4.7. SR 12-19-2016 - Laserfiche WebLink

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Initial Earnest monev: 1.000-00 to be deposited with escrow agent, Conimercial Partners Title upon the execution of a purchase agreement. The Earnest Money shall be credited against the Purchase Price at Closing. Conditions to Purchase: The Purchaser shall have a period of one year froiri the date of a fully executed purchase agreement to satisfy, or waive the following Conditions to Closing: i) Seller entering into with MnDOTa rigIrt to purchase excess ROW n) Purchaser having authorization to purchase City Parcels, remnam M"DOT parcel,inisc. rights of way (ROW).utility and drainage parcels. iii) Purchaser obtaining a satisfactory environmental study, iv) Purchaser obtaining satisfactory soil tests. v) Purchaser obtaining all necessary governmental approvals for the development of retail/cornmercial& single story office building and ancillary items including but not limited to parking lot,garbage bins and signage. vi) Purchaser obtaining all governmental approvals, not Ifirifted to the City of Elk River&MnDOT, vii) Purchaser having acceptable improved access from Business Center Drive. viii) Purchaser reviewing and accepting title insurance commitment. ix) Purchase reviewing and accepting Seller's Inforniation as defined below, Purchaser must satisfy or waive the above Conditions to Purckise within the one year time period oaf the date of the~ Purchase Agreement, If, despite Purchaser's best efforts, Purchaser is unable to satisfy or waive the above Conditions to Purchase. Purchaser shall have the right to extend the Condition Date by two additional ninety (90) day periods. Above time frarnes arc: subject to Purchaser actively pursuing redevelopment of the property. Defined as applications Nvith the City/.EDA for assembly & redevelopincirt, In no event shall the Purchase Agreement be (ennimated if Purchaser is still actively pursuing and waiting on City schedules for final review approvals(planning commission, EDA,City Council or MriDOT) AdM111M