Laserfiche WebLink
4 <br /> <br /> <br />(B) Second Phase: The Second Phase shall occur no later than forty eight (48) months <br />after the Effective Date of this Purchase Agreement (the “Second Phase Closing <br />Date”); provided that Buyer may extend the Second Phase Closing Date to sixty <br />(60) months after the Effective Date if Buyer deposits Twenty Thousand Dollars of <br />additional non-refundable Earnest Money with Escrow Agent no later than the <br />expiration of forty eight (48) months after the Effective Date. The portion of the <br />Property to be acquired at the Second Phase shall be the balance of the Land.). <br />Buyer shall, as a condition to such acquisition, satisfy the Second Phase closing <br />requirements as set forth in section 13.(B) of this Purchase Agreement. Buyer may <br />accelerate the Second Phase Closing Date upon not less than 10 days’ notice. In <br />addition, Buyer may extend the Second Phase Closing Date by 90 days in order to <br />address and cure deficiencies expressed by the City (and its council) as to why <br />development should not proceed. As an additional exception, any delays to <br />approval of development plans that are attributable to Seller (including its council) <br />shall correspondingly extend the Second Phase Closing Date not to exceed 90 days. <br /> <br />4. Development Agreement. Prior to the First Phase Closing Date, Seller and Buyer shall <br />negotiate in good faith a Development Agreement that is consistent with the terms and <br />conditions of this Purchase Agreement and which will set forth the rights and obligations <br />of Seller and Buyer during the development of the Property. In the event the Development <br />Agreement contains terms or conditions that differ from this Purchase Agreement, the <br />terms and conditions of the Development Agreement shall govern. <br /> <br />The obligations of the Seller to sell the Property, and the rights of Buyer to purchase the <br />Property, are contingent upon the execution of the Development Agreement prior to the <br />First Phase Closing Date (as may be extended by Buyer). In addition to the other terms and <br />conditions of this Purchase Agreement, the Buyer contemplates that the Development <br />Agreement will provide for the following, which, prior the execution of the Development <br />Agreement, are subject to the approval or disapproval of the Seller in Seller’s sole <br />discretion: <br /> <br />(A) Construction of public and private improvements (subject to the approved plans in <br />the Development Agreement) of the First Phase shall be substantially complete as <br />reasonably determined by the City not later than December 31, 2022, unless delays <br />beyond the Buyer’s control prevent substantial completion. Should any delays <br />beyond Buyer’s control occur, Buyer shall notify Seller in writing of the delays, the <br />cause of the delays, and the days lost due to the delays not to exceed 90 days. The <br />deadline for substantial completion shall be correspondingly extended by any days <br />of delay that are due to reasons beyond Buyer’s control not to exceed 90 days. <br /> <br />(B) Construction of public and private improvements (subject to the approved plans in <br />the Development Agreement) on the Second Phase shall be substantially complete <br />as reasonably determined by the City not later than eighteen (18) months after the <br />Second Phase Closing Date, unless delays beyond the Buyer’s control prevent <br />substantial completion. Should any delays beyond Buyer’s control occur, Buyer <br />shall notify Seller in writing of the delays, the cause of the delays, and the days lost <br />due to the delays not to exceed 90 days. The deadline for substantial completion