Resolution No. 15-04 EDA - Laserfiche WebLink

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(3) not record a final plat or developer agreement for the Property until after the Closing. Notice of Governmental Approvals. If said Governmental Approvals are achieved within two hundred seventy (270) days after the effective date of this Contract (the "Governmental Approvals Period") or Purchaser elects to waive such matters, Purchaser shall send written notice ("Notice of Governmental Approvals") to Seller on or before the expiration of the Governmental Approvals Period, which Notice of Governmental Approvals shall be subject to the terms and conditions of Paragraph 17. (4) Termination. If (i) Purchaser fails to send Seller the Notice of Governmental Approvals on or before the last day of the Governmental Approvals Period, and such failure continues for a period of ten (10) days after written notice from Seller, or (ii) Purchaser sends to Seller written notice terminating this Contract prior to the expiration of the Governmental Approvals Period, this Contract shall automatically terminate pursuant to Section 14. d. Environmental Investigation. (1) Existing Environmental Reports. Seller shall, within five (5) days after the date hereof, provide to Purchaser copies of all reports, studies, and other materials which Seller possesses or controls which pertain to the environmental condition of the Property and the property in the vicinity of the Property, (collectively, the "Existing Environmental Reports"). (2) Subsequent Environmental Reports. Purchaser may obtain, at its expense, an environmental engineering report (or reports) addressed to Purchaser, the form and content of which and the individual or firm preparing the report(s) being acceptable to Purchaser, presenting the results of an investigation of the Property, and such property in the vicinity of the Property as may be appropriate in Purchaser's discretion in light of the intended use of the Property, with regard to the existence, generation, processing, storing, disposal, release, or discharge of any Hazardous Substances, from, on, under, about, or in the vicinity of the Property, and Environmental Laws relating to Hazardous Substances affecting the Property, and relating to the existence of any wetlands or threatened, endangered, or protected species or habitats or items of archeological significance on or near the Property, which investigation is commonly referred to as a "Category I", "Phase I", or "Level I" environmental audit, ("Phase I"), and such further investigations and/or reports as Purchaser may require due to the results obtained in the Phase I, (collectively, the "Subsequent Environmental Reports"). (3) Termination. In the event Purchaser is not satisfied with the results of such investigation(s) and report(s), or if there is a change in the condition of the Property or the property in the vicinity of the Property before Closing, 6 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx