|
the Purchaser fails to complete the construction of the foundation of the building on the Land
<br />within one year from the date of the Deed or Purchaser fails to construct the building and receive a
<br />certificate of occupancy for it within two years from the date of the Deed, subject to Unavoidable
<br />Delays, and such failure is not cured within sixty (60) days after written notice from Seller to
<br />Purchaser, the title to and possession of the Real Property shall revert back to the Seller. An
<br />Unavoidable Delay for purposes of this Agreement means delays, outside the control of the party
<br />claiming their occurrence, which are the direct result of strikes, lockouts or other labor troubles,
<br />prolonged adverse weather or acts of God, fire or other casualty to the Project, litigation
<br />commenced by third parties which, by injunction or other similar judicial action, directly results
<br />in delays, war, invasion, rebellion, revolution, insurrection, riots or civil war, or unavailability or
<br />shortage of supply of construction materials or construction labor, other than by reason of non-
<br />payment of costs of the same.
<br />
<br />13. Risk of Loss; Pending Condemnation. Risk of loss to the Real Property prior to
<br />Closing shall remain in Seller.
<br />
<br />If, prior to Closing, proceedings for the condemnation of the Real Property, or any interest
<br />therein, or any portion thereof, are commenced, Purchaser may, at its option, terminate this
<br />Agreement by written notice to Seller given within fifteen (15) days after Seller advises Purchaser
<br />in writing of the occurrence of such an event. If Purchaser terminates this Agreement pursuant to
<br />this Paragraph, the Earnest Money shall be immediately returned to Purchaser and neither party
<br />shall have any further rights, obligations, or liability under this Agreement. If the Closing is
<br />scheduled to occur prior to expiration of the fifteen (15) day period, it shall be extended by written
<br />notice of Purchaser, at Purchaser’s option, to the first business day following expiration of the
<br />fifteen (15) day period. Prior to the Closing, Seller shall not designate counsel, appear in, or
<br />otherwise act with respect to any condemnation proceedings without Purchaser’s prior written
<br />consent. In the event of any such condemnation, destruction or any damages to the Real Property,
<br />or any interest therein, or any portion thereof, Seller agrees to fully inform Purchaser regarding
<br />any insurance coverage with respect thereto and the probable amount of any condemnation award
<br />or insurance proceeds recoverable on account thereof. If this Agreement is not terminated
<br />following the destruction or damage to the Real Property, Seller shall repair and restore the Real
<br />Property to the extent practical prior to the Closing and Purchaser shall receive a credit against the
<br />Purchase Price for any condemnation award paid to Seller.
<br />
<br />14. Notices. All notices to be given in connection with this Agreement shall be in
<br />writing and delivered personally, sent by e-mail, by a nationally recognized overnight courier
<br />service or by registered or certified mail, return receipt requested, postage prepaid, addressed as
<br />follows:
<br />
<br />If to Seller: The Economic Development Authority for the City of Elk River,
<br />Minnesota
<br />Attn: Executive Director
<br />13065 Orono Parkway
<br />Elk River, MN 55330
<br />Attention: Brent O’Neil
<br />E-mail: BOneil@ElkRiverMN.gov
<br />
<br />EL185\\71\\796863.v7
<br />8
<br />
|