2008_Resolutions - Laserfiche WebLink

Home Browse Search

shall pay to Seller contemporaneously with the execution of this contract an option price of $5,000. The option price shall be applied to the Purchase Price of each Property at • Closing. 3. Purchase Price and Deposit. The purchase price for the Property shall be One Hundred Thousand Dollars ($100,000.00) ("Purchase Price'), which Purchase Price shall be payable in accordance with the terms of this Purchase Agreement. 4. Term of Option: Exercise of Option. Purchaser's right to acquire the Property shall expire, if not exercised by Purchaser, on the Termination Date. Purchaser shall exercise this option by providing written notice at least thirty (30) days prior to the Termination Date. The notice shall set forth the closing date for each property Purchaser desires to acquire. The notice shall set forth the Property to be acquired and date for Closing, which date shall be no more than ninety (90) days after the Termination Date. 5. Development Conditions. (a) As part of the consideration for Seller to enter into this Agreement, Purchaser agrees to rehabilitate the structure in accordance with the Secretary of the Interior's Standards for Rehabilitation and covenants to develop, construct and maintain the Project in compliance with all applicable federal, state and local laws, rules and regulations, including, without limitation, building codes, and that all construction shall be of good quality and shall be made in workmanlike manner consistent with industry standards. A Part II (Description of Rehabilitation) approved by the Virginia • Department of Historic Resources shall be conclusive evidence that the rehabilitation is consistent with the Secretary of the Interior's Standards for Rehabilitation. (b) Purchaser covenants that it shall provide Seller with the copies of the following documents prior to Closing: Certificate of limited liability limited partnership of L.L.L.P., certified true copy of the partnership agreement of L.L.L.P., copies of all partnership agreements and consents of L.L.L.P. consenting to this Agreement and the purchase of the Property as contemplated herein, at the time of execution of this Agreement. The obligation to provide the documents listed herein shall include all amendments of the documents referenced herein. (c) The parties acknowledge that prior to the termination date the Purchaser may wish to seek a rezoning, special use permit or site plan approval for all or any portion of the Property. By its execution of this Agreement the Seller hereby evidences its written consent for Purchaser, as contract purchaser of the Property, to apply for and seek in its sole discretion any and all land use and zoning approvals for the future use of the property. Seller's consent shall not be construed as a representation that it will grant or approve any particular application submitted by Purchaser, which is otherwise within Seller's discretion to approve or deny. 6. Closing. Provided Purchaser is not in default hereunder and this agreement has not otherwise been terminated, Closing shall take place at the offices of the City Attorney or such other place as the parties may agree upon, on the date specified • 2