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<br />shall occur simultaneously with the Closing on the Jackson Block Property in accordance with <br />the further provisions of this Article III or, if this Agreement has been terminated as it relates to <br />the Jackson Block Property as provided in Section 3.1 (d), upon satisfaction of the conditions to <br />conveyance of the Bluff Block Property only. <br /> <br />(f) The City shall have the sole and exclusive discretion to settle or not settle any <br />condemnation proceeding including, but not limited to, the payment for City Acquisition Costs <br />and Relocation Costs and Expenses; provided, that the City will consult with the Developer <br />before entering into any settlement agreement related to the acquisition of the Bluff Block <br />Property. <br /> <br />Section 3.6 Contine:encies to Closine: on Jackson Block Prooertv. <br /> <br />(a) Developer's Contingencies. Developer's obligation to close on the purchase of the <br />Jackson Block Property is expressly conditioned upon the City having performed all of the <br />obligations required to be performed by the City under this Agreement as of the Closing Date, <br />including but not limited to, delivery of all of the City's Documents described in Section 3. 7(b) <br />hereof. In addition, the Developer's obligation to close on the purchase of the Jackson Block <br />Property is conditioned on the satisfaction, or waiver by the Developer, of all of the following <br />conditions precedent: <br /> <br />(i) The Developer shall have reviewed and approved title to the Jackson <br />Block Property as described in Section 3.3; <br /> <br />(ii) The Developer shall have secured financing acceptable to the Developer <br />for the acquisition and construction of the Minimum Improvements; <br /> <br />(iii) The Developer shall have satisfied itself that the environmental and soils <br />conditions on the Development Property are acceptable to the Developer for its intended <br />purposes; and <br /> <br />(iv) The Developer shall have obtained all governmental and other approvals <br />that must be obtained to authorize the construction and operation of the Minimum <br />Improvements. <br /> <br />... <br /> <br />(b) City's Contingencies. The City's obligation to close on the sale of the Jackson <br />Block Property is expressly conditioned upon each of the following contingencies being satisfied <br />or waived: <br /> <br />(i) The Developer shall have delivered to the City a pro forma budget for the <br />Minimum Improvements showing all sources and uses of funds and a timetable, <br />acceptable to the City for the construction of the Minimum Improvements; <br /> <br />(ii) The Developer shall have satisfied any contingencies of the Construction <br />Lender to providing the Construction Loan for the Minimum Improvements and shall <br />have closed on the Construction Loan for the Minimum Imorovements: orovided. <br />however. if all other contini!encies under this Section 3.6(b) have been satisfied. the <br />City ai!rees that a letter of commitment from the Minnesota Housini! Finance <br /> <br />1824344vRED V2 to VI; 10/12/05 <br /> <br />20 <br />