2019.04.03 EDC Packet - Laserfiche WebLink

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15 against City, at any time by reason of or arising out of any latent or patent construction defects or physical conditions, violations of any applicable laws and any and all other acts, omissions, events, circumstances or matters regarding the Redevelopment Property. (c) Redeveloper acknowledges and agrees that the waivers, releases and other provisions contained in this section were a material factor in City’s acceptance of the Purchase Price and that City is unwilling to sell the Redevelopment Property to Redeveloper unless City is released as expressly set forth above. Redeveloper, with Redeveloper’s counsel, has fully reviewed the disclaimers and waivers set forth in this Agreement, and understands the significance and effect thereof. The terms and conditions of this section will expressly survive the Closing Date, will not merge with the provisions of any closing documents, and will be incorporated into the deed (b) Purchase Price and Closing. Subject to the terms of this Agreement, the City agrees to sell and the Redeveloper agrees to purchase the Redevelopment Property for the Purchase Price. The City shall execute and deliver to the Redeveloper a Redevelopment Property Deed in recordable form at Closing. Earnest money of Fifteen Thousand and No/100 Dollars ($15,000.00) shall be payable in cash or by wire transfer on the date of execution of this Agreement, the balance of the Purchase Price shall be paid by cash or wire transfer on the Date of Closing. The conveyance of title to the Redevelopment Property pursuant to the Redevelopment Property Deed shall be subject to all of the conditions, covenants, restrictions and limitations imposed by this Agreement and the Redevelopment Property Deed. The Redeveloper shall promptly record the Redevelopment Property Deed. (c) Survey Review. City will deliver to Redeveloper the most recent survey of the Property in City’s possession within 30 days after the execution of the Redevelopment Agreement. Redeveloper may, at Redeveloper’s expense, obtain an updated or new survey of the Property. Herein, the above-mentioned survey shall be referred to as “Survey”. (d) Inspection. At the Redeveloper’s expense, the Redeveloper and its agents are hereby granted the right for a period of time beginning on the date hereof and shall end 120 days after execution of this Agreement (the “Inspection Period”), to inspect and test the Redevelopment Property subject to the below conditions, review title pursuant to subsection (a) above, review survey pursuant to subsection (c) above, review and examine the Redevelopment Property to determine the feasibility of the Redevelopment Property for Redeveloper’s intended use; and obtain any and all governmental approvals the Redeveloper deems necessary for the development of the Redevelopment Property including without limitation preliminary and final plat approval, comprehensive plan amendment approval and RPD approval for Redeveloper’s intended development of the Redevelopment Property. If the Redeveloper determines not to proceed to Closing based on this Section, it must deliver written notice to the City within such time period or this condition will be deemed to have been waived. If such notice is timely provided this Redevelopment Agreement shall be terminated and all earnest money paid herein shall be returned to the Redeveloper. If no such notice is timely provided then the earnest money paid herein shall be non-refundable except for default by the City.