Laserfiche WebLink
09/01/00 14:12 FAX LC8500 006 <br /> • <br /> ecificati• ►�- <br /> ��'� <br /> a. Buyer shall provide Seller with plans and s p <br /> 14 <br /> development of the Property. <br /> b. Buyer shall commence construction of n of cBuyer has not <br /> e- rehouse <br /> building on the Property (the "Building ) by January 1, <br /> commenced construction of the Building by January 1, 2001, Seller may, at any <br /> time before substantial construction has commenced, cancel the sale of the <br /> Property. Upon such cancellation, title to the Property shall return to Seller at no <br /> cost to Seller_ <br /> c. Buyer shall complete construction of the Building and receive a <br /> certificate of occupancy for the Building no later than December 31, 2001. <br /> d. The Building shall meet the following criteria: <br /> (1) The Minimum size of the Building shall be 22,500 square <br /> feet; <br /> (ii) The Building shall comply in all respect with the Ordinances <br /> of the City of Elk River; and <br /> (iii) Buyer shall accept conveyance of the Property from Seller <br /> subject to certain easements on the Property to accommodate a drainage <br /> pond for the benefit of the Property and the two properties <br /> iess immediatelywitthe <br /> adjacent to the Property. Buyer agrees that Buyer <br /> shall <br /> two properties immediately adjacent to the Property, in the cost of <br /> establishing and maintaining said drainage pond in accordance with the <br /> requirements of the City of Elk River in connection with the City's approval <br /> of development plans and issuance of building permits for the Property. <br /> • <br /> e. Until receipt of a Certificate of Occupancy for the Building, neither <br /> Buyer, nor any successor in interest to Buyer, will engage in any financing or any <br /> other transaction creating any mortgage or other financing lien upon the <br /> Property, or suffer any financing or lien to be made onor ax act ch tothe necessary Property <br /> except for the purpose of obtaining funds toe <br /> for <br /> construction of the Building including, but not limited to, labor and materials, <br /> professional fees, real estate taxes, construction interest, organization and other <br /> indirect costs of development, costs of construction fundsandan allowance for <br /> necessary for <br /> contingencies. In order to facilitate the obtaining of <br /> construction of the Building, Seller agrees that it will enter into a reasonable <br /> agreement for subordination of the Seller's interest in the Property to the interest <br /> of the holder of an approved mortgage, provided that Seller determines, in its <br /> • <br /> -4- <br />