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open market; failure of transportation; strikes (other than any strike resulting from acts of <br />Buyer); lockouts; action of labor unions; requisition or order of government or civil or <br />military or naval authorities; or any other similar cause to those stated above, not within <br />Buyer's reasonable control. Notwithstanding anything to the contrary contained herein, <br />in no event shall financial inability of Buyer constitute Permitted Delay. <br />(b) Buyer shall obtain all final approvals, including, without <br />limitation, the building permit and all related municipal approvals (the "Approvals") <br />necessary for developing the Property in substantial conformance with the site plan that <br />was included with Buyer's proposal for the Property submitted in response to City's <br />Request for Proposal No. 19-026 (a copy of which is attached as Exhibit "C", (the <br />"Intended Improvements") appropriate for the operation of a Restaurant (the "Intended <br />Use"), such that immediately following the acquisition of the Approvals, Buyer shall be <br />entitled to commence construction of the Intended Improvements. Nothing in this <br />agreement shall constitute Approvals by Seller, and Buyer acknowledges that it must <br />comply with all of Seller's development standards, guidelines and procedures that are <br />applicable to the Intended Improvements and the Intended Use. <br />(c) Buyer acknowledges that the Seller is coordinating the <br />undergrounding of utilities along Bristol Street and a future twenty-five (25) foot by twenty- <br />five (25) foot easement for Southern California Edison shall be required at the northeast <br />corner of the site as detailed in the Seller Request for Proposal No. 19-026 and Buyer's <br />proposed site plan (Exhibit C). The limits of the easement shall be determined concurrent <br />with the Approvals. Buyer shall ensure that the Intended Improvements shall not be in <br />conflict with the proposed easement. No compensation shall be provided for the <br />easement. <br />(d) The execution and delivery of the Agreement by Buyer, <br />Buyer's performance hereunder, and the consummation of the transaction contemplated <br />hereby will not constitute a violation of any order or decree or result in the breach of any <br />contract or agreement to which Buyer is at present a party or by which Buyer is bound; <br />and <br />(e) No other action by Buyer is requisite to the valid and binding <br />execution, delivery and performance of this Agreement, except as otherwise expressly <br />set forth herein. <br />4. REMEDIES <br />If Seller defaults under this Agreement, then Buyer may either: (i) terminate this <br />Agreement by written notice to Seller, whereupon the Escrow Deposit (less the <br />Independent Consideration) shall be immediately returned by the Escrow Holder to <br />Buyer, and this Agreement and the obligations of the parties hereunder shall terminate <br />(other than those obligations that expressly survive a termination of this Agreement); or <br />(ii) bring an action for specific performance of this Agreement. If Buyer defaults under <br />this Agreement, and such default is not cured within thirty (30) days following the date of <br />Seller's written notice of default to Buyer, then Seller may, as Seller's sole and exclusive <br />7 <br />