NOW, THEREFORE, based upon the terms and conditions set forth in this
Agreement and in consideration of the mutual promises and assurances provided in this
Agreement, City and Developer hereby agree that the Recitals as stated above are
incorporated herein and made a part of this Agreement and the following terms:
ARTICLE II: TERMS
2.1 Purchase of Property.
a) Purchase Price. Subject to the terms of this Agreement and the
satisfaction of the conditions precedent contained in this Agreement, the City will convey
the Property to Developer as the site of the Project and Developer will pay to City the
value of the Property as determined by the Board in the amount of Nine Hundred
Thousand Dollars ($900,000) (the “Purchase Price”), which reflects the per-unit cost of
$6,000 for each unit to be constructed in the Project multiplied by a total of one-hundred
and fifty (150) units. The Purchase Price shall be paid by Developer to City on the
“Closing Date”, as defined in the subparagraph 2.1(b) immediately below, by wire
delivery of funds through the Federal Reserve System to an account designated in writing
by City.
b) Closing. Provided that all the conditions precedent to closing by the
Parties are satisfied, City shall convey the Property to Developer and Developer shall
acquire the Property from City on or before the date on which Developer closes its
financing for the Project (the “Closing Date”). Developer shall diligently pursue obtaining
a commitment for such financing in a timely manner. Either party may extend the Closing
Date by an additional fourteen (14) days by written notice to the other party; provided,
however, no extension of the Closing Date will, without the mutual written agreement of
the parties, extend any other deadlines set forth in this Agreement or the documentation
to be entered into pursuant to this Agreement. Notwithstanding the foregoing or any prior
extensions of the Closing Date, the parties may mutually agree in writing to further
extend the Closing Date by an additional sixty (60) days (the “Deadline Closing Date”).
If, after the Deadline Closing Date, any of the conditions precedent to the Parties’
obligation to close is not fulfilled, then Developer or City may either (i) further extend
this Agreement or (ii) terminate this Agreement and neither party shall have any
obligation to the other under this Agreement except any for any obligations that expressly
survive the expiration or other termination of this Agreement. In no event shail the
Closing Date be after February 1, 2021.
c) Conditions Precedent for Closing by Developer:
(i) Issuance to Developer of all governmental permits and licenses
requisite for the construction of the Project in accordance with established procedures;
