2023-094 Ordinance - Laserfiche WebLink

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consolidation of the portion of property presently located on PPN 233-26-063 (owned by Seller) and further identified as 38816- 28,876 square feet, or ,66M .6629 acres of land, to a parcel of land known as PPN 233-26-006 (owned by Purchaser) (See Exhibit A, Lot Split and Consolidation Plat); (2) the approval of legislation by the City of North Olmsted changing the zoning classification of that portion of land now located on PPN 233-26-063 (owned by Seller) and further identified as 28,816 28.876 square feet, or 36615 .6629 acres of land from `B One Family Residence" to "B-3 General Business"; (3) Purchaser's submission of a completed application to the City of North Olmsted seeking approval of site improvements and development plan on the portion of property presently located on PPN 233-26-063 (owned by Seller) and further identified as 28,816 28,876 square feet, or .-6615 .6629 acres of land; (4) Purchaser obtaining from the City of North Olmsted Building and Zoning Board of Appeals final approval of any and all zoning code variances necessary to undertake the site improvements and development plan identified in the application to the City of North Olmsted; (5) final approval by the City of North Olmsted City Council of the development plan submitted by Purchaser; (6) Final approval by the City of North Olmsted of all required engineering and building plans; and (7) Purchaser's application for, and issuance of, all required building permits. Section 10.3 Failure of Conditions. In the event any of the conditions set forth in Sections 10.1 or 10.2 are not met, either party may, at its option, waive the condition, or terminate this Agreement, by written notice to the other party thereupon the parties shall be released from any further obligations hereunder each to the other. Upon termination of this Agreement, all funds (including the Earnest Money) deposited by Purchaser shall be promptly returned to Purchaser. Each party shalt pay its own legal, experts' and consultants' fees and expenses. 11. DEFAULT 11.1 Purchaser's Default. In the event that Seller is ready, willing and able to convey the Property in accordance with the terms and conditions of this Agreement, and Purchaser has not terminated this Agreement in accordance with the provisions herein, but Purchaser fails to consummate this Agreement and take title to the Property (a "Default" by Purchaser), the parties recognize and agree that the damages Seller will sustain will be difficult if not impossible to ascertain. Therefore, the parties agree that, in the event of Purchaser's default, Seller shall be entitled to the Earnest Money and any interest earned thereon as a genuine pre -estimate of liquidated damages and not as a penalty for Purchaser's failure to close. In addition to the foregoing, Seller shall also be entitled to all other rights and remedies against Purchaser. Upon any Default by Purchaser, within ten (10) days from written demand by Seller, Purchaser shall, at its sole cost and expense, return all documents that Seller has provided to Purchaser. 11.2 Seller's Default. If the purchase and sale of the Property contemplated hereby is not consummated in accordance with the terms and provisions of this Agreement due to circumstances or conditions which constitute a default by Seller under this Agreement (a "Default" by Seller), the Earnest Money shall be refunded to Purchaser promptly upon request, and Purchaser, as its sole and exclusive remedies, may either exercise the right to: (i) terminate this Agreement, in which event all rights and obligations of the parties under this Agreement shall expire, and this Agreement shall become null and void; or (ii) sue Seller to collect actual monetary damages; provided, however, that Purchaser shall be precluded from, and hereby waives all rights to pursue specific performance of this Agreement and in the event that