Laserfiche WebLink
. <br /> • • <br /> 7.03 Delivery of Construction Plans. <br /> If the Agreement is terminated pursuant to the provisions of this Agreement, at the expe, se of the <br /> Agency, Participant shall deliver to the Agency copies of any development or Construction Plans 'articipant <br /> has had prepared for the Improvements on the Site. Participant does not warrant or guarantee the c•rrectness <br /> or usability of any plans delivered to the Agency. <br /> 7.04 Default After Issuance of Certificate of Completion. <br /> If for reasons within participant's substantial control, Participant fails to open and o.erate the <br /> Dealership as set forth in the Operating Covenants contained in Section 5.01 above, after Participant has <br /> satisfied the requirements for issuance of a Certificate of Completion,Agency shall have as its so e remedy <br /> the right to purchase the Site and improvements thereon at fair market value within 180 days from he earlier <br /> of: <br /> (a) the failure to continuously operate the Dealership for the time period requi ed by this <br /> Agreement; or <br /> (b) the giving of notice to the Agency of the date as of which the Dealership ill cease <br /> operations. <br /> The Agency shall give written notice of its election to purchase the Site and improvements ithin such <br /> 180 day period. <br /> The cessation of operation of the Dealership for remodeling or renovation for a period not to exceed <br /> ninety(90)days or for a reasonable period caused by Enforced Delay as set forth in Section 9.03 s all not be <br /> deemed a cessation of operation for purposes of this Section 7.04. This right of the Agency o elect to <br /> purchase the Site and improvements thereon upon the cessation of Dealership business shall co tinue for a <br /> period of five (5) years from the date Participant satisfies the requirement for issuance of a C:rtificate of <br /> Completion for the Improvements. If the Agency gives notice of its election to purchase the Site and <br /> improvements thereon,the cost of the Site and the improvements purchased pursuant to either .02 or this <br /> Section 7.04 shall be the fair market value,exclusive of inventory,store fixtures and business goof,will,at the <br /> time of the breach as determined by a qualified real estate appraiser mutually agreed upon by b•th Parties. <br /> 7.05 Rights of Mortgagees. <br /> Any rights of the Agency under this Article Seven shall not defeat, limit or render invalid any lease, <br /> mortgage,deed of trust or any other security interest permitted by this Agreement or any rights .rovided for <br /> in this Agreement for the protection of holder of security interests in the Site or the Improvement.. <br /> Owner Participation Agreement "age 12 of 18 <br />