1997-06-13_REVISION - M1981302 (52)

Home Browse Search

RECEIVED JUN 13 1997 plain levee by FEMA after closing and to payv�s% , IV ueoiogy incurred in securing such certification, inc u nq g engineering and construction costs necessary to complete construction of the berm to the specifications required for FEMA certification. In the event Sellers are unable to obtain approval of the reclamation plan revisions in the form agreed to and/or fails to obtain certification of the berm by FEMA, the Sellers are obligated to make a payment to the University in the amount of S800, 000. If, upon remappinq of the flood plain applicable to the Property, the portions of the Property in the 100-year flood plain inside the berm exceed 45 acres, the Sellers are obligated to make an additional payment to the university in the amount of $20,000 for each excess acre in the flood plain. The payment obligations described above and the contractual obligations set forth in the Contract, as amended, will be secured by a cash escrow in the amount of $1.2 million. IX. CONOTT ONa TO CLO SNG. A. University obligation to close is expressly conditioned upon: i. All warranties and representations of Sellers remain true and correct at closing. 11. Sellers have complied with all covenants, agreements and conditions in the Contract. iii. Title to the Property is free and clear of all matters except only the Permitted Exceptions approved during the title and survey review. iv. execution of the Distribution Center lease. V. Board of Regents, acting in its sole and absolute discretion, formally authorising closing of the transaction contemplated by the Contract. B. SellarsO obligation to close is expressly conditioned upon: i. All warranties and representations of University remain true and correct at closing. ii. University has complied with all covenants, agreements and conditions in the Contract. iii. Title to the Distribution Center and Lot 1 is free and clear of ali encumbrances except the Permitted nsas -5-