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Seller shall provide a reduction in the Purchase Price equal to Buyer's environmental assessment costs, <br />or $35,000, whichever is less. <br /> <br />Property Information: Seller shall deliver to Buyer all information in Seller's possession relating to <br />the condition of the Property. <br /> <br />Alley Vacation: Prior to the closing of the sale, the City shall vacate the mid-block, north-south alley in <br />a manner sufficient to meet ORI's development plans for the site. <br /> <br />Development Purpose and Timing: ORI shall proceed with development of the site, the scope of <br />which shall be consistent with ORI's development proposal. Construction of the project shall commence <br />no later than June 1, 2005. In the event that construction of the project does not commence by June 1, <br />2005, Seller shall retain the first rights to repurchase the property in the amount of the Purchase Price. <br /> <br />Purchase and Sale Agreement: Within a reasonable time period following the Urban Renewal <br />Agency's approval of terms, Buyer and Seller shall enter into a formal Purchase and Sale Agreement. <br /> <br />Financing: Prior to the closing of the sale, Buyer shall demonstrate that all financing necessary for the <br />project has been secured. Buyer's obligation to close on the property shall be contingent on Buyer's <br />closing of such financing. <br /> <br />Condition of Title: Seller shall deliver the Property to Buyer with clear title, and provide Buyer with <br />standard title insurance <br /> <br />Closing Date: The closing of the sale shall occur no later than November 1, 2004. <br /> <br /> L:\CMO\2004 Council Agendas\M040623\S040623B.doc <br /> <br /> <br />