Agenda - Economic Development Authority - 09/01/2016

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e. Buyer accepts all risk of Claims(including without limitation all Claims under any Environmental Law and all Claims arising at common law,in equity or under a federal,state or local statute,rule or regulation)whether past,present or future, existing or contingent,known or unknown,arising out of,resulting from or relating to the condition of the Property,known or unknown,contemplated or uncontemplated,suspected or unsuspected,including without limitation the presence of any Hazardous Substance on the Property,whether such Hazardous Substance is located on or under the Property or has migrated from or to the Property. 10.INSPECTION PERIOD. a. Except as otherwise provided in Section 6,Buyer shall have from the date that Buyer deposits the Earnest Money with Escrow Agent to February 28,2017(the "Inspection Period")to investigate the Property and determine,in Buyer's sole judgment,whether(i)the condition of the Property is suitable to Buyer's intended use;and(ii)Buyer will be able to obtain all governmental approvals and utilities necessary for Buyer's intended use of the Property. Buyer acknowledges and agrees that Seller has not made any covenants,representations or warranties regarding Buyer's ability to obtain governmental approvals from the City of Ramsey or any other governmental entity_The City of Ramsey will review, consider and act on any applications Buyer submits to the City for governmental approvals in accordance with City Code. b. Buyer may,at any time on or before 5:00 p.m.on the last day of the Inspection Period,terminate the Agreement by written notice to Seller based on Buyer's determination,in Buyer's sole and absolute discretion,that the condition of the Property is not suitable for Buyer's intended use or that Buyer may not be able to 4 obtain all governmental approvals and utilities necessary for Buyer's intended use of the Property. In addition,this Agreement automatically terminates at 5:00 p.m_ on the last day of the Inspection Period unless,prior to that time Buyer delivers a written notice of Buyer's intention to proceed(a"Notice to Proceed")to Seller. c_If,pursuant to Section 9(b)either Buyer terminates this Agreement or this Formatted:Normal Agreement is automatically terminated,the Escrow Agent must disburse to Buyer any Earnest Money Escrow Agent holds,other than Earnest Money Escrow Agent is obligated to disburse to Seller pursuant to Sections 4(b)and(c). '— Formatted: No bullets or numbering d. uring the Inspectioil Period Buyer will conductpre-leasing for the Progmy Formatted:Font:12 pt (including the installation of a real estate sign),seek city approval of site plans and proposed uses,apply for governmental approvals and entitlements, Formatted:Normal commence negotiations with a source of financing,order due diligence items such Formatted:Font:12 pt as survey,appraisal,environmental assessments,etc. E Formatted:Indent:Left: 1", No bullets or numbering 5 DRAFT