11-10-1997 EDA - Laserfiche WebLink

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(m) "Parcel" means the real property so described as above as the Property. • (n) "Property" means the real property upon which the Minimum Improvements will be constructed, a legal description of which is set forth at /Exhibit A of this Agreement. After construction of the Minimum Improvements, the term means the Property as improved. The Property consists of one Parcel_ (o) "State" means the State of Minnesota. (p) "Termination Date"means the date on which the Develo a Certificate of Completion pursuant to thePCrrefehis Agreement. terms and conditions of this (q) "Unavoidable Delays"means delays beyond the reasonable control of the party seeking to be excused as a result thereof which are the direct result of strikes, other labor troubles,prolonged adverse weather or acts of other casualty to the Minimum oven fire or parties which, by injunction or other �' litigation commenced by third delays, or acts of any federal,state or I similar judicial action, directly results in or Authority in exercising their rights under this Agreement)unit(other than the City in delaays. Unavoidable Delays shall not inclulayin the D elo result which directly s obtaining of permits or governmental approvals necessary to enable construction i of the Minimum Improvements by the dates such Section 20 of this Agreement. construction is required wader 2.0. ) ss To Ek_______Purchased. Subject to compliance P with the terms and conditions of this Agreement, Authority shall sell to Developer and Developer shall purchase from Authority the Property. 3.0. Pure ase Price. The purchase price ("Purchase Price") of the Property shall be S payable as follows: 3.1. The amount of S as earnest money (the "Earnest Money") to be deposited by Developer with Title Insurer within three (3) days after the date of this Agreement and held and disbursed under the terms of this Agreement 3.2. The amount of S shall be payable in cash or certified check on the Date of Closing. • 4.0. :Luta Be Deliver, Authority agrees simple title to the Propertyto convey to Developer marketable subject only to the encumbrances approved by Developer in accordance. with Section 5.2. Should Developer determine Authority's title to the Pro unmarketable,Developer may make objections to Authority's title in accordance 'to be � �G- Yothing contained in this Agreement shall be with Section 12. construed as a covenant requiring Authority to ()obtain marketable title to the Property if it is determined that Authority does not have title. marketable s7-1a590 M2135-2 „ s