09-28-2005 Council Agenda - Laserfiche WebLink

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2. PURCHASE PRICE AND MANNER OF PAYMENT. The purchase price for the Real Estate shall be Three Hundred Thousand and no /100 ($300,000.00) Dollars payable as follows: a. Earnest money of Twenty -five Thousand and no /100 ($25,000.00) Dollars paid contemporaneously herewith to be held by CI Title. b. The balance of the purchase price of Two Hundred Seventy -five Thousand and no /100 ($275,000.00) Dollars to be paid in cash at closing pursuant to financing to be obtained by Buyer. 3. OBLIGATIONS OF SELLER. Seller shall be obligated to perform each of the following acts: a. Within thirty (30) days of the date of this Agreement, provide Buyer with a Phase I Environmental Audit. b. Within thirty (30) days of the date of this Agreement, provide Buyer with all surveys in its possession. c. Obtain a legal description of the easement referenced in Paragraph 1 on or before February 1, 2006. d. Define or locate the sign easement owned by Naegele, Inc. so as to restrict their access to the sign located on the Real Estate so such access does not interfere with Buyer's intended use of the Real Estate. 4. CONTINGENT OBLIGATION. The obligation of Buyer to close on this transaction is contingent upon each and all of the following: a. The suitability of the soils on the Real Estate for the intended purpose of Buyer. b. The ability to secure appropriate bank financing for the project. c. Verification of any and all matters which Buyer deems reasonably necessary for its intended development of the Real Estate. d. Ability to utilize the easement area for storm water retention as is more fully described in Paragraph 5 below. e. Approval from the City of Little Canada for Buyer's intended use of the Real Estate as an office warehouse and approval of platting of the Real Estate for condominiums or another foun of a common interest in the Real Estate. 3