08-22-2001 Council Agenda - Laserfiche WebLink

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the City of Little Canada imposes in connection with a rezoning of the Property to a PUD zoning classification are acceptable to Buyer. Buyer may exercise the contingency set forth in this Section 14 on or before the Closing Date To exercise one or more of the contingencies set forth above, Buyer must deliver written notice to Seller on or before the Closing Date. If Seller does not exercise one or more of the contingencies set forth above on or before the Closing Date the contingency shall terminate and Buyer may not, thereafter, exercise the contingency and rescind the transaction. If Seller exercises one or more of the contingencies set forth in this Section 15 within the time period set forth above, Buyer must deliver a quit claim deed or other written evidence, reasonably acceptable to Seller, evidencing the termination of this Purchase Agreement. on: 16. Seller's Contingencies. Seller's obligations under this Agreement are contingent a. Purchaser's delivery to Seller, on or before the Closing Date, of documentation reasonable acceptable to Seller evidencing Buyer's acquisition of financing sufficient to permit Buyer to perform its obligations under the Development Agreement; b. Purchaser's delivery to Seller, on or before the Closing Date, a fully executed lease between Buyer, as Landlord, and Sick Maihak, as Tenant, which is not subject to contingencies, and which as an initial term of not less than five years, or another lease reasonable acceptable to Seller in Seller's sole and absolute discretion; c. Buyer's acquisition, on or before the Closing Date, of all necessary permits, and approvals, including but not limited to a rezoning of the Property to a PUD zoning classification and a building permit, from the City and any other federal, state, or regional governmental entities with jurisdiction over the development of the Project. If Buyer does not satisfy one or more of the contingencies set forth in this Section 16 on or before the Closing Date, Seller may terminate this Purchase Agreement by written notice to Buyer, and Seller is not obligated to return the Escrow Money to Buyer in connection with any such termination. 17. Assignment. Buyer may not assign Buyer's rights and obligations under this Agreement to a third party without the written consent of Seller. Seller may grant or withhold Seller's consent to an Assignment at Seller's sole and absolute discretion. 18. Default. If either Party defaults in the performance of any of the Party's obligations under this Purchase Agreement or the Development Agreement, the non - defaulting Party may, after written notice to the defaulting Party, suspend performance of its obligations under this Agreement, and the rights of the non - defaulting Party are as follows: 1316963v1 a. Buyer's Default. If Buyer defaults in the performance of any of Buyer's obligations under this Agreement, Seller may: Page 92