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5.0. & 5.1. & 5.2. EDSR 04-14-2008
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5.0. & 5.1. & 5.2. EDSR 04-14-2008
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c. Buyer having provided Seller with documentation, reasonably acceptable <br />to Seller, evidencing Buyer's acquisition of a commitment for financing sufficient to <br />permit Buyer or Sportech to construct the Improvements on the Property. <br />If one or more of the contingencies described in this Section 15 are not satisfied as of the Date of <br />Closing, Seller may terminate this Agreement pursuant to Section 19. <br />16. Condemnation. If a public or private entity with the power of eminent domain <br />commences condemnation proceedings against all of any part of the Property, Seller must <br />immediately notify Buyer, and Buyer may, at Buyer's sole option, terminate this Agreement <br />pursuant to Section 19 below. Buyer has twenty (20) days from Buyer's receipt of Seller's notice <br />to Buyer to exercise Buyer's termination right. If Buyer does not terminate this Agreement <br />within said twenty (20) day period, the Parties must fully perform their obligations under this <br />Agreement, with no reduction in the Purchase Price, and Seller must assign to Buyer, on the Date <br />of Closing, all of Seller's right, title and interest in any award made or to be made in the <br />condemnation proceedings. Seller must not designate counsel, appear or otherwise act with <br />respect to any such condemnation proceedings without Buyer's prior written consent unless <br />Buyer fails to respond within seven (7) days to a request for such written consent. <br />17. Assignment. Except as set forth in this Section 17, Buyer may not assign Buyer's <br />rights or obligations under this Agreement to a third party without the written consent of Seller <br />and Seller may grant or withhold Seller's consent to an assignment in Seller's sole and absolute <br />discretion. The Seller herein acknowledges that it is the intention of the Buyer to complete an <br />IRS Section 1031 Tax-Deferred Exchange and that Buyer may assign Buyer's rights and <br />obligations under this Agreement to Commercial Partners Exchange Company, LLC, for the <br />purpose of completing such exchange. Further, Buyer may assign Buyer's rights and obligations <br />under this Agreement to an exchange accommodation title holder for the purpose of structuring a <br />reverse section 1031 tax deferred according to Revenue Procedure 2000-37. Seller agrees to <br />cooperate with the Buyer and/or its assigns in a manner necessary to complete said exchange; <br />provided that Seller is not obligated to incur any additional cost, incur any additional current or <br />potential liability or waive or otherwise impair any of Seller's rights under this Agreement. <br />Buyer hereby notifies Seller that immediately prior to closing, Buyer shall assign the benefits of <br />(but not the obligations in) in this Agreement to CPE EXCHANGE 30037, LLC, a Minnesota <br />limited liability company, that is wholly owned by Commercial Partners Exchange Company, <br />LLC, for the express purpose of facilitating a reverse 1031 tax deferred exchange under Revenue <br />Procedure 2000-37 and 26 U.S.C. A. Section 1031. Seller herby consents to this assignment. <br />18. Default. If either Party defaults in the performance of any of the Party's <br />obligations under this Agreement, the non-defaulting Party may, after written notice to the <br />defaulting Party, suspend performance of its obligations under this Agreement, and the rights of <br />the non-defaulting Party are as follows: <br />a. Buyer's Default. If Buyer defaults in the performance of any of Buyer's <br />obligations under this Agreement, Seller has the right to terminate this Agreement <br />pursuant to Minnesota Statutes, Section 559.21, or Buyer may, in Buyer's sole and <br />absolute discretion, elect to commence an action in Sherburne County District Court to <br />recover liquidated damages of $15,000 from Buyer. Seller and Buyer have agreed upon <br />2150570v4 <br />
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