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performed by Swenson for the benefit of the Port and as further consideration for <br />the exchange of Properties. <br />Section 2. The escrow on the exchange of the Properties (the "Escrow") <br />must be closed by March 15, 1998, according to the terms and conditions of an <br />option agreement for the purchase and sale of real properties between Swenson <br />and Cargill (the "Purchase Agreement"). In the event that the Escrow does not <br />close by the above -referred date, Swenson will not be able to exercise its option <br />to purchase Cargill's property and the option that Swenson has to purchase said <br />property will expire. <br />The exchange of Properties will not occur and the consideration to be <br />received by the Port in connection therewith will not be received in the event that <br />the exchange of the Properties does not occur on or before March 15, 1998. As <br />a result, the Port will lose a unique opportunity to acquire property which it <br />deems necessary for the development of the Port and which will considerably <br />promote the Port waterfront properties, generally improve the Port property and <br />bring additional revenues to the Port. <br />The loss of the unique opportunity to acquire the within described <br />property, the toss of the substantial consideration to be received by the Port in <br />connection with the exchange of Properties.and.the loss of potential revenues to <br />the Port in the event that Escrow does not occur by. March 15, 1998, constitutes <br />sufficient facts to determine that this Ordinance should take effect upon its <br />adoption. <br />Ord -Polo 2 <br />GAsharedtport <br />FXS:rg <br />07/27/98 <br />Document Number: 1998-036691 Page: 15 of 16 <br />