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4. CONTINGENT O13I,IGATION. "1"ho obligation of Buyer to close on this <br /> <br /> transaction is contingent upon each of the following: <br /> a. Buyer's ability, ou or Uefore April 1, 2010 to obtain approval from the <br /> Seiler to develop the Real Estate and the Viking Property and build a <br /> structure that encompasses both the Real Estate and the Viking Property <br /> as well as to obtain any and all necessary authority for a lot split <br /> pertaining to the Viking Property. <br /> b. On or before Tune 1, 2010, to obtain appropriate financing for the intended <br /> development of the Real Listate. <br /> c. entering into a Purchase Agreement for the Viking Property under ter•nas <br /> and conditions that permit Buyer to complete its intended development of <br /> the Real Estate acrd Che Viking Property and to close on such purchase <br /> agreement simultaneously with this Purchase Agreement. <br /> d. Seller delivering marlcetaUle title to Buyer in accordance with the <br /> provisiars of Paragraph 6 of this Agreement. <br /> Buyer's determination that a contingency provision of this paragraph has been ar has noC Ueen <br /> met shall Ue made in its sole and absolute discretion which determination shall not Ue subject to a <br /> determination by any other person or Uy a court as to the reasonableness of Buyer's conclusion in <br /> that regard. If Buyer elects to tcrtninate this Purchase Agreement by reason o'P any of these <br /> contingencies, it shall be etrtitled to immediate refrutd nl'the earnest money. Buyer's failure to <br /> taotify Seller in writing by the deadline for any of the foregoing contingency periods that it <br /> desires to Ue relieved of its obligations to close on this Purchase Agreement shall be conclusively <br /> presumed to be a waiver of that contingency. <br /> 5. REPRESENTATION AND WAItI2ANTIES Or Sh~LLER. Seller hereby <br /> makes the following representations and warranties to Buyer which relx•esentatia~ and <br /> warranties shall survive the Closing Date: <br /> a. Title to Real estate. Seller will own the Real Lisiate as oi'the Closing Date free <br /> and clear of all encumbrances except easements of record which Buyer may <br /> determine in its sole discretion do not adversely affecC the Real Estate. <br /> b. Assesstnents. `t'here are no actual or threatened special assessments or <br /> reassessments of the 12ea1 Estate. <br /> c. Rdgltts of Others to Purchase Real Estate. Seller has not entered into any other <br /> contracts other than this Agreement for the sale of the Real Estate vtd there are no <br /> rights of first refusal or options to purchase the Real Estate or any other rights of <br /> others that u~ight prevenC floe constunmation of the transaction contemplated Uy <br /> this Agreement. <br /> _2_ <br /> 3 <br /> <br />