2007-07-25 CC Packet - Laserfiche WebLink

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Substances affecting the Property; and the right to interview employees of Seller who may have knowledge of such matters. Buyer shall have been satisfied with the results of all tests and investigations performed by it on or before the Contingency Date. 3.4. Government Aoprovals. Buyer shall have obtained, at its sole cost and expense, on or before the Contingency Date, all final governmental approvals necessary in Buyer's judgment in order to make the use of the Property which Buyer intends, including a commitment from the City for tax increment financing and a letter of support from the City for the development of approximately forty-one (41) affordable rental housing units. Seller shall cooperate in all reasonable respects with Buyer in obtaining such approvals, and shall execute such applications, permits and other documents as may be reasonably required in connection therewith. 3.5. Financing. Buyer shall have received, on or before the Contingency Date, commitments for financing necessary and sufficient, in Buyer's opinion, to implement Buyer's plans for and to complete the purchase and development of the Property. 3.6. Environmental Assessment. At Buyer's sole cost and expense, Buyer shall have obtained and be satisfied with, in Buyer's sole discretion, on or before the Contingency Date, a Phase I Environmental Site Assessment of the Property in accordance with the Minnesota Pollution Control Agency Voluntary Investigation and Cleanup Guidance Document #8. If any contingency has not been satisfied on or before October 30, 2007 (the "Contingency Date"), or such other date determined pursuant to Section 6, as the case may be, then this Agreement may be terminated by notice from Buyer to Seller. Upon termination, the Earnest Money, and any interest accrued thereon, if any, shall be released to Buyer and upon return; neither party will have any further rights or obligations regarding this Agreement or the Real Property. All the contingencies are specifically for the benefit of the Buyer, and the Buyer shall have the right to waive any contingency by written notice to Seller. If this Agreement is not terminated by Buyer on or before the Contingency Date, the Earnest Money shall be nonrefundable absent Seller's default. 4. Closing. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur on or before December 30, 2007 (the "Closing Date"). Buyer shall have the right to extend the Closing Date for up to thirty (30) days. In order to extend the Closing Date, Buyer shall, prior to the Closing Date, give written notice to Seller of the extension and delivery to the Escrow Agent Ten Thousand and No/IOO Dollars ($10,000.00) additional earnest money ("Additional Earnest Money"). The Closing shall take place at the office of The Beard Group, Inc. in Hopkins, Minnesota. Seller agrees to deliver possession of the Property to Buyer on the Closing Date. -2- %