05-15-12 Meeting of the La Porte Development Corporation Board of Directors

Browse Search

this Agreement shall terminate one (1) business day after demand is made to the non-performing party and the party continues to fail to close on the transaction. Notices. 14. Notices must be in writing and may be hand delivered and/or mailed by certified mail with return receipt requested to the addresses stated above. Notice given by delivery service shall be effective upon receipt at the address of the addressee; notice given by mail shall be effective upon earlier of actual receipt or three (3) days after placing the notice in a receptacle of the United States Postal Service, postage prepaid and properly addressed. In addition, copies of notices shall be provided to the party’s attorney at the addresses indicated above. Term. 15. This Agreement shall be effective onthe Effective Date and, except for the provisions of this Agreement that survive termination, shall terminate: (a)on the closing date of the sale of the Property to Purchaser; (b) on the date mutually agreed by the parties; or (c)the date the Agreement is terminated pursuant to Section 13, above. Sale Subject to Provisions of Tex. Loc. Govt. Code §272.001. 16. Purchaser acknowledges having been advised that pursuant to the City Purchase Contract, City has contracted with Seller as an independent foundation to sell the Property without requiring an auction or solicitation of competitive bids subject to City’s requirement that the Property be developed by Purchaser in accordance with the Restriction Agreement. Miscellaneous. 17. This Agreement is subject to the following additional provisions and conditions: (a)Entireties. This Agreement contains the entire agreement of the parties pertaining to the Property. (b) Modifications. This Agreement may only be modified by a written document signed by both parties. (c)Assignment. Purchaser may not assign its rights under this Agreement to any entity without the express written consent of Seller. (d) Time is of the Essence. Time is of the essence with respect to the performance by the parties of their respective obligations hereunder. (e)Effective Date. The Effective Date of this Agreement shall be the last date on which the authorized representatives of all parties have signed this Agreement and the payment of the Option Fee has been paid. (f)Non-Business Day. If the final date of any period provided herein for the performance of an obligation or for the taking of any action falls on a Saturday, Sunday, federal holiday, or a day on ATTACHMENT I TO PURCHASE AND SALE AGREEMENT: CITY OF LA PORTE TO LA PORTE DEVELOPMENTCORPORATION – PAGE 19