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located on the property ihat is the subjeci of the llemolition Easement. The Buyer shall <br />pay for aIl costs for the demoIition and removal of the buildings. <br />4. Vacation of Mount Ridge Roac�, City staff has determined that from a <br />�ra:nsportatzon and tra�fc circulation perspectir�e, �he Mo�nt Ridge right-of-way as it gaes <br />through Saller's property soutl� of future Twin Lakes Parkway is not needed. City staff <br />sha11 recommend that Mount Ridge Road be vacated and upon such vacation, owr�crshzp <br />of the Mount Ridge Road shall be in the name of the Sel�er. Buyer makes no <br />representation that the City Council will approv� the vacation af Mouni Ricigc Road. <br />5, Government Grant Funds. Buyer w�II continue to pursue government gz�ant <br />funding to assis� in tY�e construction a� the infrastructure and remediation of <br />environmental issues within ihe Twin Lakes Area. Buyer anticipates that zt will, on an <br />annual ba�is, adjust the Twin Lak�s Infrastructure Improvement Study to reflect any <br />grants that it rec�ives to reduce the cost ai constructing the infrasfiructwre and any <br />inflationary or const�ruction cost increases. Costs to a property owner/deve�oper are <br />locked in at the time o�the approval a�the de�vela�ment. Any later adjustments made to <br />the allocation will not be charged to or :rebated back to the property owner/developer. <br />Any such adjustments have no impact on this Agreement. <br />6. Suyer Contingencies. The obiigations o�Buyer under this Agreement are <br />contingent upon each of the following: <br />a. Representation and Warranties. The representations and warranties of <br />Seller contained in this Agreement must be accurate in all maierial respects <br />now and on �he Closing Date as i�made o�n the Closing Date. <br />b. Txtle, Tztle shall have been found marketable, or been made marketable, in <br />accordance with the requirements and terins of Section 9 below. <br />c. Performance of Seller's Obiigations. Se11er shall have performed alI of <br />the obligations required to b� per�oz�med by Seller under this Agreement as <br />and when required by this Agreem�nt. <br />If any contingency set forth above has not been satisf ed an or before ihe C�osir�g Date, <br />then this Agreement rnay be terminated, ai Buyer's option, by written notice from Buyer <br />to Seller. Upon such terminaiion, neither party will have any further rights or obligations <br />regarding this Agreemen� or the Praperty. AIl the contingencies set forth in this Section <br />are �or the sole and exclusive benefit aithe Buyer and �he Buyer shall have the right to <br />waive any contingency by written notice io Seller. <br />7. Closing. The c�osing o�the purchase and sale cantemplated by this Agreement <br />("Closing") shall be held at such place as may be agreed upon by the parties, on or be�ore <br />2 <br />