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CARIBOU INDUSTRIES (7)
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CARIBOU INDUSTRIES (7)
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Last modified
2/12/2021 9:42:56 AM
Creation date
1/27/2021 12:11:50 PM
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Contracts
Company Name
CARIBOU INDUSTRIES
Contract #
A-2020-265
Agency
Community Development
Council Approval Date
11/17/2020
Insurance Exp Date
3/1/2021
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Notice by delivering the Developer's Title Notice Waiver to the City. Failure by the Developer to <br />timely deliver the Developer's Title Notice Waiver, where City's Title Notice Response or the <br />City's failure to serve City's Title Notice Response indicates or results in the City's election not <br />to take any action in reference to the Developer's Title Notice, will be deemed the Developer's <br />continued refusal to accept the title to and conveyance of the Property, in which case either the <br />City or the Developer shall have the right to cancel the Escrow and terminate this Agreement, in <br />their respective sole and absolute discretion, until such time (if ever) as the Developer delivers the <br />Developer's Title Notice Waiver. Any termination of this Agreement and cancellation of the <br />Escrow pursuant to this Section 3.3.4 shall be without liability to the other Party or any other <br />Person, and shall be accomplished by delivery of a written Notice of termination to both the other <br />Party and the Escrow Agent, in which case the Parties and the Escrow Agent shall proceed pursuant <br />to Section 4.11. <br />3.4 Developer Due Diligence Investigations. <br />3.4.1 License to Enter. The City licenses and permits the Developer to enter the <br />Property solely for the purpose of undertaking and completing such Due Diligence Investigations <br />as the Developer deems necessary and appropriate. The license provided in this Section 3.4.1 shall <br />expire upon the Close of Escrow or earlier termination of this Agreement. The Developer shall <br />conduct all of its Due Diligence Investigations at its sole cost and expense. The Developer shall <br />abide by any reasonable additional condition(s) of entry onto the Property required by the City, <br />whether or not set forth in this Agreement. Any Due Diligence Investigations of the Property by <br />the Developer shall not unreasonably disrupt any then existing use or occupancy of the Property <br />or the operations of the City. <br />3.4.2 Limitations. The Developer shall not conduct any intrusive or destructive <br />testing of any portion of the Property, other than low volume soil samples, without the City <br />Manager's prior written consent which shall not be unreasonably withheld. Following the conduct <br />of any Due Diligence Investigations on the Property, the Developer shall restore the Property to <br />substantially its condition prior to the conduct of such Due Diligence Investigations. <br />3.4.3 Indemnity: Insurance. The activities of the Developer or its agents directly <br />or indirectly related to the Developer's Due Diligence Investigations shall be subject to the <br />Developer's indemnity, defense and hold harmless obligations under this Agreement. Prior to <br />commencing any Due Diligence Investigations on the Property, the Developer shall deliver copies <br />of policies or original certificates of all Liability Insurance required to be delivered pursuant to <br />Section 5.9. <br />3.4.4 Due Diligence Completion Notice. The Developer shall deliver a Due <br />Diligence Completion Notice to the City and the Escrow Agent prior to the end of the Due <br />Diligence Period. If the Developer does not unconditionally accept the condition of the Property <br />by delivery of its Due Diligence Completion Notice indicating such acceptance, prior to the end <br />of the Due Diligence Period, the Developer shall be deemed to have rejected the condition of the <br />Property and refused to accept conveyance of title to the Property. If the condition of the Property <br />is rejected or deemed rejected by the Developer, then the City or the Developer shall have the right <br />to cancel the Escrow and terminate this Agreement, in their respective sole and absolute discretion, <br />until such time (if ever) as the City receives the Due Diligence Completion Notice stating the <br />17 <br />553 94,00049\3 3239203.12 <br />
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