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1996_Ordinances
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1996_Ordinances
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(2) Terminate this Agreement by giving written notice to Seller of its <br />• decision to do so, in which event Seller shall return the Deposit, earned interest <br />and any Extension Payments and this Agreement shall terminate and neither party <br />hereto shall have any further rights or obligations hereunder. <br />d. Suitability of Property. Buyer's obligation to Close is contingent upon Buyer <br />being satisfied within one hundred eighty (180) days after the execution of this Agreement that <br />all aspects of the Property are suitable for the residential development contemplated by Buyer <br />, including, but not limited to, soil conditions, environmental conditions, topographic conditions, <br />availability to the Property of all utilities in sufficient capacity with appropriate recorded <br />easements therefor, and access for ingress and egress to and from the Property and the public <br />road system of the Commonwealth of Virginia. Unless Buyer notifies Seller in writing prior to <br />the end of this one hundred eighty (180) day feasibility period that the Property is not suitable, <br />Seller with justification may assume for purposes of this provision that the Property is "suitable" <br />to Buyer and that Buyer is obligated to close. Buyer's obligation to Close is further contingent <br />upon there being no adverse change in all such aspects of the Property prior to Closing. In the <br />event that there is such adverse change(s), then Buyer shall notify Seller in writing of such <br />adverse change(s) and Seller shall have fifteen (15) days after receipt of such notice to inform <br />Buyer, in writing, whether it will attempt to remedy such adverse change(s) prior to Closing. <br />If Seller fails to remedy such adverse change(s) to Buyer's satisfaction, Buyer shall have the <br />right to either waive such adverse change(s) or to terminate this Agreement. <br />• e. Financial Feasibility. Buyer's obligation to Close is contingent upon Buyer <br />being satisfied within one hundred eighty (180) days after the execution of this Agreement that <br />the residential development contemplated by Buyer is economically viable and financially feasible <br />from Buyer's standpoint. Unless Buyer notifies Seller in writing prior to the end of this one <br />hundred eighty (180) day period that development of the Property is not economically viable and <br />financially feasible, Seller with justification may assume for purposes of this provision that the <br />Property is "suitable" for development by the Buyer and that Buyer is obligated to close. <br />f. Planned Unit Development, Site Plan, and Access Approval. Buyer's obligation <br />to Close is contingent upon its having obtained final approval from The City of Charlottesville <br />and its Planning Commission of (i) the Planned Unit Development, (ii) the related site plan, and <br />(iii) adequate access. Buyer shall diligently pursue such approvals and shall use its best efforts <br />to obtain all necessary approvals of this type on or prior to the Closing Date. Access approval <br />for purposes of this contingency may also include other necessary parties such as the Virginia <br />Department of Transportation or the County of Albemarle. <br />4.4. Conditions Not Met. In the event the conditions listed in Section 4.3 herein above, <br />or any of them, are not fulfilled, through no fault of the party to be benefitted by such condition, <br />and are not waived: <br />0 6 <br />
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