Agenda - Council - 02/23/1999 - Laserfiche WebLink

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02×17×99 15:2~ LR~ OFFICES 2148 4TH RUE e 612 427 5543 N0,469 b. If title is marketable, or is made marketable as provided i~in, and SELLER defaults in any of ~e agreements berefia, BUY~ may, as permitted by law: (i) Seek damages from SF..LLER i~uding costs a~d reasonable attorneys' fees; (ii) Seek specific performance wi~a six montlas after suc~ right of action a_dses. 5, CONDITIONS ;Pt~EC~DI~NT TO CLOSING. The closing of ~e transaction conmmplated by mis Agreement is subject to: a. SEI_.T.~.R'$ acquisition of fee title to the l:~peny, eitlaer by d.i. tect negotiation or t~rough its ri~ts of eminent domain, b. The BuY]gR baying reviewed and approved title to the Property pursuant to Section 3 herein, provided, that this con~g~cy is tot the sole benefit of BIJY~ and BU'~.R sl~ ~ave the fight to waive tl~ eon~gency by giv~g written notice to c. Negotiation and execution by BUYER development agreement pemi~g to the Property and ~e Development whicl3, Development Agteemem sball contain provisions for at leas~ rte following items: (i) A tree p~eservation and planting I~; (ii) A schedule for construction of the Development; (ii Payment of fees, costs, and expe. ses, customarily paid conjunction wi~ approval of a development agreement; Seller _ehall be res'l)omible, at its expense for me construction ot' Sunwoo~ Drive as sl~own on arrayed F. oOai~t "B" and for the ~tallatio~a of m.~k sewer and wate~r mains to serve me ?rope~'ty, (vi) Sucla othea' terms ~.d conditions as are customary in development agreements approved by 'me crrY oF P~M~Y. ,,j~ If BUYER and S~L,I~R have not executed ~ a development agreeme~)t~}.~~tlffs Aga'eement sh~' be ~t~d withoat furt;m: obligation by either party and the Earnest Moaey shall be rettm~d to BUYER; I I I I i I I ! I I I i I I I I