2021-08-11 CC Packet - Laserfiche WebLink

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In the event that the Closing Conditions set forth in this paragraph 4.B are not satisfied as of the Closing Date, Buyer may elect to terminate this Agreement or waive 5. REPRESENTATIONS AND WARRANTIES BY BUYER. Buyer represents and warrants to Seller as follows: A. a minimum of 26 units of townhomes. i.e. delays due to causes beyond the reasonable control of Buyer and which are not specific to Buyer, including labor strikes or area-wide labor shortages, area-wide material or energy shortages, casualty damages or acts of nature, rioting or civil unrest, pandemic or war, but otherwise excluding adverse market or economic conditions , Buyer intends to finish construction of not less than thirteen (13) such townhouse units within 12-months of Closing, with the balance to be completed within twenty-four (24) months of Closing. If Buyer determines that Buyer has been delayed due to force majeure, then Buyer shall provide written notice to the City, specifying the nature of the force majeure, and the expected time frame for resolution thereof, if available. Within ten (10) days thereafter, the parties shall meet and confer in good faith to adjust the applicable completion deadlines affected by such force majeure. If the City and Buyer disagree as to whether Buyer is entitled to a force majeure delay, the parties shall submit such dispute to arbitration as contemplated by Section 18 hereof. Notwithstanding anything contained herein to the contrary, no Force Majeure Delay hereunder shall delay any applicable completion deadline for a period of more than two (2) years. The Buyer understands that a project of project of this nature is an integral reason the City agrees to sell the Real Property to the Buyer for $1.00. Construction of a project of this nature is a condition of this sale of the Real Property to the Buyer. B. City Repurchase Right. If the Buyer does not complete (i) all mass grading of the Real Property, (ii) installation of all sanitary sewer lines, storm sewer lines and water lines on the Real Property and (iii) installation and construction of all private streets and the public trail (which shall not include sidewalks) to be located within the Real Property as per the Final Plat, within twenty four (24) months of Closing, subject to any applicable the Buyer agrees to execute and deed the Real Property back to the Seller upon written demand therefor Purchase Price Work, the City agrees to execute and deliver to the Buyer a release of the City Repurchase of recording the City Repurchase Right Release. C. Buyer Letter of Credit. The Buyer shall deliver to the City at Closing a letter obligation to complete construction of the homes to be constructed on the Real Property be in the amount of $400,000, and shall be issued by a recognized lending institution with assets of not less than $50,000,000.00, and shall be in form acceptable to the City in its reasonable discretion. The City agrees 7