Resolution No. 15-04 EDA - Laserfiche WebLink

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(1) terminate this Contract pursuant to Section 14; or (2) keep this Contract in effect, and consummate the purchase of the Property or part thereof. If, prior to Closing, all or any part of the Property is taken in such condemnation proceeding instituted under power of eminent domain or is conveyed in lieu thereof under threat of condemnation, the money paid to Seller pursuant to such condemnation or conveyance in lieu thereof shall be retained by Seller and applied against that portion of the Purchase Price payable by Purchaser for such portion of the Property which is taken in the condemnation. Notwithstanding the condemnation, the calculation of the Purchase Price shall include the land taken in such condemnation. At Closing, if the condemnation is still pending, Purchaser shall purchase the property subject to the condemnation and Seller shall have no further rights or obligations with respect to the condemnation proceeding following Closing, in which event the Purchase Price shall be calculated without deduction for the loss of any portion of the Property taken or to be taken by eminent domain, and Seller shall cause to be conveyed and assigned to Purchaser all right, title and interest in and to any award made in connection with such eminent domain proceedings. 12. CLOSING. a. Closing Date and Place. The Closing ("Closing") of this Contract shall occur within ten (10) Business Days after the later of delivery of the Notice of Suitability or Notice of Governmental Approvals. Such date is herein referred to as the "Closing Date". The Closing shall take place in the offices of the Title Company or such other location agreed to by Seller and Purchaser. Notwithstanding any other provision in this Contract, the Closing under this Contract must occur on a Tuesday, Wednesday, or Thursday which is a Business Day (a "Permitted Deadline/Closing Day"), and if the scheduled date of the Closing would otherwise occur on a day that is not a Permitted Deadline/Closing Day, then the Closing shall be extended automatically to the next day that is a Permitted Deadline/Closing Day. The term "Business Day" means any day which is not a Saturday, Sunday, or legal holiday. The term "Horton Deadline Date" means a date on which any funds are to be paid by Purchaser under this Contract (e.g., Earnest Money or extension fees) or the date on which the Inspection Period and/or the Notice of Suitability and/or the Notice of Governmental Approvals and/or a date which Purchaser's Corporate Approval is due. If a Horton Deadline Date or the scheduled Closing Date falls on any date (i) between September 15th and September 30`s, inclusive, then the Horton Deadline Date and/or the date of Closing, as applicable, shall be extended automatically to the next Permitted Deadline Closing Day in October, or (ii) between December 18th and January 5th, inclusive, then the Horton Deadline Date and/or the date of Closing, as applicable, shall be extended automatically to the next Permitted Deadline/Closing Day in January. b. Deliveries by Seller. At Closing, Seller shall deliver to Purchaser, at Seller's expense: (1) a general warranty deed conveying indefeasible fee simple title to the Property to Purchaser, subject only to the Permitted Exceptions; 12 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx