Agenda - 08-27-2012 - C2 - Laserfiche WebLink

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resulting from any c�f tha tests, siudies, inspections and investigaEions perfotmed by or on behalf af Purchaser pursuant ta the Article inc3uding, 4t�ithout li�nitatia�, restoc�ng tl�e Property to reascrnably the same condition as existed pris�r ta such test,study,iriSpBG�LOD OI'lt1V�5�lg�YlOti. 2.3 Project Ap�rovals. Purchaser shall not be obligated to clase this transactian unless Purchaser shail have obtained fron3 Orange Connty(Yha"Cotu�ty"}approval of(i)Purchaser's requested zoning and(ii}Purchaser's site plari for the Property, and devetc�pment pe�mits for a minirrzum of thirty{30)single fan�ily lots with any system that can be appraved the Caunty to accammodate a four bedroom house, ihereon {collectively, the "PrroJect Appr4vai"). Purchasei�'s efforts to Qbtain the Project Approval sha€! be at its sole cost and expense(sitciuding the pasting of any #iscal reqoirements}. Purchaser agrees ea subinit the site plan far the maximum ailowed lot density For the Land and to dil'zgen#Iy pursue the E�ibhast number of lats allowed per ail appir`cable codes and ordinances. Pur�haser witl keep �eller updated on�he status of the Froject Approval and wili infarm 5eiter of any unavoidable Iost lats and the rsasons bel�ir�d cl�e Ic�t reductian. It shall bs a eondifian to Purchasar's obtigation fc�elosa that the Project Approval must ba�vithaut conditions ar restricti�ns(inetnding the payment of assessmants ar tha postittg of sect�-ity) tttat are unaecepta6le Eo Furchaser, as deterrc�ined by Purchaser in its sole disoretian, and that alt appeai periods with rsspect to the Praject Approval shall have eYpired without any appeaJ havuzg been filed or, if fiied, st�ch appeai shaE1 have been resolved to tha satisfaction of Pure�taser. In the event that fhe Project ApprovaE is obtained and results in apprr�val of a site ptan consisting of Eess than thirty (3{}}single famiiy lots, Purchaser wil[ have the opeion�f eitl�er(i}terminating this A�eament and receiving an immediate refund ofthe Earnest Money, or (ii}proceeding to Closing witho�t a reductian in Furchase Price. Selter agrees to cooperate fully with Purchaser, cyz#hout expense to Selter,Yo enable I'urchaser to apply for and abtain tlae Praject Appraval,tha initial s��bmissions for Project Approvals to be made within ninety(90)days of the Effeetive Date. Selter shall exacute ait documents r�q�ired for the Project Approva� process anfl �nake such dedications as Tnay 3>e required by Ehe City. S�lier shail provide easemeYts, in form and substance reasonabty satisfactary to 1'urchaser, for access and utilities as cnay be required in cannectiott with ths Project Approval and as required by utiiity compani�s ar a�y governmental aufhoritzes with respect to the Purchaser's intended deveiopment {the"Proposed project"}. Such plats and dedications shall t�e made ancl granted by Seller at such time as is required by#he appiicable gavemmental authori#y. niotwithstanding contrary provisians of this Sec#ian 2.3,any ptat or replat c�f the Praperry and/vr dedication of easemen�s shali not be fifed of recard until ixnmediately pric�r to the Closing; if st�ch aTe filed and Purchaser fails to acquire the I'rc�perty,the same sha3t,at Seller's option,be removed,at Purchaser's sole cost and expense(such to survive termin�tifln of th`rs Agreemeni}. The Property description and Survey shait be revised to take into account de minimis changes ta the Praperty boundaries requested by Purchaser that are ttecessat��to pertnat the development ofthe Proposed Prcrject. If Purchaser determin�s at any time that it has heen or witl be unable tcs satisfy the Praject �.ppraval contingeney set forth above,then Purchaser nla�,by deiivering written notice to Seiler,{i}terminate this Agreement (such natice being hereitz calle�a"Proiect A�prr�val'I'ertnination Nfltice"};or{ii}waive s�ach condition and praceed with the Closing on svch date to wh[ch the parties may mnt�aily agree but in any evsnt, uo later than the Ctosing Deke set forth in Par�graph t.1 fh). If a Project Approvai Terminatiot2l*totice is sent ta Se11er,the Earnest Iv�c�ney on deposiE witi��scro�r Agent shali b�released to Seller,unless the reas�n for the Prc�ject Apprflvai Termination I�otice is that Purchaser�vas not able to obtain appt•oval af a s'rfe pian consisting of a tninimum of thirty(30)sittgle FamiIy 1ots,and in such latter event the Earneat Money shai[be reteased to Purchaser. 2.4 Conditi4n to Closin�. There shall b� r�a materiai changa in any condit3an of nr affecting the Property naf caused by Purchaser or its contractors, employees,a��iates or other re(ated 4r sztnilar parties,that has occurred a�er the Inspection Period inciuding �vithout limifation {i}any dumping or discovery of refuse ar enviranmental cc�ntamination; (ii) access; (iii) the avaiIability, adequacy or cost of ar for ail uniities (including with4ut limitation, water,sanitary sewer,storm sewer,gas, eiectrie,cab]e and aay other utiizties required to serve�r service the Praperty); (iv)the imposition af at�y rnoratorium which would proiaibit or delay the commenaement of canshvction; c�r (v}condernnation, in the eyen� Of fhe occurrence of an adverse condition as described�ierein(i} Purciiaser�a�ay 2erminate this Agreement and receive a ref�ind of the Earnest Money,�ii)Purchaser tnay waive such �anditian and proGeecl with the Closing in accordance with the texms of#his Agr�ement ar {iif} either party may extend the ClosirEg Date, at no cost ta Purchaser, far a period of nat#o exceed tl�irty(3fl}days eo attempt to cure or resolve such condi�ior�to Parchaser's satisfactian. -3-