Laserfiche WebLink
a. BUYER'S Default. If BUYER defaults in the performance of any of the <br />BUYER'S obligations under this Agreement, SELLER shall have the <br />following rights:. <br />(i) Except as set forth at (ii) below, if BUYER defaults in the <br />performance of any of BUYER'S obligations under this <br />Agreement, SELLER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br />(ii) If BUYER breaches a warranty or representation either before or <br />after closing, SELLER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or <br />consequential damages or punitive damages. SELLER shall have <br />no right to seek rescission of the conveyance. <br />b. SELLER'S Default. If SELLER defaults in the performance of any of the <br />SELLER'S obligations under this Agreement, BUYER shall have the <br />following rights: <br />(i) Except as set forth at (ii) below, if SELLER defaults in the . <br />performance of any of SELLER'S obligations under this <br />Agreement, .BUYER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br />(ii) If SELLER breaches a warranty or representation either before or <br />after closing, BUYER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or <br />consequential damages or punitive damages. BUYER shall have <br />no right to seek rescission of the conveyance <br />18. NOTICES. All notices required herein shall be in writing and delivered <br />personally or mailed to the address as shown above and, if mailed, are effective as of the date of <br />mailing. <br />19. BROKERS. Each party represents that they are not obligated to any real estate or <br />business broker as a result of this transaction. Each party hereby indemnifies the other for any <br />broker's or agent's fees. <br />20. MINNESOTA LAW. This Agreement shall be governed by the laws of the State <br />of Minnesota. <br />21. CONTINGENCY. <br />a. This Agreement. is contingent upon approval of the Ramsey City Council <br />on or before May 26, 2009. In the event said approval is not granted by <br />8 <br />-36- <br />