6.1. EDSR 08-15-2022 - Laserfiche WebLink

Home Browse Search

Statutes 469.1812 through 469.1815, as amended, have been met. In addition, any financial assistance provided to the Buyer shall comply with Minnesota Statutes, Section 116J.993 through Section 116J.995, as amended (the “Business Subsidy Act”) and the Purchaser and the City shall negotiate and enter into an agreement which shall include any among other things, (1) the construction of Purchaser’s Proposed Project by the Purchaser in accordance with plans, specifications and a timeline approved by the Seller, (2) the terms of any financial assistance in the amount determined in accordance with applicable law, the policies of the City, and in accordance with advice provided by the City’s municipal advisor; and (3) a business subsidy agreement with job and wage goals as required by the Business Subsidy Act.. c. The Purchaser has a signed commitment for financing at or before Closing on transfer of title to the Property for construction of the Purchaser’s Proposed Project. d. The Seller having received construction plans for the Purchaser’s Proposed Project that have been approved by the City, all permits being ready to be issued; and all required City fees in connection therewith having been paid. e. The Seller has approved the construction plans, the design of the building, and the proposed standard and quality of building materials and finishes for the Proposed Project. The foregoing contingency is for Seller’s sole benefit. Whether or not it has been satisfied shall be determined by Seller in the exercise of its sole and absolute discretion. If the contingencies are not satisfied, or satisfaction thereof is not waived by Seller giving written notice to Purchaser of said waiver on or before the Closing Date, Seller, at its option, may terminate this Agreement by giving written notice to Purchaser on or before the Closing Date. If Seller so terminates this Agreement, the Earnest Money shall be promptly refunded to Purchaser and neither party shall have any further rights, obligations, or liability hereunder, except that Seller’s indemnity obligations under Paragraph 6 hereof shall survive any such termination. 28. No Strict Construction. The parties and their respective counsel have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 29. Tax Deferred Exchange. Seller or Purchaser, or both of them, may close the transaction contemplated by this Agreement as part of a tax deferred exchange of properties under the Section 1031 of the Internal Revenue Code of 1986, as amended, and applicable rules and regulations. The exchanging party shall bear all costs of the exchange. The other party shall cooperate with the exchanging party and do all things reasonably required and requested by the exchanging party (provided that such actions do not increase the other party’s obligations or liabilities under this Agreement) to effect and facilitate such an exchange. Anything in this Paragraph to the contrary notwithstanding: (i) no party makes any representation or warranty to the other as to the effectiveness or tax impact of any proposed exchange; (ii) no party will be EL185\\71\\796863.v7 12