4.0. EDSR 12-08-1997 - Laserfiche WebLink

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f. Within thirty(30) business days after receiving the Title Commitment, the EDA • will make written objections ("Objections")to the Title Commitment. The Owners will have thirty(30)business days after receipt of the Objections to cure the Objections so that the Property is readily saleable to prospective purchasers or lessees. g. Within twenty(20) business days after receiving any Environmental Reports, the EDA shall review such Environmental Reports. If, in the reasonable judgment of the EDA the Environmental Reports reveals the presence or contamination of any hazardous substances, or the possibility of the presence of contamination or hazardous substances, the EDA shall notify the Owners in writing of any objections to the Environmental Reports and any requirement of additional environmental testing. The Owners shall have thirty(30)business days after the receipt of any such objections or additional testing requirements to comply therewith. h. The EDA shall provide a study which will analyze the traffic needs of the area. The EDA shall, in conjunction with the City of Elk River, plan all utilities and streets. If utilities and streets are installed, the EDA may, in its discretion after request of the Owners, icy work with the City of Elk River so as to request deferral of the assessments for such streets and utilities until a specified date or until a building permit is issued for the Property. • i 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 will facilitate the development of the Property. The EDA will further cooperate with the City and other agencies in the development of the Property. j. The EDA shall review and approve all building and development plans with respect to the Property and shall use reasonable efforts to facilitate approval of the plans by the City of Elk River. 5. Term. a. The EDA shall have the exclusive right to market or purchase the Property for twenty four(24) months from the date of this Agreement (the"First Term"). If at the end of the First Term, no Purchase Agreement has been executed or no part of the Property has been sold to either the EDA or a third party, either party has the option to terminate this Agreement. If at the end of the First Term, any part of the Property has been previously sold, then this Agreement shall be automatically renewed for another twelve (12) month term(the"Second Term"). If during the • PhillA 532765.2 4