1999 028 Ordinance - Laserfiche WebLink

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the event that Closing does not occur. Seller shall be required to provide to Buyer, prior to commencement of the payments described in Section 2A., evidence of the satisfaction of the condition precedent described in Section 11 B. E. In the event that the Closing does not occur hereunder (other than as a result of Buyer's breach of or failure to perform this Agreement), Seller will repay to Buyer any advanced payments of the Purchase Price made by the Buyer, within ninety (90) days after Seller's notice to the Buyer that the conditions precedent to the Seller's obligations hereunder have not been satisfied. If Closing does not occur (other than as a result of Buyer's breach of or failure to perform this Agreement), Seller will pay interest on such advanced payments at a rate per annum equal to the interest rate for a thirty (30) year United States Treasury Bond. Such. interest rate, if applicable, shall be determined, and adjusted, as of each January 1, April 1, July 1 and October 1 during the period from the date of each advanced payment through the date of Seller's repayment therefore. F. Buyer shall pay the first installment of the Purchase Price upon the later of (i) October 31, 1999, or (ii) the date which is 30 days after passage of the enabling ordinance by Buyer's Council for this Agreement; provided, however, the first installment of the Purchase Price must be paid prior to November 17, 1999. Buyer shall pay installments of the Purchase Price to Escrow .Agent, to be held by Escrow Agent under the terms and conditions of this Agreement, until Seller has delivered evidence to Buyer and Escrow Agent of the satisfaction of the conditions precedent described in Sections 11 B. and 11 C. Upon the satisfaction of the conditions precedent described in Sections 11 B. and 11 C., Escrow Agent shall immediately pay to Seller the first installment of the Purchase Price in the amount of $500,000.00.. Upon Seller's giving written notice to Escrow Agent and Buyer that the conditions precedent to Seller's obligations . under the Chester Purchase Agreement have either been satisfied or waived, Escrow Agent shall then immediately pay to Seller all amounts being held by the Escrow Agent hereunder, including the principal amount of all installment payments of the Purchase Price together with all income accrued on the funds held in escrow, and Buyer shall pay all installments of the Purchase Price thereafter directly to Seller. All installments of the Purchase Price received by Seller prior to .the Closing Date shall be used for the acquisition of the Chester Property, and the development and building of improvements on the Chester Property, which shall include direct or indirect costs, expenses or expenditures for, or which relate to, directly or indirectly, the acquisition. of, development of, and construction of improvements on, the Chester Property. The Escrow Agent shall invest all amounts received hereunder in Certificates of Deposit issued by a federally.charted bank to be selected by Seller, or in U.S. Treasury obligations, and all income earned or accrued on such funds shall be paid to Seller.