Agenda - Council - 02/22/2005 - Laserfiche WebLink

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Uses (i.e. the ancillary uses shall not having street frontage), including, without limitation, coffee kiosks within any of the Permitted Uses, a snack bar within a health club or cinema, and an athletic gear and clothing shop in a health club. If Buyer shall fail to exercise this Option as to any portion of the Property on or before the Expiration Date, as the same may have been extended, then Buyer shall have no further rights in or to any portion of the Property (not subject to a valid notice of exercise) after the Expiration Date, and this Option shall thereafter be of no further force or effect as to suchportion of the Property. It is acknowledged that time is of the essence, and it shall be presumed Seller shall be prejudiced if Buyer shall fail to meet the time limits for exercise and 'extension herein provided. Seller's Ob. liga. tions. Fr°m and after the date of execution of this Option, Scller shall: 4. l Allow Buyer, and Buyer's agents, access to the Property without charge and at all reasonable times for the purposeofBuyer's investigation and testing the same. Buyer shall pay all costs and expenses of such investigation and testing and shall hold Seller and the PropertY harmless from all costs and liabilities relating to Buyer's activitieS~' Buyer shall further repair and restore any damage to the Property caused bY or occurring during Buyer's testing and retm-n the Property to substantially the same eond~ition as existed prior to such entry. This provision shall survive whether or not Buyer exercises the Option. 4.2 Without charge to Buyer, execute any land use applications or plats necessary to create the parcels that are the subject of an exercise of this Option by Buyer, provided Buyer shall, at its Own expense, pay all engineer!rig and other costs related thereto. 4.3 On or before Closing Date, in cooperation with Buyer, agree to the form and content of the restrictive co*enants that require those portions of the Property acquired by Buyer to be used only for one of the Permitted Uses designated in Buyer's notice of exercise, which restrictive covenants will be effective against such portion of the Property after the Closing Date (the "Post Closing Documents"). The Post Closing Documents shall require that any portion of the Property acquired by Buyer .under this Agreement be improved with improvements designed for One of the Permitted Uses as designated in Buyer's notice of exercise and opened forbusiness for such use within two years after the notice of exercise, subject to extension due to force majeure. The Post Closing Documents shall provide that .(i) in the event of a casualty that substantially destroys the improvements located on a portion of the Property, and the market for the Pe~xnitted Use being conducted on such site prior to the casualty makes it economically infeasible to reconstruct such improvements for such use, or (ii) if the improvements constructed on any portion of the Property cease to be operated for any of the Permitted Uses for more than 12 consecutive months, Seller shall have the option to repurchase such portion of the Property at a price equal to the then fair market value for such portion of the Property, as more fully detailed in the Post Closing Documents. If Seller does not exercise its option within 30 days after the then owner of such ~ortion of the Property notifies Seller of the casualty