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Mayor Duane.1dcCarty <br /> City Council Members <br /> October 12. 1998 <br /> Page 3 <br /> 6.) Buyer shall have been able to enter into a net lease agreement with an <br /> anchor tenant of its choice on terms and conditions acceptable to Buyer in its <br /> sole discretion. <br /> 7.) Buyer shall have been able to obtain financing for the project on terms and <br /> conditions acceptable to Buyer in its sole discretion. <br /> S.) Buyer shall have entered into binding purchase agreements with the <br /> owners of certain adjacent property and can simultaneously close on the <br /> purchase of the Property and said adjacent parcels. <br /> 9.) Buyer shall have agreed to the fora of quit claim deed to be given by the <br /> Seller, which quit claim deed, Buyer agrees, shall contain restrictions which <br /> run with the land which prohibit the use ofthe Property as an adult bookstore, <br /> - adult movie theater,or massage parlor in each case whose business is the sale, <br /> rental or promotion of sexually explicit material acts or entertainment and to <br /> which admission is restricted due to age. <br /> 10.) In the event Buyer fails to.receive approval of the development of the <br /> Property at a public hearing, this Agreement may be terminated by eithe <br /> Seiler or Buyer. <br /> Buyer 01211 deposit Earnest Money in the form of cash or irrevocable letter of <br /> credit in the amount of Ten Thousand and NO/100 dollars ($10,000) in an <br /> escrow account with Old Republic Title Insurance Company. Earnest Money <br /> shall be refundable if Purchaser cancels the Purchase Agreement during Due <br /> Diligence Period and any Extension. <br /> EXTENstoN: Upon the expiration of the Due Diligence Period, provided Buyer has not <br /> closed or terminated the Purchase Agreement,Purchaser may extend the Due <br /> Diligence Period for three (2) periods of ninety (90) days by depositing <br /> additional Earnest Money in the form of cash or irrevocable letter of credit, <br /> in the amount of Five Thousand and NO/100 dollars ($5,000) in an escrow <br /> account. The Additional Earnest Money shall be non-refundable, but <br /> applicable to the purchase price. <br /> CLosING: Closing will occur (30)withindays of <br /> �nY expiration of Due Diligence <br /> Period and Extension, but not earlier than the vacation of present Edgwood <br /> Drive and reconstruction of Edgewood Drive to the permanent location. <br /> BROEER: Buyer shall be responsible for compensating Terry Moses in connection with <br /> this proposed sale. <br />