5.0. EDSR 06-14-2004 - Laserfiche WebLink

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• 3. Owner's Obligations. II AFS' (a) Owner hereby agrees to furnish to the EDA a commitment ("Title Commitment") for an ALTA Form B 1970 Owner's Policy for Title Insurance insuring title to the Property, deleting standard exceptions, including such endorsements as are reasonably required by the EDA and subject only to such additional exceptions as are approved by the EDA in the amount of the value of the Property. (b) Owner shall promptly furnish the EDA with complete information concerning any persons who during the period of this Agreement make inquiries to Owner regarding the sale, exchange or lease of the Property. (c) Owner hereby agrees to furnish to the EDA a boundary survey of the Property (the "Survey") and a conceptual preliminary plat of the Property attached hereto as Exhibit D. (d) Owner shall make available to the EDA any soil tests on the Property in Owner's possession. (e) Owner agrees, at its sole cost and expense, to install such street and lateral utilities as are mutually agreed between Owner and EDA to be necessary for the development of the Property as an office/industrial park. (f) Owner agrees to sell the Property to any buyer according to the terms of the purchase agreement attached hereto as Exhibit B (the "Purchase Agreement") and any changes to the Purchase Agreement shall be subject to the consent of the EDA. The purchase price of the Property shall be as shown on the price schedule attached hereto as Exhibit C (the "Price Schedule), if the Buyer is to be considered for any Assistance (as defined in Section 5(a)), or such other price as may be agreed upon between the Owner and the purchasers. Owner agrees to execute the Purchase Agreement within ten (10) days after written request by the EDA. The Owner agrees to thereafter comply with the terms of the Purchase Agreement. (g) Owner agrees to sell the Property only to buyer whose proposed use for the parcel will comply with zoning and other restrictions for the Property; moreover, only manufacturing facilities will be considered for Assistance (as defined in Section 5(a)). 4. EDA Obligations. (a) The EDA shall review the ordinances applicable to the Property and determine the most expeditious way to proceed to facilitate the development of the Property. The EDA shall recommend to the City Council of the City of Elk River changes to the ordinances which w ill facilitate the d evelopment o f t he Property. T he EDA w ill further cooperate with the City and other agencies in the development of the Property. 1643057v3 2 1