2022-09-14 City Council Packet - Laserfiche WebLink

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Centerville Schifsky PA version 09092022-2 for Council Packet Grantsobligations. Buyer and Seller agree to transfer the obligations and conditions set forth in this subparagraph into a future Developers Agreement between the parties. (x)(xi) Memorandum Of Understanding. Exhibits B & C, respectively tThe Memorandum of Understanding, and a Response to RFP for Block 7 to Seller, the terms and conditions of those documents are incorporated into this Agreement by reference. Buyer and Seller agree to transfer the obligations and conditions set forth in this subparagraph into a future Developers Agreement between the parties, the execution of which by both on to close the transaction contemplated hereby. In the event 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 satisfaction ns and close by giving written notice to Seller. 5. REPRESENTATIONS AND WARRANTIES BY BUYER. Buyer represents and warrants to Seller as follows: A. Intention.: The Buyer intends to construct a minimum of 26 units of townhomes. Subject to delays due 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 construction of not less than thirteen (13) such townhouse units within twelve (12) to fifteen (15) months of Closing, with the balance to be completed within thirty twenty-four (24) to thirty (30) months of Closing, or as otherwise renegotiated by mutual assent of the parties at the time of entering into the Development Agreement. 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 for community development and construction of a 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 7