Sunday, December 9, 2007

Just added the countdown timer at the top, showing how long before the Purchase and Sale Agreement between the City and Les Schwab expires as provided for in Para 3.3:
3.3 Contingency Removal Notice. If Buyer desires to close the acquisition of Phase 1, Buyer shall give to Seller written notice of its intention to do so (the "Contingency Removal Notice") on or before the final day of the Contingency Period. At the election of Buyer, in its sole discretion, the Contingency Removal Notice may specify the acquisition of both Phases at the time of the Phase 1 Closing. If no such Contingency Removal Notice is given, this Agreement shall automatically terminate and Buyer shall be entitled to the return of the Deposit with no further obligations on the part of either party, except for Buyer's indemnity of Seller contained in Paragraph 3.2 above. Buyer's decision to proceed shall be at its absolute and sole discretion.

The Contingency Period is defined in the Summary Sheet:
3.3 Contingency Period: The period from the Effective Date through and including December 31, 2007.

What happens of Les Schwab backs out?

That's the $12 million and counting question.