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R2014-135 AUTHORIZING REAL ESTATE CONTRACT
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R2014-135 AUTHORIZING REAL ESTATE CONTRACT
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Last modified
2/27/2017 10:50:59 AM
Creation date
7/23/2015 3:27:04 PM
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Resolution/Ordinance
Res Ord Num
R2014-135
Res Ord Title
AUTHORIZING REAL ESTATE CONTRACT FOR PROPERTY - EAST KING STREET & EAST CENTRAL AVE. IN THE WABASH CROSSING REDEVELOPMENT AREA
Department
Development Services
Approved Date
11/17/2014
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to allow monitoring of records as may be required by the U.S. Department of Housing and Urban <br /> Development as is allowed under federal law upon request. (iii) to substantially complete said <br /> Federally Qualified Health Center within one(1)year of the date of closing(subject to force maj eure <br /> delays) (iv)requiring that if Buyer fails to substantially complete said Federally Qualified Health <br /> Center within one(1)year of the date of closing,ownership of the Premises shall be returned to the <br /> Seller with Buyer being responsible for any and all costs associated with the transfer of ownership of <br /> the Premises back to the Buyer including any real estate taxes unpaid and due after the date of <br /> closing prorated to the date of closing based upon the last ascertainable real estate taxes on the <br /> Premises and any costs associated with remediating any changes or improvements made topremises <br /> by Seller, its successors and assigns as deemed necessary by the Seller. Substantial Completion or <br /> Substantially Complete means complete construction of the shell and core,with finished interiors of <br /> common areas to the point of qualification for the issuance of certificates of occupancy pursuant to <br /> codes of the City,except for minor and ancillary alterations or additional work.The promise made to <br /> use land to house construction of a not-for-profit Federally Qualified Health Center serving at least <br /> 51%low-to-moderate income residents or similar not-for-profit uses as agreed to in writing by the <br /> Seller and to allow monitoring shall survive the date of closing and such promise shall be <br /> specifically enforceable by the Seller and their successors under the terms of this agreement for a <br /> period of ten (10) years from the date of closing. <br /> 6. Seller shall not be liable for any and all environmental defects to the Premises. <br /> 7. Default. If the conditions precedent of this Contract are satisfied or waived by <br /> Buyer and Seller, and if Seller fails to consummate this Contract for any reason other than the <br /> default of Buyer, then Buyer may enforce specific performance or seek other legal remedies. If <br /> Buyer shall default in the performance of its obligations under this Contract,then Seller may enforce <br /> specific performance or seek other legal remedies. <br /> 5 <br />
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