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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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17. Severability Any provision of this Contract, or portion thereof, which is prohibited <br />or unenforceable in any jurisdiction shall as to such jurisdiction be ineffective to the extent of such <br />prohibition or unenforceability without invalidating the remaining provisions hereof, portions thereof, <br />and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render <br />unenforceable such provision, or portion thereof, in any other jurisdiction. <br />18. Default and Termination Riehts This document shall be construed as a contract to <br />sell real estate binding upon the parties hereto. <br />a. Termination Conditions Upon any termination hereunder, other than <br />pursuant to Section 18 b. below, the Buyer shall: (a) deliver to the Seller a complete copy of all Due <br />Diligence Materials developed for the Property by or for the Buyer pursuant to Section 10 hereof, and <br />(b) if the Buyer has submitted applications for any governmental review or approvals or received any <br />such approval, (i) provide the Seller or its designee an assignment of such applications /approvals and <br />all Due Diligence Materials in support thereof, and/or (ii) submit documentation for formal withdrawal <br />of such applications (collectively the " Termination Conditions "). The obligation to satisfy the <br />Termination Conditions shall survive the termination of this Contract and shall be a prerequisite to the <br />return of the Earnest Money to the Buyer (except pursuant to Section 18b. below); p rovided , however <br />that satisfaction of all above Terminations Conditions shall be without warranty or representation of <br />Buyer whatsoever, shall not include any obligation to produce /deliver anything of a proprietary, <br />confidential or privileged nature, and the extent to which all the foregoing must be produced /delivered <br />as a prerequisite to the return of Earnest Money shall be subject to a commercially reasonableness <br />standard. <br />b. Seller Default; Buyer Remedies In the event Seller shall fail to perform <br />or comply with any of the obligations to be performed by Seller under the terms and provisions of this <br />Contract due to circumstances or conditions which constitute a default by Seller under this Contract, <br />and Seller fails to cure the same within fifteen (15) days after written notice thereof from Buyer, then <br />Buyer, upon giving written notice to Seller, shall be entitled to receive from Escrow Agent, and Escrow <br />Agent shall in fact deliver to Buyer, all Earnest Money then held by Escrow Agent pursuant to this <br />Contract, and Buyer, as its sole and exclusive remedies, may exercise either of the following additional <br />rights and remedies: (i) Buyer shall have the right to specific performance of this Contract; or (ii) Buyer <br />shall have the right to terminate this Contract, in which event all rights and obligations of the parties <br />under this Contract shall expire, and this Contract shall become null and void. The inability of Seller <br />to convey good and marketable fee simple title to the Property on the Closing Date shall not constitute <br />a default by Seller under this Contract unless such inability is caused by a defect in Seller's title to the <br />Property which is not a Permitted Exception under this Contract and which arises subsequent to the <br />expiration of the Feasibility Period, solely by reason of an affirmative act or omission of Seller. <br />Without limiting the foregoing, any default of Seller under either the Weddington Road <br />2 Contract or the Weddington Road 3 Contract shall be a Seller default under this Contract. <br />C. Buyer Default; Seller Remedies In the event Buyer shall fail to perform <br />or comply with any of the obligations to be performed by Buyer under the terms and provisions of this <br />Contract due to circumstances or conditions which constitute a default by Buyer under this Contract, <br />and Buyer fails to cure the same within fifteen (15) days after written notice thereof from Seller, then <br />Seller, upon giving written notice to Buyer, shall be entitled to receive from Escrow Agent, and Escrow <br />Agent shall in fact deliver to Seller, all Earnest Money then held by Escrow Agent pursuant to this <br />Page 10 of 17 <br />Attachment number 8 \n <br />G -2 Page 140 <br />
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