4.4. SR 11-09-1998 - Laserfiche WebLink

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ADDENDUM TO PURCHASE AGREEMENT Between James C. Block, as Buyer and the City of Elk River, as Seller, dated October 15, 1998. A. Contingencies - The contingencies of the Buyer under paragraphs 1 and 2 below, are subject to the Buyer's approval within 60 days following the date this Agreement is executed by both Parties and the contingencies of the Buyer under paragraphs 3, 4, 5 and 6 below, are subject to the Buyer's approval within 120 days following the date this Agreement is executed by both Parties, all as to the suitability of the Property for Buyer's proposed use, in Buyer's sole discretion, as follows: A satisfactory soil and environmental review of the Property, including the results of any soil testing, hazardous waste and environmental review of the Property. Buyer shall diligently pursue obtaining such testing to completion. Seller agrees to provide Buyer with copies of all soil or environmental reports previously obtained by or in the possession of Seller. An updated survey of the Property to be provided by Seller at Seller's sole cost and expense. The survey shall be performed by a Registered Land Surveyor properly licensed to practice in the State of Minnesota and reasonably acceptable to the Buyer. The survey shall show the location of all buildings, easements and utilities thereon and such other information as is customary in Minnesota. Buyer shall make any objections to such survey in writing within the aforementioned contingency period or such objections shall be deemed to be waived. Buyer shall be allowed a minimum of 20 days to review and make any objections to the survey from the date said survey is provided to Buyer from Seller. 3. Determination that the access to the Property (ingress/egress) as well as signage approved by the City of Elk River for the Property is found acceptable to the Buyer. 4. A satisfactory review of any restrictive covenants governing the development, use and/or ownership of the property, if any. Approval of the development plan for the Property and zoning for Buyer's proposed use by the City of Elk River. Confirmation that utilities are available to adequately serve the property, when improved as contemplated by the Buyer and that the Property is not within the flood plain. Buyer shall diligently pursue such approvals, as required, to completion. 6. Receipt of an acceptable commitment for financing of the project. Seller shall allow Buyer and Buyer's agents, access to the Property without charge and at all reasonable times for the purpose of Buyer's investigation and testing the same pursuant to the aforementioned contingencies. Buyer shall pay all costs and expenses of such investigation and shall hold Seller harmless from all costs and liabilities relating to the Buyer's activities. In the event the Buyer is not satisfied with any of the above conditions, in its sole discretion, Buyer may terminate this Agreement by giving written notice to the Seller on or before the above stated contingency date. If this Agreement is effectively terminated hereunder, the Earnest Money shall be canceled and returned to the Buyer and neither party shall have any further liability or obligation to the other party except for Buyer's obligations set forth above with regard to any activities conducted by it or its agents upon the Property.