4.5. SR 06-15-2015 - Laserfiche WebLink

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Initial Earnest Money: $1,000.00 to be deposited with escrow agent, Commercial Partners Title upon the execution of a purchase agreement. The Earnest Money shall be credited against the Purchase Price at Closing. Conditions to Purchase: The Purchaser shall have a period of one year from the date of a fully executed purchase agreement to satisfy or waive the following Conditions to Closing: (i) Seller entering into with MnDOT a right to purchase excess ROW (ii) Purchaser having authorization to purchase City Parcels, remnant MnDOT parcel,misc. rights of way(ROW),utility and drainage parcels. (iii) Purchaser obtaining a satisfactory environmental study. (iv) Purchaser obtaining satisfactory soil tests. (v) Purchaser obtaining all necessary governmental approvals for the development of retail/commercial& single story office building and ancillary items including but not limited to parking lot,garbage bins and signage. (vi) Purchaser obtaining all governmental approvals, not limited to the City of Elk River&MnDOT. (vii) Purchaser having acceptable improved access from Business Center Drive. (viii) Purchaser reviewing and accepting title insurance commitment. (ix) Purchase reviewing and accepting Seller's Information as defined below. Purchaser must satisfy or waive the above Conditions to Purchase within the one year time period of the date of the Purchase Agreement. If, despite Purchaser's best efforts, Purchaser is unable to satisfy or waive the above Conditions to Purchase. Purchaser shall have the right to extend the Condition Date by two additional ninety (90) day periods. Above time frames are subject to Purchaser actively pursuing redevelopment of the property. Defined as applications with the City/EDA for assembly & redevelopment. In no event shall the Purchase Agreement be terminated if Purchaser is still actively pursuing and waiting on City schedules for final review approvals(planning commission, EDA, City Council or MnDOT) aes : a