HomeMy WebLinkAbout299217. L•'vaiustion ~eriod. Tl~e Seller and lluyer recognize that ~
there is a question as to how many residential units may be con-. ~
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~~••structed on the Land. ~ Accorclingly, Buyer shall havo ninef:y ~day~
.4- ~ R- f`..,.,~,•~•~...~.,~a 1 ~
from the clate aF this Ayrcement to dc:i.~~~~~~,~:~ :....... ......._...._:.___
Approvals are necessary for construction and to have an engineering ~
stucly pcrformed at its own cost and expense to detcrmine the '
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feasibility of construction of residential units on the Land.
Buyer ayrecs to keep Seller fully informed as to all aspects ,
o~ such study aiid to allow Seller to be represented at meetings
with the engineerinq firm retained by 13uyer to accomplish such
study. Duyer., in its sole discretion, may on or before the ex- .
piration of the ninety clay evaluation pcriod clect in writing to
rescind this Ayreement, in which event, all of tlte obligations
of the [3uyer and Seller shall terminatc, and the Buyer's entire
Ueposit, plus accrued interest, shall l~c immediately rcturned
, to I3uyer. Duyer recoynizes that Seller is neyotiating the
ssle of tlie Land with ott~er potential ~~urchasers. In the event
tt~e officers of Seller intend to submit an alternate contract
Eor the sale of the Lanc] to the I3oard~. of Directors of Seller,
thcn Seller shall so notify Duycr in writiny and Iiuyer sfiall
t~ave forty-eigtTt (98) hours from the date of rece'i~t of sucl~
noL-icc t-o ci~hcr:
(a) Waive the ninety (90) day evaluation period and pro-
cce~ to close thc purchase of the Land within~thirty (30) days
oE sucli notice, in which event tl~e alternate contract stial~ not ;
i
;
be acceE~tecl by Sel~er.
'Cb) Take no action, in which event the Seller may enter
into Lhe alternate contract anci close the sale ot the Land !
in accorclance witl~ tl~c ~~lternate co~iL-r~~cL•, and l•l~is contract
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~~~~349 p~~2~91 ,
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