06-14-2021 Council Packet - Laserfiche WebLink

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15 Associated Contract shall be a mutual contingency for Closing on the Property pursuant to this Agreement. Notwithstanding anything contained herein to the contrary, Buyer’s default under the Associated Contract shall not be deemed a default under this Agreement. 31. Special Provision Regarding the Road Relocation. Buyer and Seller acknowledge and agree that they will endeavor, within 120 days of the date of full execution of this Agreement, to negotiate a Road Relocation Escrow Agreement (the “RREA”) providing for the relocation of Marilyn Drive and/or 77th Street W to Lake Drive as approximately depicted as the hatched area on Exhibit “B” attached hereto and incorporated herein by reference, including any related traffic signal upgrades and relocation of utilities, which is required for Buyer’s intended development of the Property. The RREA shall address, at a minimum: (a) the preparation of plans and specifications for the road relocation; (b) a schedule for the road relocation work; (c) cost allocations and necessary property conveyances to effect the relocation; (d) land use and platting and other required city processes; and (e) the timing and procedural processes necessary to vacate the existing right-of-way of Marilyn Drive/77th Street West. Buyer and Seller shall work together in good faith to mutually agree upon the final version of the RREA prior to expiration of the 120 day Period. If the terms and provisions of the RREA cannot be agreed upon by the parties by the end of the 120 Period, then Buyer may terminate this Contract by written notice to the other party, whereupon the Earnest Money shall be returned to Buyer and this Agreement shall be of no further force and effect. If the RREA is successfully negotiated, and all other contingencies under this Agreement have been satisfied or waived, the parties shall close into escrow and, upon completion of the road relocation, the transaction shall be closed, and the Deed conveyed to Buyer and the proceeds conveyed to Seller. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOLLOWS