Laserfiche WebLink
4. CONDITIONS PRECEDENT. In the event any of the conditions set forth in this <br /> Section 4 shall not have been fulfilled on or before the "Review Date" as defined hereinafter, Buyer, in <br /> its sole discretion, may terminate this Agreement by giving written notice thereof to Seller on or before <br /> the Closing Date, specifying in such notice the condition which has not been fulfilled, and thereupon all <br /> earnest monies shall be paid to Buyer. The fulfillment of the conditions of this Article 4 are for Buyer's <br /> sole benefit. Buyer may, in its sole discretion, waive (conditionally or absolutely) the fulfillment of any <br /> one or more of the conditions, or any part thereof, specified herein, but only by giving written notice <br /> thereof to Seller at any time and from time to time on or before the Closing Date. Any failure of Buyer <br /> to provide such written notice shall not be deemed a waiver of the fulfillment of any such condition. For <br /> purposes hereof, the Review Date shall be one hundred eighty (180) days from the date of this <br /> Agreement. In the event Buyer is unable to satisfy the conditions set forth herein on or before the Review <br /> Date, Buyer, upon providing written notice to Seller on or before the Review Date, shall have the right <br /> to extend the Review Date for two (2) separate periods of ninety (90) days each, upon deposit of a <br /> promissory note of $5,000.00 as additional Earnest Money for each such extension ("Additional Earnest <br /> Money"). Buyer's right to the second such ninety (90) day extension shall be subject to the consent of <br /> Seller. Such Additional Earnest Money shall be applicable to the Purchase Price but refundable only in <br /> the event of a default of Seller. <br /> 4.1 Buyer shall have been able to obtain all necessary governmental approvals and <br /> permits with regard to all applicable environmental, construction, zoning, platting, signage, subdivision, <br /> lot split, D.O.T access and turn lane agreements and other land use laws, ordinances and regulations and <br /> codes for the construction and use of the Property (and adjacent property) as Buyer intends. <br /> 4.2 Buyer shall have been able to determine that all necessary utilities, including, but <br /> not limited to, natural gas, sanitary sewer, storm sewer and water, are located at the property line and <br /> are of adequate capacity to serve the development of the Property contemplated by the Buyer. <br /> 4.3 Buyer shall have been able to conduct such soil tests, environmental assessments <br /> or other tests or investigations as are consistent with its interest hereunder, the results of which shall be <br /> acceptable to Buyer in its sole discretion. <br /> 4.4 Buyer shall have been able to determine the costs of the site for new construction <br /> and the feasibility of the proposed project based upon said costs and said costs are acceptable to Buyer <br /> in its sole judgement. <br /> 4.5 Buyer shall have been able to make application to applicable governmental units <br /> and/or quasi-governmental entities and to obtain any and all governmental or quasi-governmental aid or <br /> subsidies necessary, in Buyer's sole judgement, for development of the Property in an economically <br /> feasible manner. <br /> 4.6 Buyer shall have been able to enter into a net lease agreement with an anchor tenant <br /> of its choice on terms and conditions acceptable to Buyer in its sole discretion. <br /> • <br /> -3- <br />