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09-08-1999 Council Agenda
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09-08-1999 Council Agenda
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b. Rescission of this Purchase Agreement by notice as provided herein, in which <br />case the Purchase Agreement shall be void and all earnest money paid <br />hereunder shall be refunded to Buyer. <br />c. Damages from Seller together with costs and reasonable attorneys' fees, as <br />permitted by law. <br />d. Specific performance within six months after such right of action arises. <br />If title is marketable, or is made marketable as provided herein, and Seller defaults in any <br />of the agreements herein, Buyer may, as permitted by law: <br />a. Seek damages from Seller including costs and reasonable attorneys' fees. <br />b. Seek specific performance within six months after such right of action arises. <br />17. Contingencies and Conditions Precedent. This Agreement shall be subject tot <br />he following contingencies or conditions precedent: <br />a. Document Delivery and Review Contingency. Within five (5) days after full <br />execution of this Purchase Agreement, Seller shall provide to Purchaser the <br />following documents and information: <br />(1) Copies of any written notices received from any governmental agency or <br />authority relating to the Property, other than from the City of Little <br />Canada. <br />(2) Copies of all service contracts relating to the operation of the Property. <br />b. Environmental Investigation. Purchaser shall have the right to obtain a Phase <br />I Environmental Evaluation and soils investigation by parties acceptable to <br />Purchaser. The cost of such investigation shall be paid by Purchaser in the <br />event that Purchaser desires to obtain environmental and /or soils investigation. <br />Purchaser shall obtain such report(s) within thirty (30) days after receipt of <br />such report(s) to terminate this Agreement if the report(s) reveals a material <br />condition affecting the property which is unacceptable to the Purchaser in the <br />Purchaser's sole discretion. Purchaser shall make arrangements for such <br />investigation. Should the Purchaser desire in their sole discretion that a Phase <br />II Environmental Evaluation and Soil Investigation is required, Purchaser shall <br />order such Phase II and the cost of such Phase II Environmental Evaluation <br />shall be borne by Purchaser. <br />Page 64 <br />
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