Laserfiche WebLink
b. Utility disconnection fees and charges required by laws, rules and <br />regulations existing as of the date hereof. <br />c. Actual cost of the work to demolish the improvements in accordance <br />with laws, rules and regulations existing as of the date hereof, together with a <br />customary contractor profit and overhead charge which is consistent with <br />similarly situated projects located in the Minneapolis, St. Paul Metropolitan area. <br />d. An amount not to exceed Two Thousand and No /100 Dollars <br />($2,000.00) for administrative, management and professional services required <br />by Buyer in coordinating the demolition. <br />It is expressly understood and agreed that the Demolition Costs shall not include <br />any costs or expenses incurred in excavating, filling, grading or otherwise <br />preparing the site for development beyond the scope of work required to <br />demolish the improvements in compliance with the laws, rules and regulations <br />existing as of the date hereof. <br />2. It shall be a condition precedent to any disbursement of the Deposit to Buyer that <br />Buyer deliver to Escrowee and Seller, at the addresses specified in the caption of <br />this Agreement, proper receipts in reasonable detail evidencing payment of the <br />Demolition Costs, and proper waivers and releases of all lien rights held by all <br />persons performing labor and furnishing materials in connection with the <br />Demolition Costs. No part of the Deposit shall be disbursed for any cost or <br />expense which does not constitute Demolition Costs. All costs and expenses <br />shall be deemed to constitute Demolition Costs unless and until Seller delivers to <br />Escrowee and Buyer, at the addresses specified in the caption of this Agreement, <br />a written notice specifying which submitted costs and expenses do not constitute <br />Demolition Costs. Any such written notice must be delivered to Escrowee and <br />Buyer within five (5) business days of receiving the documentation from Buyer <br />specified in the first sentence of this paragraph. In the event such notice is not <br />delivered to Escrowee and Buyer within said five (5) day period, then all right of <br />Seller to object to such disbursement shall be deemed forever waived and <br />Escrowee shall be authorized to disburse that portion of the Deposit supported by <br />the submitted documentation. Escrowee is not authorized to disburse any portion <br />of the Deposit until after the expiration of said five (5) day period. In the event <br />Seller delivers such notice within said five (5) day period, then Escrowee shall <br />not disburse any portion of the Deposit until it receives written documentation <br />executed by the Buyer and Seller directing disbursement. <br />3. If on July 15, 2000, Buyer has not submitted the documentation specified in the <br />2 <br />263340v2 <br />Page 14 <br />