5.1. HRSR 06-20-2023 - Laserfiche WebLink

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conveyance of the Property to the Buyer are in the best interests of the City of Elk River and its people. 5.2.2. Determination by the HRA in its sole discretion that the Buyer has the financial resources available to purchase and develop the Property. If, on or before the Contingency Date, either party determines that any of their respective contingencies listed in this Section have not been satisfied in their sole discretion, then this Agreement may be terminated by written notice from the party to the other, which notice must give no later than the Contingency Date. If the party does not give written notice of termination on or before the Contingency Date, all of such contingencies will be deemed to have been satisfied and the parties shall proceed to close this transaction in accordance with the terms of this Agreement. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the respective party and each party shall have the right to unilaterally waive any of its contingencies by written notice to the other party. If this Agreement is terminated by either party in accordance with this Section, the HRA shall return the Earnest Money to the Buyer and neither party shall have any further rights or obligations regarding this Agreement or the Property. The Buyer may extend the Contingency Date by an additional 60 days by notifying the HRA in writing and depositing into an escrow account held by the Title Company an additional $5,000 in Earnest Money prior to the expiration of the original Contingency Date. The additional Earnest Money shall be applied to the Purchase Price at Closing. 6. CLOSING. The closing of the purchase and sale contemplated by this Agreement (the “Closing”) shall occur within 30 days of the Contingency Date or its extension if such an extension is requested by the Buyer or such other date on which the parties may agree (the “Closing Date”). The HRA agrees to deliver possession of the Property to the Buyer on the Closing Date. 6.1. HRA’s Closing Documents. On the Closing Date, the HRA shall execute and deliver to the Buyer the following closing documents, all in form and content reasonably satisfactory to the HRA and the Buyer: 6.1.1. Deed. A quit claim deed conveying the Property to the Buyer. Said quit claim deed shall contain a covenant running with the Property that the building on the Property must be constructed and completed within one year from the date of the deed or the Property will automatically revert back to the HRA. The building on the Property must be an office building that is at least 6,000 square feet. 6.1.2. Seller’s Affidavit. A Seller’s Affidavit executed by the HRA stating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving the HRA or the Property; that there has been no skill, labor, or materials furnished to the Property for which payment has not been made or for which mechanics’ liens could be filed; and that there are no other unrecorded instruments affecting the Property, EL185-13-882695.v2