12-12-2022 EDA Packet - Laserfiche WebLink

Home Search

purchasing the Property and the Buyer has not made a final determination to purchase the Property, the Seller agrees to provide the Buyer with a right of first refusal with thirty (30) days to close. Section 1.02. Section 5(B) of the Amended Agreement is hereby amended as follows (new language is underlined, and deleted language is stricken): B. Site Plan Review, Entitlements, and Final Platting. The Buyer shall, no later than six (6) months from the Effective Date after the Due Diligence Period ends, complete site plan review, complete final platting, and obtain all other governmental entitlements (collectively, the “Entitlements”). Section 1.03. Section 6 of the Amended Agreement is hereby amended as follows (new language is underlined, and deleted language is stricken): 6. CLOSING DATE. The Closing Date shall occur on the earlier of (i) nine months following the Effective Date of this Agreement eight months from the end of the Due Diligence Period; and (ii) the date that is sixty (60) days after the date the Buyer obtains final approval of all Entitlements needed for the Minimum Improvements (as defined herein), including but not limited to a planned unit development amendment, a planned unit development final stage plan for each building, and a final plat. A six month exception may be provided but only at the option of the Seller. Section 1.04. The first paragraph of Section 13 of the Amended Agreement is hereby amended as follows (new language is underlined, and deleted language is stricken): 13. CONSTRUCTION OF MINIMUM IMPROVEMENTS. Within one year of purchasing the Property, the Buyer must commence construction on the Property. The Buyer has agreed to development on the Property a four story market rate housing project designed for persons 55 and older seeking active independent living with 100 to 150 160 units (the “Housing Building”), one approximately 7,500 square foot multi-tenant retail building (the “Retail Building”), and two restaurant buildings of 5,000 square feet or more (the “Restaurant Buildings”) on the Property. The Housing Building, the Retail Building, and the Restaurant Buildings are referred to herein as a “Building.” In addition, the Buyer shall construct and pay for two project identity signs (the “Project Identity Signs”) on the Property at locations approved by the City. The design of the Project Identity Signs shall be subject to the approval of the City. The Buyer shall provide advertising space on the Project Identity Signs to the City at no cost. The Buildings and the Project Identity Signs are collectively referred to herein as the “Minimum Improvements.” Section 1.05. Section 25 of the Amended Agreement is hereby amended as follows (new language is underlined, and deleted language is stricken): 25. DEFAULT; REMEDIES; SPECIFIC PERFORMANCE. If the Buyer defaults in any of the agreements herein, the Seller may, as the Seller’s sole remedies, (a) terminate this Agreement; and (b) retain any half of the Earnest Money paid by the Buyer as liquidated damages, time being of the essence hereof. If the Seller defaults in any of the agreements herein, the Buyer may (1) terminate this Agreement, in which event the Seller will cause the Title Company to refund the Earnest Money to the Buyer; (2) terminate this Agreement and seek actual damages for breach of this Agreement; or (3) seek specific performance of this Agreement; provided that any action for specific performance must be brought within six months after the date of the alleged breach.