Agenda - Council - 10/09/2001 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I FURNISHED BY ANY REAL ESTATE AGENT, BROKER, EMPLOYEE, SERVANT OR OTHER PERSON REPRESENTING OR PURPORTING TO REPRESENT SELLER. 15. LIMITED LIABILITY Any obligation or liabilities of Seller arising by virtue of this Agreement, or otherwise, shall be limited to the Purchase Price of the Property and resort shall not be had to any other assets of Seller. 16. TIME OF ESSENCE Time is of the essence to both Seller and Purchaser in the performance of this Agreement, and they have agreed that strict compliance by both of them is required as to any date set out herein. 17. RISK OF LOSS In the event of "minor" loss or damage [being defined for the purpose of this Agreement as damage to the Property such that the Property could be repaired or restored, in the certified opinion of Seller's architect, to a condition (the "prior condition") substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $10,000.00], this Agreement shall remain in full force and effect provided Seller performs any necessary repairs prior to the Closing, or, at Seller's option, reduces the Purchase Price in an amount equal to the cost of such repairs in which event Seller shall retain all of Seller's right, title and interest to any claim and proceeds Seller may have with respect to any casualty insurance policies relating to the Property. In the event of a "major" loss or damage (being defined as any loss or damage which is not "minor" as defined hereinabove), Purchaser shall have the option of either: (a) terminating this Agreement by notice to Seller and receiving a refund of the Earnest Money Deposit; or (b) proceeding with the Closing, provided Seller shall assign all of the Seller's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies relating to the Property. Upon the Closing, full risk of loss with respect to the Property shall pass to Purchaser. 18. CONDEMNATION If, at any time prior to the Closing, any action or proceeding is filed or threatened under which the Property, or any portion thereof, may be taken pursuant to any law, ordinance, or regulation, or by condemnation or the fight of eminent domain, then at the option of Purchaser (a) this Agreement shall terminate and be of no further force and effect and the Earnest Money Deposit shall be returned to Purchaser, or (b) this Agreement shall remain in full force and effect, and Seller, at the time of Closing, shall transfer and assign to Purchaser all of Seller's right, title and interest in and to any proceeds received or which may be received by reason of such taking, or a sale in lieu thereof, said option to be exercised on or before the thirtieth (30th) day following 7 -137-