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Thousand Two Hundred Fifty Dollars ($326,250.00)_, . <br />This second parcel is described in Exhibit A. The exact area <br />of the second first parcel shall be established by a survey to be <br />completed within sixty (60) days of the_ signing of this <br />Agreement. The closing of the purchase of this second parcel second parcel <br />will take place within thirty (30) days after the Seller certifies to the Buyer <br />that the Property is construction ready. The Seller shall be responsible for <br />making the Property construction ready including the demolition of <br />any existing structures, removal of debris, removal of the mound system <br />and general clean-up all of which shall be completed by <br />June 1, 2016. If the Seller fails to give notice and the Property is in <br />fact not construction -ready by June 1, 2016, the Buyer may, <br />discretion terminate this Agreement, and the <br />Buyer's obligations under this Agreement. <br />in its sole <br />(c) Adjustment to the Purchase Price. If the Seller requires a connection street in <br />Phase 2 of the development of the Property, the Purchase Price shall be adjusted <br />downward to reflect the cost of construction of the road and the loss of <br />approximately one (1) acre of buildable land. Those costs are estimated to be <br />One Hundred Forty Five Thousand Dollars ($145,000.00). The parties shall <br />negotiate in good faith, using their best efforts, to reach agreement on the amount <br />of the price adjustment. If the parties cannot reach agreement on this issue, they <br />agree to submit the matter to binding arbitration. <br />3. Contingencies. Buyer's obligations under this Agreement are expressly contingent <br />upon satisfaction or waiver of each of the following conditions: <br />a. Title. Title will have been found acceptable to Buyer, or been made acceptable, <br />in accordance with this Agreement's requirements and terms. <br />b. Performance of Seller's Obligations. Seller will have performed all of its <br />obligations required under this Agreement, as and when required by this <br />Agreement. <br />c. Representations and Warranties. All of Seller's representations and <br />warranties contained in this Agreement are true and correct as of the Closing <br />Date. <br />d. Inspections and Feasibility and Due Diligence Investigations. Buyer' s <br />satisfaction with the results of and matters disclosed by such inspections, <br />investigations and testing of the Property (the "Inspections"), including without <br />limitation, surveys, soil tests, environmental reports, Phase I reports, and all other <br />tests and inspections of the Property, which Buyer deems necessary or appropriate <br />to determine the suitability and feasibility of the Property for Buyer's intended <br />use of the Property (including without limitation, the successful application for <br />rezoning and plat approval) and Buyer shall have determined, that the Property <br />meets with Buyer's approval, including other assessments such as utilities and <br />