Page 161 - 2018 Village Ordinance Book 122818

C. REPURCHASE AGREEMENT.

In the event that the Developer fails to commence construction on or before December
31, 2018, as defined and detailed above, then the Village may exercise an option to repurchase
the Property from the Developer and the Developer agrees to sell the Property to the Village for
the sum of Six Hundred Thousand ($600,000.00) Dollars. Nothing contained herein shall
require the Village to repurchase the Property but in the event that the Village so elects, by
written notice to the Developer advising the Developer of the Village intent to repurchase the
Property, the Developer shall be required to provide to the Village a title commitment showing
title to the Property to be in the same condition as that called for in the original Offer to Purchase
dated the ______ day of April, 2018 at Developer’s cost, and shall convey title to the Property to
the Village under the same terms and conditions as contained in such Offer to Purchaser
referenced herein.

D. REIMBURSEMENT OF COSTS.

Developer shall be liable for and shall pay to and reimburse the Village for any and all
costs for legal with respect to processing, reviewing, revising, drafting and approving any
agreements, easements, deed restrictions or other development-related documents.

E. COMPLETION OF CONSTRUCTION.

Developer shall substantially complete construction, as defined above, no later than June
30, 2020. In the event that Developer fails to substantially complete construction by June 30,
2020, the Developer agrees that the Village may take such steps as are necessary to enforce the
terms of this Agreement, the Ordinances of the Village, Statutes or Administrative Code
provisions of the State of Wisconsin in order to effectuate the intent of this Agreement.

F. TAXABILITY.

Developer agrees, for itself and its successors in interest, that it shall not sell, transfer,
convey or use the Property in any manner that would render it exempt from the imposition of
general property taxes under the statutes of the State of Wisconsin, except where taken in whole
or in part by the exercise of eminent domain under applicable Laws, during the term of this
Agreement. Developer agrees that in the event the Property, or any part thereof, were deemed to
be tax-exempt for any reason other than as a result of eminent domain during the term of this
Agreement, Developer shall make annual payments in lieu of taxes to the Village in an amount
equal to the amount of general property tax that would have been paid were the Property taxable,
and by the same date that the first installment tax payment on the Property would have been due
were the entire Property taxable. Developer agrees, for itself and all successors in interest in the
Property, that this obligation shall run with the Property.

G. PERSONAL LIABILITY.

In carrying out any of the provisions of this Agreement or in exercising any power or
authority granted to them thereby, there shall be no personal liability of the Village officers,

DAVISON LAW OFFICE, LTD. Page 3
1207 55th Street, Kenosha, Wisconsin 53140 (Rev. 4/27/18)
Telephone No. (262) 657-5165 Fax No. (262) 657-5517 Email: dmltd@sbcglobal.net