05/13/14 - Laserfiche WebLink

Home

satisfied in its sole discretion with the results of such investigation and testing before the expiration of the Inspection Period. 6.4. Document Review. Buyer shall have determined, on or before the expiration of the Inspection Period, that it is satisfied with its review and analysis of the Contracts, the Reports, the Permits, and the Warranties. 6.5. Government Approvals. Buyer shall have obtained on or before the Closing Date all final approvals from all Governmental Authorities necessary in Buyer's judgment to make the use of the Property which Buyer intends. Seller shall, at the request of Buyer, and at no cost to Seller, reasonably cooperate with Buyer in connection with Buyer's application(s) for project and development approvals from Governmental Authorities as provided in this Agreement (including, without limitation, joining in the execution of the materials described in this Section) in connection with (i) applications, agreements, amendments, approvals and annexation agreements relating to, among other things, zoning, site plan, planned development, subdivision, protective covenants, utility and other development matters to permit the use and/or development of the Property in accordance with Buyer's proposed development plans, and (ii) any requirements of any Governmental Authorities relating to the proposed use and/or development of the Property. 6.6. Financing. Buyer shall have received, on or before the Closing Date, the proceeds of financing necessary and sufficient, in Buyer's sole discretion, to complete the purchase of the Property and to implement Buyer's planned use of the Property, including, but not limited to, an award of Low Income Housing Tax Credits from the Minnesota Housing Finance Agency in an amount and under terms acceptable to Buyer to facilitate the development of the Real Property as intended by Buyer and an award of funding in an amount not less than $250,000 from the Anoka County Housing and Redevelopment Authority upon terms acceptable to Buyer. Buyer may terminate this Agreement by written notice to Seller on or before the last day of the applicable periods as specified above. Upon termination of this Agreement for failure to satisfy one of Buyer's contingencies set forth in this Section 6, neither party will have any further rights or obligations regarding this Agreement or the Property and the Earnest Money shall be returned to Buyer. All the contingencies are specifically for the benefit of Buyer, and Buyer shall have the right to waive any contingency by written notice to Seller. 7. Seller's Continaencv. The obligations of Seller under this Agreement are contingent upon the representations, warranties, and covenants of Buyer contained in this Agreement being true as of the Effective Date and as of the Closing Date. 8. Closing. The Closing shall occur on the Closing Date. The Closing shall take place at a location mutually agreeable to Seller and Buyer. Seller agrees to deliver possession of the Property to Buyer on the Closing Date. 3