HomeMy WebLinkAbout2993siisil ~erminate. It, liowever, tlic: isuard o[ Uirectors oF tl~e '~
Seller decides not to enter into tlle alternato contract, this .~
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contr~ct shall remain in full force and~effect, exccpC that thQ
evaluation period shall be extended by a period of timo equal to
~---=,.n=n„ ::•_}h *tiA rece~~t of the notice of
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intent to submit the ~lternate contract and ending on the date
tl~e 13oard of Directors of t-I~e Seller rejects the a2.ternale contract.
In the event Seller enters into an alternate con~ract for the
sale of thc Land, thcn Duyer ~+ay donate to 5eller all of Buyer's
enyinceriny studies oI the Land at fair market value, but in
no event less than the direct and indirecL cost of auch studies
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to Duyer. Scller ~cknowledges that sucl~ enyineering ~tu~1i~~
are of great value to it inasmuch as the Land may not be developed
witliout first obtaininy such studies. IF duriny or at the encl
of tl~e L•'valuation Period, t}ie I3uyer elects not to proceed with
the ~urchase of the Land, the I3uyer shall donate to the Seller
all of its enyineering studies, permits or permit applications
relatiny to the Land.
18. L3rokcrs. I3uyer has enyayed James P. Drown as real es~ate
broker in this transaction a«d ayrees to pay the real estate
commis~ion due. Duyer represents that it has dealt with no
otl~er broker in this transaction. Seller re~resents that it
-~as clc~lt willi no Vrokcr ii~ Lliis trans~cl-ion. Scllcr ayrees
to indemnify ancl liold IIuyer harmless from all losses, damages,
costs, and expenses that 13uyer may incur as a resu3t of ~ny
claim or suit brouyi~t by any brokcr or finder claiming a
commission pursuant to an agreement with or dealinys witlt Seller.
- l3uyer ayrces to inclemni£y and hold Seller 1larmlcss From ~1~ ~,~~.`G~~.
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losses, damayes, costs, and expenses that a~cY' may inc r as a
result of a~1y claim or suit brougltt Vy any brokcr or finclcr
claiminy a commission E~vrsuant to an ac~reen~enl: with or clealinys
wi th t3uycr .
19. h'~ivcr, Conscnt, anc] Ren-eclies. Cach provision of tt~is ~
n~~recmcnt to be pcrformecl Vy eithcr party shall bc decmed
~ both a covenani: and a conditian and sl~all be a material con=
sideration for the other party's performance hereunder, and
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