1 - HRA Agenda Packet 07-24-17 - Laserfiche WebLink

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written statements, representations, advertisements or information pertaining to the Property on the condition of the title thereto, furnished by any agent, employee, servant, or any other person or party unless the same are specifically set forth in this Agreement. Buyer acknowledges that the Property is being purchased "As -Is" and "Where -Is" and that the Seller makes no representation or warranty regarding the Property, improvements located on the Property, or the condition of title thereto and that in entering into this Agreement Buyer has not relied on any representation or warranty of Seller pertaining to the Property or the condition of the title thereto. Buyer has had the right to inspect the Property and accepts the Property in its current "As -Is" condition. 9. SELLER'S CONTINGENCIES. The obligations of Seller under this Agreement are expressly contingent upon the following: (a) Purchaser acquiring the Project under the Ground Lease simultaneously with the closing of this Purchase Agreement; (b) Purchaser executing and recording at Closing a Declaration of Restrictive Covenants in favor of Seller in the form attached hereto as Exhibit B ("Declaration of Restrictive Covenants"); and the Termination. If the contingencies set forth herein have not been satisfied or waived by Seller by the date of Closing, as otherwise extended, this Agreement shall be null and void and neither party shall have any further obligations hereunder, except for Purchaser's indemnity obligations pursuant to Section 5. The contingencies set forth in this section are for the sole and exclusive benefit of Seller and Seller shall have the right to waive the contingencies by giving notice to Purchaser, provided Seller abides by the time requirements set forth above. 10. PURCHASER'S CONTINGENCIES. The obligations of Purchaser under this Agreement are expressly contingent upon the following: (a) Purchaser acquiring the Project under the Ground Lease simultaneously with the closing of this Purchase Agreement; (b) Delivery of the Termination at Closing; (c) Seller executing and recording the Declaration of Restrictive Covenants in the form attached hereto as Exhibit B; and (d) Seller, Purchaser and the City of Orono executing and recording an amendment of the Development Agreement relating to Orono Woods Apartments in the form attached hereto as Exhibit C ("Amendment"), which Amendment will include, but without limitation, a continuation of the City's agreement to defer (and ultimately waive) the park dedication and utility connection charges as specified in Section 3.2 of the Development Agreement, so long as the age and income 193424v4