Resolution 1998-08 - Laserfiche WebLink

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to be conveyed to it is not be merchantable, then that party shall provide written notice of the defects to the other party on or before twenty-one (21) days after the date of execution of this Agreement by the City. The party receiving such notice shall use reasonable efforts to correct said defects prior to the date of closing. If such defects are not corrected prior to closing, the objecting party, at its option, may complete the transaction notwithstanding the uncorrected defects or may, upon written notice to the other party, declare this Agreement terminated, whereupon this Agreement shall be null and void and each party shall be released from the terms and obligations created hereunder. 8. Physical Inspection. Each party shall have the right and is hereby granted access to inspect the physical condition of the Parcel to be conveyed to it, including the right to conduct any tests or studies deemed necessary which do not materially damage the Parcel inspected. Inspection shall be completed on or before fifteen (15) days after the date of execution of this Agreement by the City, and any material objection based on a physical inspection shall be communicated by written notice to the other party given on or before twenty-one (21) days after the date of execution of this Agreement by the City. The party receiving such notice shall use reasonable efforts to correct the objectionable conditions prior to the date of closing. If such conditions are not corrected prior to closing, the objecting party, at its option, may complete the transaction notwithstanding the uncorrected defects or may, upon written notice to the other party, declare this Agreement terminated, whereupon this Agreement shall be null and void and each party shall be released from the terms and obligations created hereunder. 9. Time of Closinq. Closing of the exchange contemplated herein shall occur thirty-five (35) days after the later of the following: (1) final approval by the Louisville City Council of a final subdivision replat (hereinafter "final replat") and final PUD development ~!an (hereinafter "final PUD plan") for Lots 1-4, Colony Square Subdivision and the City Parcel; or (2) City Council passage on second and final reading of an ordinance authorizing the exchange, as required by C.R.S. §31-15-713. The approval of such final replat and final PUD plan, and the passage of an ordinance required by C.R.S. §31-12-713, shall be conditions precedent to closing of the exchange contemplated in this Agreement. Upon approval of the final replat and final PUD plan, procedures with respect to the ordinance required by C.R.S. §31-12-713 shall be scheduled and pursued as soon as reasonably practicable thereafter. The place of closing shall be the offices of First Colorado Title Corporation or such other place as may be designated by mutual written agreement of the parties. Closing shall occur no later than August 31, 1998, unless such date is extended by mutual written agreement of the parties.