Reso 99-113 - Laserfiche WebLink

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ADDENDUM TO CONTRACT The parties to the contract, R.K. Associates VIII, Inc.( hereinafter referred to as "SELLER") and the CITY OF SUNNY ISLES BEACH hereinafter referred to as "BUYER") hereby understand and agree that the terms of the printed Contract are amended hereby. Where in conflict with the terms of the printed Contract, the terms and conditions of this Addendum shall be applicable and shall prevail. The parties agree as follows: THIS IS AN AS -IS PURCHASE. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WITH REGARDS TO THE VACANT LAND OR THE BUILDING. BUYER HAS A RIGHT TO INSPECTIONS AS DENOTED BELOW, HOWEVER, THE BUYER IS PURCHASING THE PROPERTY IN AS -IS CONDITION WITH THE INTENT OF DEMOLISHING THE STRUCTURE AND CLEARING THE LAND FOR THE DEVELOPMENT OF A NEW COMPLEX. IT IS AGREED THAT THERE WILL BE NO CREDITS OR ADJUSTMENTS OF ANY KIND TO BE PROVIDED IN CONJUNCTION WITH THIS C-49N9FR*C-T. (1) INSPECTIONS: A) Buyer shall have the right at its sole cost and expense, for thirty (30) days after the effective date of this Contract, to inspect the property. Buyer shall have access to the property for purposes of conducting any tests upon the property, including, but not limited to environmental assessment audits, soil and groundwater samplings, soil borings, percolation tests, engineering and topographical studies, as buyer in its discretion deems necessary or convenient. Seller, simultaneously along with execution of this Contract, has provided Buyer with Environmental reports on the property, as well as soil borings and surveys. Buyer, at its election, may obtain , at its sole cost and expense an environmental report of the property prepared by a duly licensed environmental engineer or geologist. In the event the environmental report reflects aany hazardous materials ( as defined below) on or effecting the property or hazardous materials disposal activities have been conducted on the property, the Buyer may either close on the property in as -is condition, or elect to place the Seller on notice of the nature of the problem. In the event Seller elects not to take corrective action in order to cure the problem, buyer may terminate the contract and receive all deposits returned forthwith, including all accrued interest on its deposits. Hazardous materials mean and include without limitations any flammable or explosive materials, natural or synthetic gas, hazardous waste or toxic substances or related materials as defined by Federal , State or local law.