AG 1997 11 17 - Laserfiche WebLink

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extension, such deposit shall be paid to Escrow Agent. All deposits are applicable to Purchase Price. 4. During the Initial Term Buyer shall conduct all due diligence and investigations including, but not limited to, title, zoning, soil tests, environmental, topographic analysis, demographic and feasibility studies, county and city site plan approvals, ingress/egress, and any other matter which Buyer deems necessary in order to determine, in its sole discretion, whether the Property is suitable for the intended purpose; Buyer shall also seek real estate committee approvals from the anticipated retail user. If Buyer elects to purchase the Property, Buyer shall notify Seller of its intent to purchase the Property during the Initial Term or any extension thereof. In the event Buyer exercises its contract to purchase the Property as aforesaid, Buyer and Seller shall agree on a Closing Date which is not more than thirty (30) days after the date of issuance of building permits and all other approvals to commence construction. On the Closing Date Seller shall convey to Buyer fee simple marketable title to the Property by General Warranty deed, free and clear of all liens, encumbrances, and title exceptions. Buyer shall pay the Purchase Price for the property, less any amounts already paid under Paragraph 3 hereof, in cash at'closing. The deed shall be in proper form for recording, with revenue stamps for the transfer to be at Seller's expense. Ad valorem taxes shall be prorated at closing. T~9,~-'NT'f SI;'¢=-T-~.O US A N D TWO HI ~ (~ DOLLARS. If Seller does not halve act, F'_rent survey' of the. Property, Buyer .re, ay have one made. 6. Seller represents and warrants that the Property is not in violation "of any _ envirorm~ental, health or safety la,v, ordinance, rule or regulation appticable to the Property.; that the. soil, surface water and ground water of or on the Property are free from any solid waste, toxic or hazardous substances or contaminants; that there are no underground storage tanks located on the Property; and that the Property. has not been used for treatment, storage, manuf'acture, transportation or disposal of any waste material or hazardous or toxic materials as determined by any appIicable law, ordinance, rule or regulation. 7. In the event of a taking of part or all of the property by eminent domain or the threat thereof, Buyer may at its election: a) continue this Contract with regard to the remaining portion of the Property at the Purchase Price less the per square foot price multiplied times the number of square feet taken, or b) cancel this Contract in which case Seller shall promptly return all money paid to it hereunder, or c) continue this Contract with respect to the remaining portion of the Property at the Purchase Price less the amount received by Seller in any award by the condenming authority. 8. Notices shall be sent to the following address and shall be considered effective when deposited in the U.S. Mail, registered or certified: County Manager Cabarrus County