Agenda - Council - 09/22/2015 - Laserfiche WebLink

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Section 2.8. Possession. City shall deliver possession of the Development Property to Developer on the Closing Date. Section 2.9. Developer's Contimzencies. Developer's obligation to close under this Agreement is expressly conditioned upon each of the following, contingencies being satisfied or waived on or before the closing date: (a) The Environmental Audit and Developer's inspections and investigations of the Development Property shall have disclosed no unsatisfactory conditions or defects, including no unsatisfactory environmental conditions that cannot be remedied by the City. (h) Developer having determined that the Development Property is physically suitable (including but not limited to, the elevation and soil conditions), for the construction thereon of the Minimum Improvements. (c) Developer having determined that it will be able to obtain and the City having approved financing which, together with Developer's equity, is sufficient for the Construction of the Minimum Improvements. All of the foregoing contingencies in this Section 2.9. are for Developer's sok benefit. Whether or not the said contingencies have been satisfied shall be determined by Developer in the exercise of its sole and absolute discretion. In the event that any of the foregoing contingencies are not satisfied, or satisfaction thereof is not waived by Developer giving written notice to City of said waiver on or before 30 days prior to the Closing Date, ("the Contingency Expiration Date"), Developer may, at its option, terminate this Agreement by giving written notice to City on or before the Contingency Expiration Date. If Developer so tenninates this Agreement, neither party shall have any further rights, obligations or liability under this Agreement. 11