03/12/2007 Council Packet - Laserfiche WebLink

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• • 1 1. SELLER'S CONTINGENCY. The obligations of Seller under this Agreement are contingent upon Seller receiving the required zoning approvals of the City Council of the City of Lino Lakes for redevelopment of the Store Property in a form satisfactory to Seller in its sole discretion. If satisfactory zoning approvals are not obtained by the Date of Closing, Seller must give Buyer written notice on or before the Date of Closing, and the Date of Closing shall be postponed. A. If the City has reached a final decision on Seller's applications for zoning approvals and that decision is not satisfactory to Seller, Seller may elect to: (1) Declare this Agreement null and void by notice to Buyer and retain all payments made hereunder as liquidated damages; (2) Proceed to closing without waiving any remedies Seller may have under law relating to the City's action on the zoning applications. B. If the City's review of Seller's applications for zoning approvals is still pending, Seller may postpone the Date of Closing until a final decision is made. If the decision is satisfactory to Seller, the closing shall take place within ten (10) business days of the City Council's decision. If the decision is not satisfactory to Seller, the provisions of paragraph 10.A shall apply. 12. CONDITION OF PROPERTY. Buyer, for Buyer and Buyer's successors and assigns, releases Seller from, and waives all claims and liability against Seller for, any environmental conditions at the Property and further releases Seller from, and_waiN s_ILELabili_ty _a_geinst_Seller attributable to, the environmental condition of the Property, including without limitation the presence, discovery or removal of any lead, asbestos containing materials or any other Hazardous Material in, at, about or under the Property, or for, connected with or arising out of any and all claims or causes of action based upon any Hazardous Materials Laws. Except as expressly set forth in this Agreement, Seller makes no representations or warranties whatsoever to Buyer regarding the presence or absence of any Hazardous Material. Buyer hereby acknowledges and agrees that it shall rely solely on the investigations, information, studies and reports prepared by or through Buyer, at its sole cost and expense, with regard to Hazardous Material. Buyer shall make such studies and investigations, conduct such tests and surveys, and engage such specialists as Buyer deems appropriate to evaluate fairly the Property and its risks from a Hazardous Material standpoint. The following terms shall have the meaning set forth below: 4