2019.11.04 CC Packet - Laserfiche WebLink

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d. 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. C. 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. f. Buyer shall have obtained approval from the Minnesota Department of Transportation for an additional access to the Real Property from Highway 61 at the north end of the Real Property on or before the Closing Date. Alternatively, the buyer could propose to use the existing access from Highway 61. 6. Additional Approvals Required: This agreement is expressly conditioned upon the Buyer receiving land use application and follow-up Development Agreement approval by the City Council as well as all development and connection fees per the City's fee schedule shall be paid. 7. Time is Of the Essence: Time shall be of the essence as to all the required conditions and undertakings herein. Failure to meet any deadline herein shall constitute a default hereunder. 8. The "Contingency Date" shall be the date that the contingencies are met but not later than 30-Days from the Option Expiration Date. If 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 is exercised, the Purchase Price for the Real Property is: One Dollar ($1.00). 9. Possession of Property Seller has a right to possess and occupy the property until a closing on it is held. 10. Place of Closin . The place of closing shall be at Land Title, Inc. 4661 U.S. Hwy 61 N. #104 White Bear Lake, MN 55110. 11. Title and Survey. In lieu of all other evidence of title, the Seller will provide the Buyer with a commitment for title insurance for the Real Property, committing to insure the Buyer on Closing as the owner of the Real Property in an amount equal to the Purchase Price for the Real Property, free of all liens, encumbrances and adverse claims except only the Permitted Encumbrances. The Permitted Encumbrances shall only be those encumbrances listed on the 4