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) EDA and the City shall have approved the design development documents for the
Project in accordance with the Development Agreement, to the extent submitted prior to Closing.
(ea) EDA shall have received proof satisfactory to EDA of the insurance required in the
Development Agreement.
(g) All title matters as outlined in Section 2.1 shall have been resolved and accepted by
the Purchaser or waived by the Purchaser.
Section 3.5. Failure to Satisfy Conditions.
In the event that any of the conditions of a Party’s obligation to close hereunder as set forth
in Section 3.3 or 3.4 hereof are unsatisfied for any reason, other than Unavoidable Delay, that Party
shall be entitled (but not obligated), upon notice delivered to the other Party to this Contract at or
prior to the Closing Date, to receive one adjournment of thirty (30) days of the Closing to enable
such other Party to satisfy or cause to be satisfied such conditions. If on the original or any
adjourned Closing Date, any conditions(s) of the obligation of a Party to close hereunder shall
remain unsatisfied and has not been waived by such Party, then such Party shall have as its sole
remedy the right to terminate this Contract upon thirty (30) days’ written notice to the other and,
unless during such thirty (30) days’ written notice to the other, the Party entitled to terminate shall
waive such conditions(s) as provided above and agree to proceed to Closing hereunder, this
Contract shall terminate thirty (30) days after delivery of such written notice, the Deposit shall be
returned to the Purchaser, and neither Party shall have any further rights hereunder or obligations
to the other of any nature hereunder or by reason hereof. Notwithstanding the foregoing, with
respect to a failure to satisfy any condition of the Closing that results from a Party’s event of default
under this Contract that continues beyond all applicable notice and cure periods, the provisions of
Article V of this Contract pertaining to such event of default, and to the Parties’ respective rights,
14
4924-8886-8988, v. 12
Jump to an indexed page (37 of 37)