07-09-2014 Council Agenda - Laserfiche WebLink

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g• project of a size and configuration reasonably acceptable to Buyer. Buyer shall have the right, in its sole discretion to extend the date of this contingency for up to two additional thirty (30) day extensions upon notice to Seller given before the end of the initial one hundred twenty (120) day period specified in this Paragraph f or the first thirty (30) day extension period, if applicable, if Buyer is diligently pursing its governmental permits and approvals, but has not yet received them at the end of the initial or first extended contingency period. Seller shall execute all consents or applications, as required in connection with Buyer's applications for governmental approvals, provided Buyer shall be solely responsible for all costs associated with obtaining governmental approvals. Flood Plain Designation. On or before the first business day which is one - hundred twenty (120) days after the Effective Date, Buyer shall determine that the Property is not located within a federally designated flood plain. h. Access. On or before the first business day which is one -hundred twenty (120) days after the Effective Date, Buyer shall have determined that the Real Property shall have adequate unrestricted access to Viking Drive sufficient to support Buyer's Intended Use of the Real Property. i. Financing. On or before the first business day which is one -hundred twenty (120) days after the date of this Agreement, Buyer shall have obtained a comnritnent for construction mortgage financing as required for the acquisition, development and improvement of the Real Property for Buyer's Intended Use, and the terms and conditions of such commitment shall be acceptable to Buyer. Buyer shall have the right, in its sole discretion to extend the date of this contingency for up to two additional thirty (30) day extensions upon notice to Seller, given before the end of the initial one hundred eighty (120) day period specified in this Paragraph i. or the first thirty (30) day extension period, if applicable, if Buyer is diligently pursing obtaining a commitment for financing, but has not yet received formal approval of such commitment. Leasing. On or before the first business day which is one -hundred twenty (120) days after the Effective Date, Buyer shall have entered into lease agreements with tenants who will occupy the medical office building to be constructed by Buyer on the Property, upon terns and conditions acceptable to Buyer, obligating such tenant(s) to lease no less than 7,500 sq. ft. of space in such medical office building. J• k. Performance of Seller's Obligations. As of the Closing Date, Seller shall have performed all of Seller's obligations under this Agreement and the representations and warranties of Seller in this Agreement shall be true and correct on the Closing Date, as of made on the Closing Date. If any of the above contingencies have not been satisfied on or before the applicable dates (including the extended dates referenced in f. and i.) stated in this Section 3, then this Agreement may be terminated, at Buyer's option, by written notice from Buyer to Seller. Davis Real Estate/City of Little Canada 4 3