Ordinance 2021-1804 - Laserfiche WebLink

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If the Parties fail to agree to an alternative location prior to the deadline set by the Due Diligence Period, or any extension thereto, the City shall be authorized either to: (1) accept the Pipeline Rights as described in paragraph 2.b., above; (2) accept the Pipeline Rights, notwithstanding the perceived shortcomings, and receive an additional payment of Two Hundred Thousand Dollars ($200,000) from CK Ventures, resulting in a total Purchase Price of Five Million Six Hundred Thousand Dollars ($5,600,000); or (3) terminate this Agreement in accordance with paragraph 2.f., below. d. Documentation of Pipeline Rights. Within thirty (30) days after the Effective Date of this Agreement, CK Ventures shall provide at its sole cost and expense true, correct and complete copies of the following documents: (i) An attorney's opinion concerning chain of title to the Pipeline Rights. (ii) All written agreements, court records and any other documents within the possession of CK Ventures evidencing CK Venture's status upon which the City may use the Pipeline; (iii) All documents within the possession of CK Ventures related to the construction and design of the Pipeline, including permits, design schematics, as -built drawings, and records of inspections and repairs; and (iv) A survey of the property on or in which the Pipeline is located. e. Physical Examination of the Pipeline. During the Due Diligence Period, the City shall be entitled to access and examine the Pipeline and surrounding property upon reasonable advance notice to CK Ventures. This includes inspections of the Pipeline by City staff, third -party contractors, and any other experts relied upon by the City in its evaluation of the Pipeline. f. Rejection of Pipeline. The City, in its sole and absolute discretion, by written notice to CK Ventures at any time prior to the expiration of the Due Diligence Period, may determine that the Pipeline is not suitable for the City's proposed use. 3. DUE DILIGENCE a. Due Diligence Period. The Parties shall have until one hundred eighty (180) days after the Effective Date of this Agreement to complete due diligence with respect to the matters described in paragraphs 2 and 3 of this Agreement. This includes the obligation of the Parties to investigate and confirm the specific water rights included in the Ditch Company's system, and no reliance whatsoever shall be placed on any description of such water rights contained in this Agreement and Exhibit A attached hereto. Page 4 of 13