2012 006 Ordinance - Laserfiche WebLink

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iii. A traffic signal, when and if required, at the intersection of the Access Road and SOM Center Road in accordance with and subiect to the requirements of the Ohio Manual of Uniform Traffic Control Devices. iv. An easement for ingress and egress over the Access Road, along with an easement over adi acent Village property for the Library's location of parking and storm water for the Library, as deemed needed; and (b) Seller shall cooperate with Buyer in obtaining the necessary approvals and permits in order to construct the Facility. 6. Bnyer's Obligations.(a) Buyer shall commence construction of the Facility after Closing and after all Preconditions to Construction (as defined in Section 9) have been satisfied. The Parties contemplate that the Facility will include space for collections of current books, DVDs, CDs and other materials for circulation; public computers; high speed Internet access available to the public; meeting room(s) and quiet study space; and an early childhood play, learn and grow area and welcoming space for teens. The Facility will serve as a community gathering space and provide a comfortable and welcoming environment with resources, programs and services for all. In this regard, Buyer commits to working and coordinating with Seller on incorporating the Property into the Village's Greenway Corridor Master Plan to promote pedestrian and bicycle access to the Facility. (b) Buyer shall pay, or cause to be paid through public and private funds, the costs related to the development, construction and operation of the Facility. {c) Prior to the Closing, Buyer shall provide a tentative construction schedule to Seller, which may be subject to change (the "Schedule"). Buyer shall provide an updated Schedule to Seller upon the pouring of foundations for any portion of the Facility ("Commencement of Construction"). {d) Buyer shall use its best efforts to complete construction of the Facility in accordance with the Schedule, as updated. {e) Buyer shall deliver a title commitment for the Residential Property to Seller. 7. Closing. The transfer of the Property shall close five {5) days after the Preconditions to Closing (as defined below) have been satisfied as determined by Buyer and Seller (the "Closing Date" or "Closing"}. Buyer shall notify Escrow Agent that the Preconditions have been satisfied. The Parties may agree in writing to change the Closing Date. Seller shall execute and deliver the following items to the Escrow Agent no later than one (i) day prior to the Closing Date: (i) a limited warranty deed (the "Deed"); (ii) a recordable satisfaction and release of any liens on the Property which are not Permitted Exceptions; (iii) such affidavits and indemnities as are reasonably requested by the Title Company in order to delete the standard printed exceptions and otherwise enable the Title Policy to be issued; and (iv) an ordinance authorizing Seller to enter into this Agreement and to consunvnate the transactions contemplated hereunder. The Deed shall contain a reversionary clause whereby title to the Property and the Facility, if constructed, will revert to Seller if (i) Buyer fails to construct the Facility by May 1, 2013; or (ii) after construction of the Facility, Buyer fails to provide the 474370 v_051122504.001 L