Laserfiche WebLink
Manor Duane McCarty <br /> City Council Members <br /> October 12, 1998 <br /> Page 2 <br /> PURCHASE <br /> AGREEMENT: Buyer and Seller will enter into a Purchase Agreement within ten(10)days of <br /> acceptance of this Letter of Intent by Seller as proposed by Purchaser. <br /> Buyer shall prepare Purchase Agreement. Purchase Agreement shall be in a <br /> form substantially similar to that dated October 13, 1997 between the parties. <br /> SPECIAL <br /> ASSESSMENT: Seller will pay all levied or pending Special Assessments or other levies prior <br /> to closing. <br /> DUE DILIGENCE <br /> PERIOD: Buyer shall have one hundred eighty (180) days from the execution of a <br /> mutually acceptable Purchase Agreement to cancel the Purchase Agreement <br /> - due to the following: <br /> 1.) Buyer shall have been able to obtain all necessary governmental approvals <br /> and permits with regard to all applicable environmental, construction, zoning, <br /> platting,signage,subdivision,lot split,D.O.T access and turn lane agreements <br /> and other land use laws, ordinances and regulations and codes for the <br /> construction and use ofthe Property(and adjacent property)as Buyer intends. <br /> 2.) Buyer shall have been able to determine that all necessary utilities, <br /> including, but not limited to, natural gas, sanitary sewer, storm sewer and <br /> water, are located at the property line and are of adequate capacity to serve <br /> the development of the Property contemplated by the Buyer. <br /> 3.) Buyer shall have been able to conduct such soil tests, environmental <br /> assessments or other tests or investigations as are consistent with its interest <br /> hereunder, the results of which shall be acceptable to Buyer in its sole <br /> discretion. <br /> 4.) Buyer shall have been able to determine the costs of the site for new <br /> construction and the feasibility of the proposed project based upon said costs <br /> and said costs are acceptable to Buyer in its sole judgement. <br /> 5.) Buyer shall have been able to make application to applicable governmental <br /> units and/or quasi-governmental entities and to obtain any and all <br /> governmental or quasi-governmental aid or subsidies necessary, in Buyer's <br /> sole judgement, for development of the Property in an economically feasible <br /> manner. <br />