07-09-2014 Council Agenda - Laserfiche WebLink

Home Browse Search

3. Buyer's Contingencies. The obligations of Buyer under this Agreement are subject to and contingent upon satisfaction of each of the following contingencies: a. Title. Title shall have been found acceptable, or be made acceptable, in accordance with the requirements and terms of Section 6 of this Agreement. b. Soil Tests. Buyer shall have determined, on or before the first business day which is one -hundred twenty (120) days after the Effective Date, that Buyer is satisfied with the results of and matters disclosed by such soil and geotechnical tests of the Property as Buyer may deem necessary, all such tests to be obtained at Buyer's sole cost and expense. Seller has provided Buyer with copies of soils and environmental information in its possession. e. Utilities. Buyer shall have determined, on or before the first business day which is one -hundred twenty (120) days after the Effective Date, that water, sanitary sewer, storm sewer, natural gas, electricity and other utilities are available at the boundary of the Property in capacities adequate for Buyer's Intended Use of the Property (as defined below) upon terms and conditions acceptable to Buyer. d. Environmental Assessment. Buyer may obtain a Phase I Environmental Assessment (and a Phase II Environmental Assessment, if necessary) prepared by an environmental engineer acceptable to Buyer. Said Environmental Assessment is to be obtained at Buyer's sole cost and expense. On or before the first business day which is one -hundred twenty (120) days after the Effective Date, Buyer shall have determined that all matters disclosed by the Phase I or Phase II Environmental Assessment(s) are acceptable to Buyer in Buyer's sole discretion. Buyer shall provide Seller with a copy of all reports and documents commissioned on the subject property. e. Permitted Use. On or before the first business day which is one -hundred twenty (120) days after the Effective Date, Buyer shall have determined that Buyer's Intended Use of the Property for the development and construction of a medical clinic and office building no less than 7,500 square feet in area with related and ancillary parking facilities and access improvements ("Buyer's Intended Use") is a permitted use under the zoning, subdivision and land use regulations of the City of Little Canada ("City") without the necessity of obtaining a variance, conditional use permit, rezoning or similar land use approvals. f. Governmental Permits and Approvals. On or before the first business day which is one -hundred twenty (120) days after the Effective Date, Buyer shall have obtained all preliminary plan approvals, site plan and other governmental approvals required for the acquisition, development, improvement and operation of the Property for Buyer's Intended Use thereof all upon terms and conditions (including amounts of any governmental fees or impositions) acceptable to Buyer, in Buyer's Sole discretion, and such approvals shall permit Buyer to construct a Davis Real Estate/City of Little Canada 3 2