HRA PACKET 02082022 - Laserfiche WebLink

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(c)Obtaining satisfactory soil tests and other due diligence regarding the Parcel and buyer’s intended use of same; (d)Receipt of approval for all entitlements required for buyer’s intended use of the Parcel, including but not limited to a conditional use permit and/or planned unit development agreement required by the City and/or any other governmental authority having jurisdiction (and for avoidance of doubt, the condition in favor of HRA under this section includes the City’s approval of the New Bremer Project) but shall specifically exclude the Redevelopment Property; (e)Review and approval of title as provided and in accordance with the timeframes set forth in Section 7 below; (f)Review and acceptance of seller’s representations and information as provided below; (g)As described in Section 4 above, simultaneous closing of the Interstate Purchase. (h)At Closing, the recording of the St. Anthony Bremer Addition plat (the “Plat”) to re-plat the HRA Parcel, at Lowry Retail’s sole cost and expense and in the form previously approved by the HRA, which plat will be recorded immediately before the Limited Warranty Deed for the HRA Parcel described herein. The buyer will diligently pursue all above items. In the event buyer fails to satisfactorily complete these items within the time period provided, buyer may choose to extend the Due Diligence Period by up to two (2) additional thirty (30) day periods (“Due Diligence Extension Period One,” and “Due Diligence Extension Period Two,” respectively, and collectively “Due Diligence Extension Periods”). In the event buyer has failed to satisfactorily complete these items and both the initial Due Diligence Period and the respective Due Diligence Extension Periods have expired, either Interstate or the HRA may choose to terminate this Agreement with no liability on either side by written notice at any time prior to the expiration of the Due Diligence Period (as extended, if applicable), except as specifically provided herein. 6.Delivery of Seller Documents. Not later than seven (7) days following the Effective Date, each party shall provide the other party with all existing information the seller has with respect to its respective Parcel, including but not limited to surveys, topographic maps, environmental conditions, geotechnical information and all other prior documents related to the ownership and operation of the Parcels. In the event either party requires additional information and that information is not available from the other party, the party requiring additional information shall be solely responsible for the cost thereof. 7.Title Evidence. Not later than fourteen (14) days following the Effective Date, each party hereto shall provide the other party with a current title insurance commitment with respect to its respective parcel. Interstate’s title commitment shall be provided by the Title Company and HRA’s title insurance commitment shall be provided by the Title Company. The cost of the title insurance commitment shall be solely the responsibility of the seller of that Parcel. Subject to Permitted Encumbrances (defined below), each party shall have the obligation to convey good and marketable title to its respective Parcel, free and clear of mortgages, security interests, easements (other than utility easements in favor of the HRA which do not interfere with proposed improvements to be constructed on the respective parcels) and other matters of record which would materially and adversely affect use of the respective Parcel for its intended use. If either party objects to any title matter disclosed in the respective title insurance commitments, 3 2483256.v4