition Date and the Closing. In the event that the conditions set forth in this paragraph 4.B are not satisfied, Conditions and close by giving written notice to Seller. 5. REPRESENTATIONS AND WARRANTIES BY BUYER. Buyer represents and warrants to Seller as follows: A. : The Buyer intends to construct an apartment or condominium building of approximately 53 units of housing plus a retail configuration on the ground floor. The Buyer intends to finish construction of this structure within approximately 36-months of closing. The Buyer understands that a project of this nature nature is an integral reason the City agrees to sell the Real Property to the Buyer. Construction of a project of this nature is a condition of this sale of the Real Property to the Buyer. If the Buyer does not construct a project of this nature on the Real Property within the stated period, the Buyer agrees to execute and deed the Real Property back to the Sell Price less a fee equal to prime interest rate plus two percent compounded monthly. The parties may renegotiate the provisions contained in this paragraph in the Development Agreement. B. Scope of Agreement. Buyer understands and agrees that Seller is both the landowner of the Real Property and a regulatory entity governing development of the Real Property. Unless identified herein, the terms of this Agreement bind the Seller as the landowner of the Real Property but do not bind the City in its role as a regulatory entity governing development of the Real Property. C. Law and Regulation. Development of the Real Property is subject to law and regulation. Nothing in this Agreement is intended to subvert or change the terms of existing law and regulation. D. Other Agreements. Development of the Real Property will be subject to a Subdivision and Development Agreement, and the Development Agreement between the Seller and Buyer. Those agreements shall be negotiated independent of the instant Purchase Agreement. The terms of this Purchase Agreement shall not be binding on the terms of those agreements unless specifically stated herein. E. Community Development Block Grant. Seller used funds from a Community Development Block Grant to improve the Real Property, the terms of which, including the conditions that bind the Real Property and any owner thereof, are contained 6