Agenda - Council - 01/28/1997 - Laserfiche WebLink

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Seek spec~c pedormance w~hin s~ months after such right ~ action arises. 5. CONDITION8 PRECEDENT TO CLOSING. The closing of the transaction contemplated by this Agreement is subject to: (a) The BUYER having reviewed and approved title to the Property pursuant to Section 3 herein, provided that this contingency is for the sole benefit of BUYER and BUYER shall have the right to waive this contingency by giving written notice to SELLER. (b) Final plat approval by the CITY OF RAMSEY of a plat containing 38 single-family lots, or more or less at the CITY OF RAMSEY'S option (the "Development"); (c) Negotiation and execution by BUYER and SELLER of a CITY OF RAMSEY standard development agreement pertaining to the Property and the Development which Development Agreement shall contain provisions for at least the following items: (i) A minimum market value for the Development to be constructed on the Property; (ii) A tree preservation and planting plan; (iii) A schedule for construction of the Development; (iv) Payment of fees, costs, and expenses, customarily paid to the CITY OF RAMSEY in conjunction with approval of a development agreement, except park dedication fees which are included in the Purchase Price; (v) Construction of public improvements, at BUYER's expense, including, without limitation, municipal water and sewer, streets, curbs and gutters, street and traffic signs, and lighting; (vi) Agreement between the parties concerning the portion of the Property to be retained by or deeded back to the SELLER; 4 I I I I I I I I I I