2014-09-30_HRA_Agenda_Packet - Laserfiche WebLink

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Attachment A general form of Exhibit C. The Authoritys deed to the Buyer will contain the right of reverter required in Section 8.3. The purchase price for the Property will be $98,000 (Purchase Price). The Authority acknowledges receipt from the Buyer of a deposit of $500, which will be nonrefundable upon execution of this Agreement. Such deposit will be applied to the Purchase Price at Closing. As soon as reasonably possible after execution of Section 3.2. Title and Examination. this Contract for Private Development by both parties, (a)Authority shall surrender any abstract of title and a copy of any owners title insurance policy for the property, if in Authoritys possession or control, to Buyer or to Buyers designated title service provider; and (b)Buyer shall obtain the title evidence determined necessary or desirable by Buyer or Buyers lender, including but not limited to title searches, title examinations, abstracting, a title insurance commitment or an attorneys title opinion, at Buyers selection and cost, and provide a copy to the Authority. The Buyer shall have 20 days from the date it receives such title evidence to raise any objections to title it may have. Objections not made within such time will be deemed waived. The Authority shall have 90 days from the date of such objection to affect a cure; provided, however, that the Authority shall have no obligation to cure any objections, and may inform Buyer of such. The Buyer may then elect to close notwithstanding the uncured objections or declare this Agreement null and void, and the parties will thereby be released from any further obligation hereunder. Real estate taxes and installments of Section 3.3. Taxes and Special Assessments. special assessments will be prorated between the Authority and Buyer as of the date of closing. The Buyer acknowledges that Section 3.4. Soil Conditions and Hazardous Wastes. the Authority makes no representations or warranties as to the conditions of the soils on the Property, its fitness for the construction of improvements or any other purpose for which the Buyer may use the Property, or regarding the presence of hazardous wastes on the Property. The Authority will allow reasonable access to the Property for the Buyer to conduct such tests regarding soils conditions and hazardous wastes as the Buyer may desire. Permission to enter the Property to conduct such tests must be given in writing under reasonable terms and conditions established by the Authority. The Authority will be responsible for clearance of all Section 3.5. Site Clearance. buildings as required to prepare the Property for development. All other site preparation is the responsibility of Buyer. Buyer will comply with all of the provisions of the Guidelines relating to tree protection, preservation and replacement. Closing may not take place until the Section 3.6. Other Preconditions to Closing. Authority is satisfied that the proposed Improvements are in all respects in full compliance with the provisions of the Guidelines contained in Exhibit B. 441549v2 MNI RS275-1 4