6.1 EDSR 07-20-2015 - Laserfiche WebLink

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5.1.4. Performance of City's Obligations. On or before the Closing Date, the City shall have performed all of the obligations required to be performed by the City under this Agreement, as and when required by this Agreement. 5.1.5. Financing. On or before the Closing Date, Buyer shall have obtained reasonable construction financing from Buyer's lender to build such improvements on the Property desired by Buyer. 5.1.6 Tax Abatement Financing. On or before the Closing Date, the City shall have (i) approved tax abatement financing pursuant to Minnesota Statutes, Sections 469.1813 to 469.1815 for the Property after a public hearing in accordance with applicable law, and (ii) the City and the Buyer shall have executed a definitive Tax Abatement Agreement (the "Abatement Agreement") setting forth the terms and conditions of the assistance to be provided to the Buyer. The Buyer will cooperate with the City's review and analysis of providing tax abatement assistance and will provide to the City all documents and information requested by the City in connection with that effort. 5.2. City's Contingency. On or before the Closing Date, the City shall be satisfied that the provisions and conditions outlined in Section 5.1.6 above are completed. 5.3. Termination of Agreement Based on Contingencies. If either party determines that any of their respective contingencies listed in this Section have not been satisfied in their sole discretion,by the applicable date,then this Agreement may be terminated by written notice from the party to the other, which notice must be given no later than the deadline set forth for each Contingency. If the party does not give written notice of termination on or before such date, all of such contingencies will be deemed to have been satisfied and the parties shall proceed to close this transaction in accordance with the terms of this Agreement. If this Agreement is terminated by either party in accordance with this Section,neither party shall have any further rights or obligations regarding this Agreement or the Property. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the respective party and each party shall have the right to unilaterally waive any of its contingencies by written notice to the other party. 5.4. Extension of the Contingency Date. The Buyer may extend the Contingency Date for up to thirty(30)days. 6. CLOSING. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur on or before August 31, 2015 or such date on which the parties may agree (the"Closing Date"). Notwithstanding the foregoing, Buyer may, at Buyer's sole discretion,extend the Closing Date up to thirty(30) days. The City agrees to deliver possession of the Property to the Buyer on the Closing Date. 455958v10 SJS EL185-31 3