5. EDSR 02-11-2013 - Laserfiche WebLink

Home Browse Search

18. Buyer's Contingencies. Buyer's obligations under this Agreement are contingent on: a. Buyer's determination,based on the inspections described in Section 17 above and any other relevant information,that the condition of the Property is acceptable to Buyer; b. Buyer's acquisition of a commitment for financing,acceptable to Buyer in Buyer's sole and absolute discretion, sufficient to permit Buyer to close on the acquisition of the Property; c. Buyer's determination,that Buyer will be able to obtain all zoning or rezoning approvals, variances, conditional use permits,operating permits or other federal, state or local approvals or permits(collectively, "Permits")necessary for Buyer's intended use of the property as a d. Seller's recording of the plat of NORTHSTAR BUSINESS PARK on or before the Date of Closing; e. The City of Elk River and Sherburne County having adopted appropriate tax abatement financing resolutions approving the tax abatement financing and City of Elk River and Buyer having executed a mutually acceptable form of tax abatement financing agreement; f. Seller having satisfied the notice and hearing requirements set forth in Minnesota Statute Section 469.105, Subd. 2; having made findings and a decision that the sale is advisable and having entered its findings on its records as required by Minnesota Statute Section 469.105, Subd. 3 and either(i)no taxpayer having filed an appeal within the twenty(20)day time period described in Minnesota Statute Section 469.105, Subd. 3; or(ii)the time periods during which a taxpayer may appeal the District Court's decision having expired,on or before the Date of Closing; and g. The City of Elk River having let contracts for the construction of street, sanitary sewer, storm sewer and water main improvements which,when completed,will be sufficient to support Buyer's intended use of the Property as a Buyer must use commercially reasonable efforts to satisfy the contingencies described in Sections 18(a), 18(b)and 18(c)on or before the date sixty(60)days after the Effective Date,as defined in Section 29. If Buyer does not satisfy one or more of the contingencies described in Sections 18(a), 18(b)or 18(c)on or before the date sixty(60)days after the Effective Date,or if one or more of the contingencies described in Sections 18(d), 18(e), 18(f)or 18(g),are not satisfied on or before the Date of Closing, Buyer may terminate this Agreement pursuant to the procedures set forth in Section 23. If Buyer does not notify Seller,in accordance with the requirements of Section 23,on or before the date sixty(60)days after the Effective Date that Buyer is exercising one or more of the contingencies described in Sections 18(a), 18(b)or 18(c), or if Buyer does not notify Seller,in accordance with the requirements in Section 23,on or before the Date of Closing that Buyer is exercising one or more of the contingencies described in Sections 18(d), 18(e), 18(f)or 18(g). Buyer's right to exercise the contingencies described in this 1778984v6 9