Agenda - Council - 09/26/2017 - Laserfiche WebLink

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29. 26. CONSTRUCTION. The Parties acknowledge that this Agreement was initially prepared by Seller solely as a convenience and that all Parties and their counsel hereto 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. 27. 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. 28. TIME PERIODS. The time for performance of any obligation or taking any action under this Agreement shall be deemed to expire at 5:00 p.m. Pacific Time on the last day of the applicable time period provided for in this Agreement. If the time for the performance of any obligation or taking any action under this Agreement expires on a Saturday, Sunday or legal holiday, the time for performance or taking such action shall be extended to the next succeeding day which is not a Saturday, Sunday or legal holiday. 29. CONSTRUCTION DEADLINE. Buyer shall obtain a building permit for -- an age restricted, market rate, apartment community of approximately 150 to 200 units, which shall include first floor structured parking -- no later than six (6) months following Closing, and shall obtain a certificate of occplrj far the project from the City of u htcr thsK tvia (2) ycars following Closing. At Closing, a "Right of Re -Entry Agreement" must be executed and recorded to the Property providing that, unless due to circumstances beyond Buyer's control (such as fire/casualty/force majeure), in the event the above constructionbuildine Hermit deadline is not met, Seller has the right to reclaim title to the Property. Additionally. unless due to circumstances beyond Buyer's control (such as fire/casualty/force maieure). Buyer shall obtain a certificate of occunancv for the nroiect from the City of Ramsey no later than thirty (30) months following Closing. In the event the above construction deadline is not met. or -Buyer shall pay Seller a $50,000 penalty, Seller's sole discretion. In the event the penalty is not paid within 30 days of receipt of notice, Seller may certify the penalty to Anoka County as an assessment against the Property. .............. Obtaining Building Permit: Shall mean fully Having for and physically receiving an annroved Building Permit from the City of Ramsey's Building Department. A Building Permit includes. but is not limited to. the following fees: plan review fee. erosion control fee. base permit fee. water access charge (WAC). and sewer access charges (SAC). Building permit fees are non-refundable. Successfully applying for a Building Permit does not constitute obtaining a Building Permit. Page 10 of 16 IFormatted: Font: Bold, Font color: Black IFormatted: No bullets or numbering ( Formatted: Indent: Left: 1" IFormatted: No bullets or numbering