13-2023 - Authorize lease with LCSC for 12900 Madison

Home Browse Search

the same using reasonably prompt diligence. In the event that the Construction is not completed by the Construction Completion Deadline, the Construction Completion Deadline shall be extended so long as Buyer pursues the completion of the Construction in a diligent manner. Seller must exercise the Right to Repurchase by written notice to Buyer delivered within six (6) full calendar months after the Commencement Deadline. b. If Seller fails to deliver timely the required notice under paragraph (a), then the Right to Repurchase thereupon automatically ceases and terminates and is of no further force and effect without any further action by any of the parties. The Right to Repurchase set forth herein shall automatically cease and terminate upon Buyer's transfer of any portion of the Property to a third- party, but only as to such portion of the Property, without any further action on any part of the parties hereto; provided, however, that then Seller shall, upon the request of Buyer or its successor - in -title, at Buyer's cost, execute a termination agreement in recordable form terminating the Right to Repurchase as to such property and shall deliver the same to Buyer. c. If Seller exercises the Right to Repurchase in accordance with the terms hereof, then the consummation of such transaction (hereinafter referred to as "Repurchase Closing") will occur in the offices of Seller's counsel on that date which is sixty (60) calendar days after the delivery to Buyer of the exercise notice or such earlier date upon which Seller and Buyer agree. d. At the Repurchase Closing, Buyer shall execute and deliver to Seller: (i) a limited warranty deed conveying title to the Property to Seller, subject only to the Permitted Exceptions, and such other matters established against title after the date of Closing with the express written consent of Seller (except financing liens established at or after Closing, which Buyer shall discharge prior to or at the time of the re - conveyance); (ii) such other documents, certificates, instruments and the like, as may be required by the Title Company to issue a policy of title insurance subject only to the Permitted Exceptions, with all standard exceptions removed; and (iii) possession of the Property, subject to the matters permitted hereunder. e. In the event that Seller elects to exercise the Right to Repurchase in accordance herewith, the purchase price for the Property (hereinafter referred to as the "Repurchase Price") shall be whatever amounts Buyer shall have paid to Seller by the Closing Date for Buyer's purchase of the property, including any deposits, cash and principal and interest paid by Buyer to Seller under the terns of the purchase agreement between Buyer and Seller and mortgage note from Buyer to Seller plus the fair market value of any improvements to the Property made by the Buyer but in no event less than the amount due under the Construction Mortgage. Seller shall deliver the Repurchase Price to the Title Company in cash or other funds available for immediate credit to Buyer. Closing costs shall be shared by the Seller and the Buyer according to the custom of the jurisdiction in which the Property is located. f01430191-1 )