Laserfiche WebLink
b. Ordinance. Closing shall further be contingent upon adoption by the City <br />Council and final effectiveness of an ordinance authorizing transfer of the Property to the <br />Purchaser. <br />c. Right to Terminate. In addition to all other rights and remedies of <br />Purchaser and Seller hereunder, either party shall have the right to terminate this Contract <br />and make the same of no further force and effect in the event that: (i) the historic landmark <br />designation is not obtained prior to Closing; (ii) the ordinance authorizing transfer of the <br />Property is not finally effective as of the Closing; or (iii) in the event any action whatsoever <br />is commenced to defeat or enjoin the Seller's performance under this Contract. If the <br />Contract is terminated for any such reason, the Earnest Money shall be returned to the <br />Purchaser, and the Parties will be released from all obligations hereunder other than <br />those provisions hereof which expressly contemplate survival of termination. <br />5. Condition Precedent to Purchaser's Performance. The obligation of <br />Purchaser to purchase the Property is subject to the satisfaction of the following <br />conditions precedent on or before the expiration of the Examination Period (defined <br />below) or expiration of the title objection deadline, and if the conditions are not so <br />satisfied, the unsatisfactory conditions may either be waived by Purchaser in writing <br />designated as a waiver, or Purchaser may terminate this Contract in which event the <br />Eamest Money shall be retumed in full to Purchaser, and the parties wilt be released from <br />all obligations hereunder other than those provisions hereof which expressly contemplate <br />survival of termination. <br />a. Examination Period. Purchaser shall have sixty (60) calendar days <br />following the Effective Date (the "Examination Period"), in which to inspect and evaluate <br />the Property to determine the suitability of the Property for Purchaser's intended use. <br />i. At any and all times during the term of this Contract, Purchaser and <br />Purchaser's representatives, agents, consultants and designees shall have the <br />right to enter upon the Property, at Purchaser's own cost, for any purpose in <br />connection with its proposed purchase, development or operation of the Property, <br />including, without limitation, the right to make such inspections, investigations and <br />tests as Purchaser may elect to make or obtain. In the event Purchaser does not <br />close on the purchase of the Property pursuant to this Contract, then Purchaser <br />shall promptly restore the Property to the condition existing prior to performing any <br />tests or activities on the Property, by Purchaser or at Purchaser's instance or <br />request. Purchaser shall exercise care not to damage trees, curb or landscaping <br />on the Property prior to Closing. <br />ii. Purchaser shall pay promptly when due for all work performed on the <br />Property by Purchaser, or at Purchaser's instance or request, including, without <br />limitation, all inspection fees, appraisal fees, engineering fees and other expenses <br />of any kind incurred by Purchaser relating to the inspection of the Property, all of <br />which shall be the sole expense of the Purchaser. Any and all liens, whether <br />threatened or actually filed, against any portion of the Property resulting from <br />3 <br />