Res 2017-153/approving a real estate contract to purchase 20.61 acres of land at 2240 Clovis Barker at a purchase price of $2.75 per square foot totaling $2,468,872 plus closing costs and rollback taxes totaling approximately an additional $132,000 for th

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casualty damage to the Property. Seller will have no obligation to repair or replace the Property if it is damaged by casualty before closing. Buyer may terminate this contract if the casualty damage that occurs before closing would materially affect Buyers intended use of the Property, by giving notice to Seller within fifteen days after receipt of Seller's notice of the casualty (or before closing if Seller's notice of the casualty is received less than fifteen days before closing). 3. ' Condemnation. Seller will notify Buyer promptly after Seiler receives notice that any part of the Property has been or is threatened to be condemned or otherwise taken by a governmental or quasi -governmental authority. Buyer may terminate this contract if the condemnation would materially affect Buyer's intended use of the Property by giving notice to Seller within fifteen days after receipt of Seller's notice to Buyer (or before closing if Seller's notice is received less than fifteen days before closing). 4. , ' Claims; Hearings. Seller will notify Buyer promptly of any claim or administrative hearing that is threatened, filed, or initiated before closing that affects the Property. 5. Cooperation, Seller will cooperate with Buyer (a) before and after closing, to transfer the applications, permits, and licenses held by Seller and used in the operation of the Property and to obtain any consents necessary for Buyer to operate the Property after closing and (b) before closing, with any reasonable evaluation, inspection, audit or study of the Property prepared by, for, or at the request of Buyer. 6. No Recording. Buyer may not file this contract or any memorandum or notice of this contract in the real property records of any county. If, however, Buyer records this contract or amemorandum or notice, Seller may terminate this contract and record a notice of termination. J. Termination 1. Disposition of Earnest Money after Termination a To Buyer. If -Buyer terminates this contract in accordance with any of Buyer's rights to terminate, Seller will, within five days after receipt of Buyer's termination notice, authorize Title Company to deliver the Earnest Money to Buyer, less $100, which will be paid to Seller as consideration for the right granted by Seller to Buyer to terminate this contract. If, however, Buyer terminates this contract after the end of the Inspection Period for any reason other than as permitted under this contract, the Earnest Money shall be paid to Seller. b. To Seller. If Seller terminates this contract in accordance with any of Seller's rights to terminate; Buyer will, within five days after receipt of Seller's termination notice, authorize Title Company to pay and deliver the Earnest Money to Buyer.