8.4 SR 06-03-2024 - Laserfiche WebLink

Home Browse Search

EL185\77\951318.v3 4 must be obtained for the Development and the Buyer shall have submitted building plans to the City. iii. By the Closing Date, the Buyer shall have obtained approval from the Seller and the EDA, following a duly noticed public hearing and the satisfaction of all other conditions required by Minnesota law, of the Financial Assistance. iv. By the Closing Date, the Buyer shall have obtained all necessary financing for the Development. v. By the Closing Date, the condition of title shall be satisfactory to the Buyer following the Buyer’s examination of title as provided herein. The contingencies set forth above are for the benefit of the Buyer and may be waived by the Buyer in the Buyer’s sole discretion. Notwithstanding any other provision in this Agreement, a waiver of a contingency must be in writing to be effective. At the end of the Due Diligence Period, the Buyer will give written notice to the Seller of the contingencies that have been waived, satisfied, or neither waived nor satisfied. b. Seller’s Contingencies. The Seller’s obligation to convey the Property shall be contingent on the following: i. By the Closing Date, the Buyer shall have obtained, or caused to be obtained, in a timely manner, all required permits, licenses and approvals which must be obtained for the Development, including without limitation subdivision of the Seller Parcel by re-platting, and all other zoning and land use approvals, which must be obtained for the Development; ii. The Buyer shall have obtained approval from the Seller of the sale of the Property pursuant to this Agreement, in accordance with and following the satisfaction of all conditions required by Minnesota law; iii. By the Closing Date, the Buyer shall have obtained approval from the Seller and the EDA, following a duly noticed public hearing and the satisfaction of all other conditions required by Minnesota law, of any Financial Assistance; iv. The Buyer and the Seller shall have negotiated and mutually agreed to, the City of Council of the City shall have approved following the satisfaction of all conditions required by Minnesota law, and the Seller and the Buyer shall have executed, effective not later than the Closing Date, a Development Assistance Agreement (the “Development Assistance Agreement”), providing for, among other things, the (i) construction of the Development by the Buyer in accordance with plans, specifications and a timeline approved by the Seller; (ii) requirements of the Business Subsidy Act, Minnesota Statutes, Section 116J.993 through 116J.995 (the “Business Subsidy Act”); (iii) terms of any City Financial Assistance and the Purchase Price Note in accordance with applicable law; (iv) any applicable legal or policy requirements of the Seller related to the Development or the Purchase Price Note; and (v) any documents ancillary thereto (collectively, the “Development Documents”); Page 443 of 464