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04-B C-Tech Incentive Agmt
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04-B C-Tech Incentive Agmt
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Last modified
11/8/2005 11:20:40 AM
Creation date
6/6/2003 6:05:20 PM
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AGENDA
Item Number
4-B
AGENDA - Type
RESOLUTION
Description
Approving the Incentive Agreement with C-Tech and associated funding from Hibernia Bank
AGENDA - Date
6/9/2003
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the Land herein to the Company), the Company shall have a preferential right <br />to purchase the Option Tract under the following terms and provisions: <br /> <br />a. PEDC shall deliver written notice (the "Notice") to the Company of <br /> any offer to purchase the Option Tract which PEDC desires to accept <br /> that is received from a third party, which Notice shall contain the <br /> proposed purchase price and terms of the purchase. <br />b. Similarly, ifPEDC desires to donate the Option Tract, in whole or in <br /> part, to a third party, it will deliver the Notice to the Company, except <br /> that the Notice will state the purchase price and terms of sale as <br /> established by the Board of Directors of PEDC based upon an <br /> appraisal acceptable to it or as otherwise determined in the exercise of <br /> its discretion. <br />c. The Company may exercise its right to purchase the Option Tract <br /> (herein called the "Exercise Notice"), under the same terms and <br /> provisions as are contained in the third party offer, or as set by the <br /> PEDC Board of Directors in the donation situation, at any time prior <br /> to 4:00 o'clock P.M. on the 30th day following the delivery of the <br /> Notice by PEDC, which Exercise Notice shall be in writing, signed by <br /> the Company and delivered to PEDC within the prescribed time. <br />d. If the Company timely exercises its option to purchase the Option <br /> Tract, it shall then proceed to "Close" its purchase thereof within <br /> thirty (30) days after the date it exercises its option, by taking title to <br /> the Option Tract and paying the purchase price therefor. <br />e. If there is not a third party offer for the Option Tract, or a donative <br /> intent by PEDC at the time, and the Company desires to purchase the <br /> Option Tract, the Company shall deliver written notice of its desire to <br /> PEDC, and the purchase price therefor and the terms of sale shall be <br /> determined by PEDC as described in subparagraph 3b. above. <br />f. This right of first refusal hereby granted to the Company to purchase <br /> the Option Tract shall remain in full force and effect, as long as the <br /> Company is not in default under this Agreement, for five (5) years <br /> after the Effective Date of this Agreement. <br />g. At any time that the Company sends its Exercise Notice to PEDC, it <br /> shall also remit to PEDC its check for good funds in the amount often <br /> percent (10%) of the purchase price for the Option Tract, to be held <br /> by PEDC as earnest money to bind the transaction and be credited to <br /> the balance of the purchase price due from the Company at Closing. <br />h. If an Exercise Notice is delivered by the Company to PEDC, and the <br /> purchase is not Closed by the Company within the thirty (30) day time <br /> allotted therefor (with no delay in Closing having been caused by <br /> PEDC), the preferential right to purchase hereunder shall terminate, <br /> and the earnest money paid to PEDC shall be retained by PEDC as <br /> <br /> <br />
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