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11/20/12 Special
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11/20/12 Special
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7/18/2025 11:20:40 AM
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11/21/2012 10:46:49 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Special
Document Date
11/20/2012
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shall promptly repair any damage and restore the Property to its condition immediately prior to such <br />entry and damage. If it is not reasonably practical to restore the Property to its condition prior to such <br />Inspections, Buyer will not be required to restore the Property if prior to undertaking any such <br />Inspections, Buyer receives written approval of Seller that it will not be required to restore the Property. <br />6.4 Indemnity for Costs of Inspections. Buyer shall promptly pay for all services rendered <br />by its agents, employees and contractors to conduct the Inspections and provide the Data and Services, <br />and shall not allow any mechanic's liens to attach to, or be filed against, the Property. Buyer shall <br />indemnify, protect, defend and hold Seller harmless from and against any obligation, liability, claim <br />(including any claim for damage to property or injury to or death of any persons), lien or encumbrance, <br />loss, damage, cost or expense, including attorneys' fees, whether or not legal proceedings are instituted, <br />in any way arising from the Inspections or examinations of the Property by Buyer or its agents, <br />employees or contractors. The indemnity which is the subject of the preceding sentence shall not cover <br />liability arising from the physical condition of the Property unless such physical condition is created by <br />Buyer. Such agreement to repair and restore, and to indemnify and hold harmless Seller, shall survive <br />Closing or any termination of this Agreement notwithstanding any provision to the contrary in this <br />Agreement. <br />6.5 Indemnity for Injuries. The right of entry granted by this Section 6 shall be at Buyer's <br />sole risk. Buyer shall indemnify, defend and hold Seller harmless against claims, damages, costs and <br />expenses, including attorneys' fees, for injury, including death, to any person, or damage or loss of any <br />kind to property, including the Property, that may occur as a result of Buyer's exercise of the rights <br />granted under this Paragraph 6. <br />6.6 Approval or Termination. <br />(a) If Buyer has no objections to the results of Buyer's audits and inspections of the <br />Property and the matters made available to Buyer pursuant to this Article 6, Buyer may continue <br />this Agreement by delivering to Seller written notice (the "Approval Notice") on or prior to the <br />Contingency Date. <br />(b) Buyer may, at Buyer's sole discretion and option, for any reason, at any time on <br />or before the Contingency Date, elect to terminate this Agreement and not purchase the Projects, <br />by giving written notice to Seller of such election to terminate (the "Termination Notice"). If <br />Buyer neither delivers the Approval Notice nor the Termination Notice to Seller on or before the <br />Contingency Date, it shall be deemed that Buyer shall have delivered the Approval Notice and <br />the parties shall proceed to Closing as provided in this Agreement. Notwithstanding anything <br />contained herein to the contrary, if Buyer delivers the Termination Notice on or prior to the <br />Contingency Date, this Agreement shall terminate, and neither Seller nor Buyer shall have any <br />further obligation under this Agreement, except as to those obligations provided for herein which <br />are stated to survive termination of this Agreement. If Buyer delivers the Approval Notice or is <br />deemed to have delivered the Approval Notice, Buyer shall be deemed to have waived the right <br />to terminate this Agreement pursuant to this Section 6.6 and the parties shall proceed to Closing <br />pursuant to the provisions of this Agreement. <br />ARTICLE 7 <br />CLOSING; CLOSING DATE; CLOSING DOCUMENTS; CONDITION SUBSEQUENT; <br />CLOSING COST ALLOCATIONS <br />84959-004\ 1571749.doc 5 <br />
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