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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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5.0. 6.0. 7.0. 8.0. HRSR 03-27-2000
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City Government
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HRSR
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3/27/2000
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• by tendering the Purchase Price to Buyer. Buyer shall close on the <br /> repurchase by Seller within 30 days. <br /> b. Buyer shall complete construction of the Building and <br /> receive a certificate of occupancy for the Building no later than December <br /> 31, 2001. <br /> c. The Building shall meet the following criteria: <br /> (i) Maximum size of the Building shall be 32,000 square feet <br /> (24,000 finished, 8,000 basement). Minimum finished square feet shall be <br /> 20,000; <br /> (ii) Minimum number of parking spaces constructed on the <br /> Property for the Building shall be 40. The Building shall be parked at one <br /> space per 600 square feet of finished space; <br /> (iii) The Building may not be set back more than 15 feet from <br /> either Main or King Streets. A zero lot line is preferred; <br /> (iv) No access to the Property will be permitted onto Main Street. <br /> • Access will be from King Street; <br /> (v) The Building shall be constructed of brick and glass, <br /> preferably with a flat roof. <br /> 8. Real Estate Taxes. Real estate taxes due and payable in 1999 and all <br /> prior years shall be paid by Seller. Real estate taxes due and payable in 2000 shall be <br /> prorated as of the Closing Date based upon the parties' respective period of ownership <br /> and possession of the Property in the calendar year of closing. On or prior to the <br /> Closing Date, Seller shall pay all special assessments, whether or not then due, then <br /> levied against the Property. Seller shall pay on the date of closing any deferred real <br /> estate taxes, including "Green Acres" taxes, or special assessments, the payment of <br /> which is required as a result of the closing. Seller makes no representation concerning <br /> the amount of future real estate taxes or future special assessments. <br /> 9. Expenses, Possession. Seller agrees to deliver possession of the <br /> Property to Buyer on the Closing Date. In the event Buyer chooses to obtain title <br /> insurance or in the event Buyer's lender requires the issuance of title insurance, Buyer <br /> shall be responsible for any costs associated with closing with a title company including, <br /> but not limited to, the closing fee and all premiums for issuance of either the owner's <br /> policy or the lender's policy of title insurance. <br /> • <br /> -4- <br />
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