7.5. SR 07-15-2013 - Laserfiche WebLink

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(i) Tax Abatement and Business Subsidy Agreement attached as Exhibit ; Buyer must satisfy or waive the contingencies described in this Section 18 on or before 5:00 p.m. on August 7th (the "Contingency Date"). If Buyer does not notify Seller, in accordance with the requirements of Section 23, on or before the date of the Contingency Date that Buyer is exercising the contingencies described in this Section 18, Buyer's right to exercise the contingencies described in this Section 18 terminates, and the Parties must proceed pursuant to the other provisions of this Agreement. 19. Seller's Contingencies. Seller's obligations under this Agreement are contingent on: a. Seller's Board (i) determining that the sale contemplated by this Agreement is in the best interest of the City of Elk River and its people and furthers Seller's general plan of economic development; and (ii) adopting a resolution approving a sale pursuant to the terms of this Agreement at a hearing called and held in accordance with the requirements of Minnesota Statutes Section ; b. 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 the following documents: (i) Tax Abatement and Business Subsidy Agreement attached as Exhibit ; d. No taxpayer filing an appeal within the twenty (20) day time period described in Minnesota Statutes If one or more of the contingencies described in this Section 19 are not satisfied, Seller may terminate this Agreement pursuant to Section 23. 20. Condemnation. If a public or private entity with the power of eminent domain commences condemnation proceedings against all of any part of the Property, this Agreement shall terminate. 21. Assignment. Buyer may not assign Buyer's rights or obligations under this Agreement to a third party without the written consent of Seller. Seller may grant or withhold Seller's consent to an assignment in Seller's sole and absolute discretion. 22. Default. If either Party defaults in the performance of any of the Party's obligations under this Agreement, the non-defaulting Party may, after written notice to the defaulting Party, suspend performance of its obligations under this Agreement, and the rights of the non-defaulting Party are as follows: a. Buyer's Default. If Buyer defaults in the performance of any of Buyer's obligations under this Agreement, Seller has the right to terminate this Agreement pursuant to Minnesota Statutes, Section 559.21. If one or more of the representations set 8