Res 2004-097 - Laserfiche WebLink

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12. 13. 14. Property prior to Closing, or other real property owned by Seller, then Seller, in its sole and absolute discretion, may terminate this Agreement. Seller is not obligated to extend the Closing Date due to Buyer's failure to comply with subdivision or platting requirements prior to the Closing Date. Seller's Management Approval: BUYER ACKNOWLEDGES THAT NEITHER THIS AGREE1V[ENT NOR THE NEGOTIATIONS LEADING TO THIS AGREEMENT CREATE ANY OBLIGATION ON THE PART OF SELLER TO SELL THE PROPERTY TO BUYER UNLESS THIS AGREEMENT IS APPROVED IN ACCORDANCE WITH SELLER'S MANAGEMENT POLICY STATEMENT. IF SUCH APPROVAL IS NOT GIVEN AND COMMUNICATED TO BUYER BY THE CLOSING DATE, THIS AGREEMENT WILL TERMINATE AND NEITHER PARTY WILL HAVE ANY FURTHER OBLIGATION. Condemnation: If, prior to Closing, a governmental agency commences or imminently threatens in writing to commence any eminent domain proceedings to take any material portion of the Property, Buyer and Seller shall each have the unilateral right, exercisable by giving notice of such decision to the other party within thirty (30) days after receiving written notice of such actual or threatened condemnation proceedings, to terminate this Agreement. In the event of such termination, this Agreement will be without any further force and effect and without further obligation of either party to the other. If neither party elects to terminate pursuant to this Section 8, the Sale Price will be determined as though such condemnation had not occurred, and the net proceeds of condemnation awards paid or payable to Seller by reason of such condemnation of the Property shall be paid or assigned to Buyer at Closing. Acquisition Under Threat of Condemnation: The parties acknowledge that Purchaser has the power of eminent domain. Purchaser represents that it will institute eminent domain proceedings in the event that Seller does not sell the Sale Parcel pursuant to this Agreement. The parties further acknowledge that Seller intends to treat any gain or loss realized from the sale of the Sale Parcel as sold under imminent threat of condemnation pursuant to Section 1033 of the federal Internal Revenue Code of 1986.