Resolution No. 15-04 EDA - Laserfiche WebLink

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ten (10) days after written notice from Seller, this Contract shall automatically terminate pursuant to Section 14.b. (ii) If Purchaser sends to Seller written notice terminating this Contract prior to the expiration of the Inspection Period, this Contract shall terminate pursuant to Section 14.a. c. Governmental Approvals. (1) Contingency. Purchaser's obligation to purchase the Property is expressly subject to and contingent upon Purchaser obtaining all final and unappealable approvals from the City and any other governmental authority having jurisdiction over the Property as Purchaser may deem necessary to proceed with Purchaser's intended improvements to the Property, including without limitation, approvals of a preliminary plat, final plat, county road access permit, Wetland Conservation Act permit, conformance with the comprehensive plan, zoning approvals, development agreement and United States Army Corps of Engineers Section 404 Permit ("Governmental Approvals"). (2) Purchaser's and Seller's Obligations. From the date hereof, Purchaser shall proceed with the application for Governmental Approvals. Notwithstanding any provisions of this Contract to the contrary, the extent to which Purchaser undertakes activities, decisions, effort, expense and any other matter with respect to Purchaser's application for Governmental Approvals shall be at Purchaser's sole and absolute discretion, including, but not limited to, the schedule for obtaining the Governmental Approvals, the level and type of Governmental Approvals Purchaser seeks to obtain, and the amount of money Purchaser expends to obtain such Governmental Approvals. At any time prior to Purchaser sending the Notice of Suitability, Purchaser shall have the right to terminate this Contract for any reason, in Purchaser's sole and absolute discretion, by written notice to Seller. Upon any termination of this Contract, any obligation of Purchaser to seek Governmental Approvals for any portion of the Property shall also terminate with no remedy of any kind to Seller. Seller acknowledges that Purchaser may process changes to the permissible uses of the Property. Seller understands and acknowledges that if this Contract is terminated, Purchaser's attempts to change the permissible uses of the Property may have resulted in the imposition of various conditions, including but not limited to public rights-of-way and open space dedications, as well as requirements, restrictions and taxes being imposed on the Property. Seller understands and agrees that the effects of such changes will affect the value of the Property and may be permanent, and that Purchaser will have no obligation or liability to Seller as a result thereof. Notwithstanding the foregoing, Seller shall not be required to incur any expense or legal obligation associated with Purchaser's efforts to develop the Property; and Purchaser agrees that it will 5 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx