Agenda - Economic Development Authority - 03/09/2017

Home

have read and full negotiated all the language used in this Agreement. The Parties acknowledge that because all Parties and their counsel participated in negotiating and drafting this Agreement, no rule of construction shall apply to this Agreement to construe ambiguous or unclear language in favor of or against any Party. 28. COUNTERPARTS; DIGITAL COPIES. This Agreement may be executed in any number of counterparts and the signature pages of the separate counterparts combined into a single copy of this Agreement which will then constitute a fully executed version of this Agreement. A facsimile, .pdf file or digital copy of a signed counterpart or of an assemblage of counterparts of this Agreement shall be deemed to be an original thereof. 29. OPTION TO EXTEND. In the event Buyer requests a 60-day extension of the Inspection Period or Closing Date, and the extension is agreed to in writing by Seller, Buyer must deposit an additional $2,500 Earnest Money with the Escrow Agent. The additional Earnest Money is nonrefundable immediately, and will comply with terms outlined in Section 4 of this Agreement. Buyer is granted a maximum two extensions. 30. CONSTRUCTION DEADLINE. Buyer shall obtain a certificate of occupancy from the City of Ramsey for the construction of a roughly 10,000 square foot commercial building, by September 1, 2018. At Closing, a"Right of Re-Entry Agreement" must be executed and recorded to the Property providing that, in the event the above deadline is not met, Seller has the right to reclaim title to the parcels for which a certificate of occupancy was not obtained, or in the alternative, and at Seller's sole discretion, Buyer shall pay Seller $20,000. 31. PLATTING& DEVELOPMENT AGREEMENT. Buyer must obtain an approved final plat, development agreement, and building exterior visual renderings with the City of Ramsey for a roughly 1-acre, 10,000 square foot commercial building before Closing. Development Agreement and Site Plan must comply with all local zoning ordinances and design standards, including The COR Design Standards. 32. ROAD CONNECTION. Both the Buyer and Seller understand that a road connection must be constructed between Sunwood Drive and Veteran's Drive as part of this proposed development project. If the road connection is required to be a public road, the Buyer will be assigned 20% of total projects costs. If the road connection is required to be a private road connection, the Buyer will be assigned 50% of total project costs. This item will be discussed and finalized during the City of Ramsey's official Site Plan Review process. 10