2003-135 Council Resolution - Laserfiche WebLink

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same. If City is unable to cause such to be eliminated within that period, Buyer, at its option, by written notice to City at any time on or before the Closing Date may elect (a) to cancel this Agreement or (b) to accept title with the defect or matter to which it earlier objected. In the event of cancellation under this Section 5, this Agreement thereupon shall become null and void and of no further force or effect. The Initial Earnest Money shall be promptly refunded by City. In such event neither Buyer nor City shall have any further obligation or liability hereunder. Any exceptions to title to which Buyer does not object, or for which Buyer waives its objection in writing shall be deemed to be "Permitted Exceptions". The Title Policy shall show no exceptions, except as may be agreed upon by Buyer, and any Permitted Exceptions. 6. ADDITIONAL DOCUMENTS AND INFORMATION. Thirty (30) days following execution of this Agreement, City shall deliver copies of the following documents (the "Additional Documents") to Buyer (which copies shall be true, correct, complete and legible): Copies of all soil tests, environmental reports, including a Phase I environmental report, and inspection reports prepared with respect to the Property prepared by or for City, or in possession of City. b) Copies of all real estate tax statements for taxes payable in 2001 and 2002, and when available, for 2003, with respect to the Property. 7. BUYER'S CONDITIONS PRECEDENT AND INSPECTIONS. Buyer's obligations under this Agreement are further contingent upon satisfaction in the sole discretion of Buyer of the following additional express conditions precedent: a) General municipal approval of the development plan prepared by Buyer within sixty (60) days after submittal to the City. b) Approval of a mixed use redevelopment project on the adjacent 29.53 acres known as the "Tagg Property". c) Approval by Buyer and its consultant within sixty (60) days after execution of Purchase Agreement in their sole discretion of soils, engineering tests, physical inspections of the Property and all other matters pertaining to the physical condition of the Property (including inspection reports relating to soil compaction and such hazardous and toxic waste inspections as shall be required by Buyer in its sole discretion).