CCP 06-02-2014 - Laserfiche WebLink

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(6) The Owner shall have obtained all required approvals and permits necessary in the Owner's sole discretion to enroll the Option Property (or portion thereof) in the VIC Program and the Petroleum Brownfield Program as administered by the MPCA; (7) The Owner shall have obtained all assurance letters from the MPCA required or desired by the Owner in its sole discretion, including, without limitation, a No Association Determination (8) The Owner shall have determined in its sole judgment that it is satisfied with the results of and matters disclosed its investigations and testing of the Option Property (or portion thereof), including, without limitation, all soil tests, well tests, engineering inspections, and environmental site assessments; and (9) The Owner shall have determined that title to the Option Property (or portion thereof) is acceptable to the Owner and the Title Company shall be committed to issuing an owner's form title insurance policy to the Owner without exception except as to the Option Permitted Encumbrances. (q) In the event the conditions precedent for either party cannot be satisfied by the Option Property Closing Date, except for the condition set forth in Section 4.4(p)(8), which condition must be satisfied by the Owner no later than seven (7) days prior to the Option Property Closing Date, then the Option Notice shall be deemed to have been rescinded by the Owner; provided, however, if the contingency set forth in Section 4.4(p)(8) is not satisfied because any soil test, well test, engineering inspection or environmental site assessment indicates that the Option Property (or any portion thereof) is not suitable for the Owner's Expansion Improvements as shown on the aforementioned concept plans, as reasonably determined by the Owner upon advice from the Owner's consultants, then the Option Period 2 Fee and the Option Period 3 shall be immediately refunded to the Owner, to the extent paid to the City and not previously applied against the Option Property Purchase Price applicable to a prior purchase of a portion of the Option Property. (r) At each Option Property Closing, the City shall deliver to the Owner: (1) An executed Redevelopment Option Property Deed, (2) All certificates, instruments and other documents necessary to permit the recording of the applicable Redevelopment Option Property Deed, (3) A standard Seller's Affidavit with respect to judgments, bankruptcies, tax liens, mechanics liens, parties in possession, unrecorded interests, encroachment or boundary line questions and related matters, (4) If applicable, the owner's duplicate certificate of title (the City need not provide an abstract of title if the Option Property is classified as abstract property), and 25