Resolution 2010-71 - Laserfiche WebLink

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shall have an additional eighty (80) calendar days (total of three hundred sixty (360) calendar days following the Effective Date) to obtain the Approvals from the City and make application to the City to obtain the building permit for the building to be constructed on the Property. In the event Purchaser cannot obtain the Approvals from the City and make application to the City to obtain the building permit for the building to be constructed on the Property within the three hundred sixty (360) calendar day period, then Purchaser shall have the right to either: (a) provide written notice to Seller to terminate this Agreement and receive a full refund of the Deposit from the Title Company; or (b) Purchaser may close the transaction no later than three hundred ninety (390) calendar days following the Effective Date. Purchaser acknowledges that platting, PUD and other land use approvals are subject to the exercise of legislative, quasi-judicial and/or administrative discretion of the City of Louisville and that no representations or assurances of the granting of any such approvals respecting the Property have been or will be made by the City. Upon termination of this Agreement, Purchaser will deliver to Seller all reports, studies and similar documents (except for financial analysis prepared by Purchaser for the Property which are considered proprietary and shall not be provided to Seller by Purchaser), prepared for or by Purchaser concerning the Property at no cost to Seller and Seller may use such work product for any and all purposes. 1.5 Purchase Price Adjustment. The purchase price for the Property is based upon the net area of the Land calculated at the rate of $3.00 per net square foot of land comprising the Property as shown on the Survey (obtained by Purchaser in accordance with Section 2.1). The Land shall be net of all public street right -of -way owned by the City of Louisville and of any outlots that the City of Louisville may require be dedicated to the City in fee title as part of the Approvals to be obtained per Section 1.4. If the net area of the Land is greater or less than 109,335 square feet, the Purchase Price will be increased or decreased as appropriate to reflect a Purchase Price of $3.00 per net square foot of Land area. ARTICLE 2. DOCUMENTS TO BE DELIVERED TO PURCHASER 2.1 Documents to be Delivered to or Obtained by Purchaser. On or before ten (10) calendar days following the Effective Date, Seller will provide Purchaser with any existing survey(s) of the Property as well as all of the documents referred to in Section 1.1 (b) and 1.1 (c) above, if any, which are in the possession of Seller. Purchaser shall either update the existing survey or obtain a new ALTA survey at its sole cost which shall be certified to Purchaser, Seller and the Title Company "Survey Within ten (10) calendar days after the Effective Date, Seller shall deliver to Purchaser, at Seller's expense, a title insurance commitment issued by the Title Company showing the status of record title to the Property (a "Commitment and committing to insure, subject to the exceptions and requirements set forth therein, title to the Property in Purchaser in the amount of the Purchase Price under an Owner's Policy of Title Insurance, ALTA Form 1992 with standard printed exceptions deleted (subject to any matters disclosed by the Survey) "Owners Policy Seller shall cause the Title Company to deliver to Purchaser legible copies of all recorded documents referred to in the Commitment, together with copies of any covenants to which the Property will be subjected at or before Closing. Extended title coverage or endorsements will be issued only at the request of the Purchaser and will be at 1303396_1 3