2018.09.17 CC Packet - Laserfiche WebLink

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• A development and phasing plan is required and agreed to in writing with all development complete within 3 years. • Quality architecture, building materials, and site design, exceeding requirements of the Downtown Design Guidelines are utilized in form approved by the city council in its sole discretion. • Construction of public amenities, including pedestrian connections, a gathering place near Egg Lake, and public parking on terms acceptable to the city council in its sole discretion. 3. Buffer's Conting-encies. The obligations of Buyer under this Agreement are contingent upon each of the following: 3.1 Representations and Warranties. The representations and warranties of Seller contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date. 3.2 Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, access to the Real Property without charge and at all reasonable times for the purpose of Buyer's investigation and testing the same. Buyer shall pay all costs and expenses of such investigation and testing, shall restore the Real Property, and shall hold Seller and the Real Property harmless from all costs and liabilities relating to Buyer's activities. Buyer shall have been satisfied with the results of all such tests and investigations performed by it or on its behalf on or before the Contingency Date (as hereinafter defined). 3.3 Title. Title shall have been found acceptable, or been made acceptable, in accordance with the requirements and terms of Section 6 below. 3.4 Access to Highway 61. Buyer shall have obtained approval from the Minnesota Department of Transportation for an addition access to the Land from Highway 61 at the north end of the Land on or before the Closing Date. 3.5 Developers Agreement. The obligations of the Buyer under this Agreement are contingent upon the Seller and Buyer entering into a Development Agreement relating to the Property according to terms agreeable to Buyer and Seller on or before the Closing Date. The "Contingency Date" shall be the date that the contingencies are met but not latter than 120- Days from the Effective Date. �f Buyer is not satisfied with its inspection of the Property on or before the Contingency Date or if title is not found acceptable to Buyer, or made acceptable, in accordance with the requirements and terms of Section 6 or in the event of casualty or condemnation under the terms of Section 9, then the Earnest Money shall be returned promptly to Buyer, and Buyer will execute and deliver to Seller a termination of this Agreement in a form acceptable to Seller, and Seller and Buyer shall have no further liability or obligations with respect to this Agreement. If Buyer gives Seller notice on or before the Contingency Date that the contingencies described in this Section required to be satisfied by the Contingency Date are either satisfied or waived by Buyer, then the parties will proceed to close the transaction contemplated hereby and, except as specifically set forth herein, the Earnest Money will be non- refundable to Buyer but applicable to the Purchase Price. -2-