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(b) <br /> <br />In the event closing of the transaction contemplated by this Agreement does not <br />occur by March 31, 2003, this Agreement may be terminated by either BUYER <br />or SELLER, provided that a party which is in default of its obligations, <br />representations or warranties shall not be entitled to terminate this Agreement <br />pursuant to this Section 13(b). <br /> <br /> 14. NOTICES. All notices and demands under or with respect to this Agreement <br />shall be in writing and delivered personally or be registered or certified mail, return receipt <br />requested and postage prepaid: <br /> <br />(a) BUYER: <br /> <br />Thomas R. Knoll <br />6850 Sunwood Drive NW <br />Ramsey, Minnesota 55303 <br /> <br />(b) SELLER: <br /> <br />James E. Norman <br />City Administrator <br />City of Ramsey <br />15153 Nowthen Boulevard <br />Ramsey, Minnesota 55303 <br /> <br /> Any party may change their address by delivering a written change of address to all of the <br />other parties in the manner set forth in this Section. <br /> <br />15. MISCELLANEOUS. <br /> <br />(a) Time of Essence. Time is of the essence of this Agreement. <br /> <br />(b) <br /> <br />Controlling Law. This Agreement shall be governed by and interpreted in <br />accordance with the laws of the State of Minnesota. <br /> <br />(c) <br /> <br />Modification. This Agreement cannot be altered, amended, changed, waived, <br />terminated or modified in any respect or particular unless the same shall be in <br />writing and signed by or on behalf of the parties hereto. Waivers of any term or <br />condition of this Agreement must be in writing signed by the party against whom <br />such waiver is sought to be enforced. This Agreement contains the entire <br />understanding between SELLER and BUYER with respect to the transaction <br />contemplated and any and all prior agreements, whether oral, written, express or <br />implied, are superseded hereby and merged herein. <br /> <br />(d) <br /> <br />Counterpart Execution. This Agreement may be executed in two or more <br />counterparts, each of which shall be deemed to be an original, and all of which <br />together shall constitute one and the same instrument. <br /> <br />(e) <br /> <br />Binding Effect. This Agreement binds and benefits the parties and their <br />successors and assigns. <br /> <br />7 <br /> <br /> <br />