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02-14-2022 EDA
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02-14-2022 EDA
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2/14/2022 9:53:26 AM
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MV EDA
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Packets
Date
2/14/2022
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Draft 2.10.2022 <br /> <br />4 <br />DOCSOPEN\MU205\57\776768.v5-1/28/22 <br />10. DEFAULT: If the title to the Premises be found marketable or be so made within said time, <br />and Buyer shall default in any of the covenants contained in this Agreement and continue into <br />default for a period of ten (10) days, then and in that case, Sellers may terminate this <br />Agreement and on such termination all the payments made under this Agreement shall be <br />retained by Sellers as liquidated damages, time being of the essence hereof. This provision <br />shall not deprive either party of the right of enforcing the specific performance of this <br />Agreement provided this Agreement shall not be terminated as aforesaid, and provided action <br />to enforce such specific performance shall be commenced within six months after such right <br />of action shall arise. <br /> <br />11. CONTINGENCIES: This Agreement is subject to the following contingencies: <br /> <br />A. Inspection of Property. This Agreement is contingent upon an inspection and <br />approval of the Property by the Buyer at the Buyer’s expense. Such inspection must <br />be conducted within thirty (30) days of the signing and acceptance of this Agreement <br />by all parties. Sellers hereby grant to Buyer, its agents and designated representatives <br />the right to enter upon the Property at reasonable times and from time to time after the <br />date of this Agreement for the purposes of inspecting the Property. <br /> <br />B. Environmental Inspection. This Agreement is contingent upon Buyer approving the <br />environmental condition of the Property not later than thirty (30) days of the signing <br />and acceptance of the Agreement by all parties, pursuant to paragraph 14 of this <br />Agreement. <br /> <br />C. General Inspection. This Agreement is contingent upon Buyer’s inspection of the <br />Property disclosing, in the Buyer’s sole discretion, no unsatisfactory conditions, not <br />later than thirty (30) days of the signing and acceptance of the Agreement by all <br />parties. Buyer and Buyer’s agents shall have a reasonable right of access to the <br />Property at reasonable times prior to closing, solely for the purpose of inspecting <br />the Property. <br /> <br />D. Sewer Inspection. The Buyer shall be responsible for any sewer line inspections. <br /> <br />E. Approval of Board. This Agreement is contingent upon approval of this Agreement <br />by the Mounds View Economic Development Authority Board of Commissioners. <br /> <br />F. Leases. Sellers to supply Buyer with a copy of all written leases and a list of any <br />outstanding verbal agreements regarding leasehold agreements and evidence that <br />such leases or agreements have been terminated. <br /> <br />G. Waiver of Relocation Assistance. Buyer’s approval of the Waiver of Relocation <br />Assistance, Services, Payments and Benefits Agreement with Sellers as more fully <br />set forth in paragraph 23. <br /> <br />Upon the approval of Buyer's governing body, the Buyer shall provide written notice to <br />Sellers that the contingencies set forth above are satisfied. Until Sellers receive such
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