Laserfiche WebLink
9 <br />b. Special Contingency Concernino Soils. Buyer has received a soils <br />boring report relating to the Property and has found that the soils <br />are unacceptable for Buyer's proposed development of a business <br />college which will include student housing and parking and Buyer <br />is unwilling to purchase the Property unless such soils are cor- <br />rected at no cost to Buyer. Seller will cause a report from Twin <br />City Testing to be prepared which will include specifications and a <br />general outline plan of the soil corrections that are required <br />("Twin City Report") and Buyer will provide Seller with more <br />detailed plans concerning its development of the Property <br />("Buyer's Plans"). The Twin City Report and Buyer's Plans will <br />be made available to­8i�Seller as soon as they have been com- <br />pleted. As soon as Buyer has waived all of the contingencies set <br />forth in Paragraph 11(a) above, Seller agrees, at its sole cost and <br />expense, to take any and all action to have the soils on the Prop- <br />erty comply with the Twin City Report and the Buyer's Plans with <br />evidence of such compliance to be in the form of a Certificate of <br />Compliance issued by Twin City Testing. Seller agrees that it will <br />complete such soils correction work <br />1 <br />to Jul 15. 1989. Buyer's obligations under this agreement are <br />specifically contingent upon Seller completing the soils correction <br />work and Buyer shall have no obligation to close until such work <br />has been completed. In addition during the course of Buyer's cor- <br />rective work, there will be continual observation of the work and <br />periodic testing by Twin City to verify compliance which such <br />observation and testing to be at Seller's expense. If such soils <br />correction work is not completed ' 1_V,. <br />July 15, 1289, Buyer shall have the right but not the obligation <br />to exercise this contingency by giving Seller notice in writing and <br />upon receipt of notice of exercise, this Agreement shall become <br />null and void 2-id the We4e earnest money shall immediately bsse;Ffe <br />l-afldveid d be returned to Buyer. In addition, if Seller fails <br />to complete such soils correction work a timely fa6hiGR, <br />--� ' <br />;I-Wa Buyer will have the right but not the obligation to complete <br />such work and have all costs in connection with completing such <br />work deducted from the selling price. Upon completion of the soils <br />correction work as evidenced by the Certificate of Twin City Test- <br />ing and Buyer, Buyer agrees to close this transaction within 30 <br />days of the receipt of a Twin City Testing Certificate." <br />2 <br />