This page was read by OCR. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
(e) The EDA and the City of Newport News shall have approved all plans and plan of
development and issued all permits required for the construction of the Project, to the extent such
plans and permit applications have been submitted prior to Closing.
(f) All title matters as outlined in Section 2.1 shall have been resolved and accepted by
the Purchaser in its reasonable discretion.
Section 3.4. Conditions of EDA鈥檚 Obligation to Close.
The obligation of EDA to close hereunder is expressly conditioned upon the fulfillment by
and as of the Closing Date of each of the conditions listed below, provided, however, that EDA at
its election, evidenced by notice delivered to Developer prior to or at the Closing, may waive any
or all of the following conditions:
(a) All representations and warranties made by Developer in this Contract shall be true
and correct in all material respects (i) as of the date hereof and (ii) as of the Closing Date, as if
made originally on the Closing Date.
(b) No laws, statutes, ordinances, governmental orders, regulations, rules or
requirements shall have been enacted, adopted, issued or otherwise promulgated, and/or shall be
in force, that would prevent the use and development of the Property in accordance with this
Contract, the zoning of the Property, or in accordance with the Development Agreement or any
related agreements to which EDA or Developer is or are a party.
(漏) Developer shall have prepared a draft Financial Offering Memo for the Project and
shall have provided to EDA appropriate evidence thereof.
(d) Gi) The Parties shall have entered into the Development Agreement and the
Developer having complied with the provisions thereof, if executed prior to Closing; and (ii) the
Developer and the Government have entered into the LURA.
13
4924-8886-8988, v. 12
Jump to an indexed page (37 of 37)