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I <br />I <br />I <br /> <br /> I <br /> I <br /> <br />'1 <br /> I <br />:1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br />I <br /> I <br /> I <br /> <br />Declaring this Agreement null and void and receiving a refund from <br />SELLER of all Earnest Money paid hereunder; or <br /> <br />b. Waiving any defects in title and proceeding to close the transaction <br /> contemplated by this Agreement. <br /> <br /> If the title to the Property is marketable or is made marketable by the date of closing, and <br />BUYER defaults in any of the agreements on its part to be performed under this Agreement and <br />continues in default for a period of 5 days after written notice thereof is given to BUYER by <br />SELLER, then SELLER shall have the remedies described below or under Minnesota law. <br /> <br /> 17. DEFAULT. If either party defaults in the performance of any obligation under <br />this Agreement, the non-defaulting party may, after a 5 day written notice to the defaulting party, <br />suspend performance of its obligations under this Agreement and the rights of the non-defaulting <br />party are as follows: <br /> <br />BUYER's Default. If BUYER defaults in the performance of any of the <br />BUYER's obligations under this Agreement, SELLER shall have a right <br />to: <br /> <br />(i) <br /> <br />Terminate this Agreement pursuant to Minnesota Statutes Section <br />559.21 and initiate an action for damages, specific performance or <br />any other remedy available to SELLER under Minnesota law or <br />equity. <br /> <br />b. SELLER's Default. <br /> <br />(i) <br /> <br />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 /> <br />(ii) <br /> <br />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 /> <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 /> <br /> 19. BROKERS. Each party represents that they are not obligated to any real estate <br />or business broker as a result of this transaction. Each Party hereby indemnifies the other for any <br />broker's or agent's fees. <br /> <br />7 <br /> <br />-125- <br /> <br /> <br />