201604610 - Laserfiche WebLink

Browse

2� 1 ��4� 1 � Deve�oper e�e�t to ex�rcise �ts �pt�an to repur�hase the �wr�er Proper�y, �.or sha�� I�evelo�er be requ�.red t� become persona��y ob��ated for such liens and encurn.brances. Notv�zthstanding t�e forego�ng, �f a I-3a.rdee's R.estaurant �s substantialiy comp��te, but not yet open and operating, by the end of the seventeen (17} month per��d des�r�bed abov�, �v�ner sha11 have a c�rn�m�rcia�iy reasonab�e t�n1.e �not to exceed r��nety (9�� da�s} to camp�ete such constru�tion, open and comm.ence operatxans, so long as Dwner d��igent�y pursues th� sa�ne. Deve��per s�a�� not exerc�se its repur�hase apt�or� during such. e�tended t�me per�od or th�reafter, so �ong as th� Harde�'s Res�aurant has opened and�s�perat�ng by t�e end of�uch�xtended tizne per�od. c �asua�t I��r�d�mnat�an. �wner s�al� rest�re the impr�vements �n the .Y......... ��.��..�,,,. Uwner Property f�ll�vv�ng a casualty andlor condemnation. If �wner fa�is to restare th� �mprovements within twelve �1�� months �f th� date of th� �asualty andl�r candemnat�on, I�eveXoper sha1�hav�the r�ght, but not th� ab�igat�on, exercisable by delivery of not�ce thereof ta D�vner �rithin s�xty (��} days after th� expirat�on af sa�d t�e��re �12} n�.onth period, to pur�hase the ��vner Praper�y for an arn�unt equal t� t�e Repurchase Pr�ce. The �losin� of such repurchase shall �c�ur s�xt� ��D} days after �wner's receipt of t�.e exercise of the apti�n by Developer. In the event De�eloper exerc�ses either of its �ptians under subparagraphs �b} or�c) of th�s Sect�on 5, the pr�ce for suGh r�purchase �the "Repurchase Prxce") sha�� b� determxned in the f�l�ov��ng rnar�n�r: (i) v�r�thin fiv� [5� da�s of D��reloper's exerc�s� of�ts opt�on, �wner and I7eveloper each sha�� promptly designate an appraiser to determine the fa�r market �alue of t�e Dwner Praperty and impr�venz�r�ts; and [ii} v�ithin ten (��) da�s after each appraiser rs des�gnated, the appraisers shall ea�h det�rmine the fair mar�et va�ue of th� �wner Pr�perty and irnprovements and the averag� �f the two appra�sa�s sha�l be the Repurchase Pr�c�; prov�ded, h�wever, �f the appraisals are more than $1��,��.�� apart, ther�the twa appra�sers shall, wrthin an add�t�ona� f��re �5} days, select a th�rd appraiser and th� average of the t�ree appraisa�s sha�X estab�ish the Repurc�.as�Price. If e�ther party fa�Is to des�gnate ar�appraiser w�thin ten�1�} days after the I�eve�oper's exerc�se �f its opt�on, the d��is�on �f the other party's appra�ser sha�i be b�ndxng upon both par��es. Any appraiser designed by the par�ies, or appointed by the appra�sers des�gnated by the part�es, shal� be an �ndep�ndent �icensed M.A.I. rea� estate appra�ser doing busiriess �n the State of Nebraska. The decision of the appra�sers sha�1 b� final and b�nding upon a�l part�es. N�t�vithstand�ng the foregoing, upon the determination of the Repurchase Price by the a�pra�sers, DeveXoper sha�l have the right to nul��f� its election ta purchase the �wner Property. �vvner covenants to c�operate �vith Deve�oper and ex�cute any and al� documents neces�ary to effe�tuat� the foregoing. �l�s�ng on the repurchase sha1� be v�ithin s�xty (6�) days of the f�nal determination af the Repur�hase Pr�ce Iess ar�� nsurance andl�r condemnatzan proceeds rece�ved by �wner, at �vhich time, Dev�loper sha�� deliver to �v�n�r th� Repurchase Price, and�v�n�r sha��cor��ey to Deve�oper fee simple t�t�e t�the��rner Property, free and�lear of any li�ns and encunlbrances. Not�r�thstanding t�.e fore�oing, �f the restoration af the Hardee's R�staurant�s substar�tia��y comp��te by the end of the twe�ve �I�}manth per��d desc�ib�d abo�e, �wn�r sha�� ha�e a cornmer��al�y reasonable time [n�t tfl exce�d n�nety (90) days� ta compiete such��r�structxon s� �ong as Dwner di�igently pursues the sam.e. Developer shal� not��rc�se i�s repurchase opt��n dur�ng such e�tend�d tinze period �r thereafter, so long as the rest�rati�n is con�.pieted by the end of such ext�nded t�me�aer��d. -�5w