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04/05/11 Work Session
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04/05/11 Work Session
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7/18/2025 10:59:29 AM
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4/1/2011 12:43:18 PM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Work Session
Document Date
04/05/2011
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17. Condemnation. If a public or private entity with the power of eminent domain <br />commences condemnation proceedings against all of any part of the Property, Seller must <br />immediately notify Buyer, and Buyer may, at Buyer's sole option, terminate this Agreement <br />pursuant to Section 19 below. Buyer will have twenty (20) days from Buyer's receipt of Seller's <br />notice to Buyer to exercise Buyer's termination right. If Buyer terminates this Agreement <br />pursuant to this Section 17, the Parties must instruct Title to disburse the Earnest Money to <br />Buyer. If Buyer does not terminate this Agreement within said twenty (20) day period, the <br />Parties must fully perform their obligations under this Agreement, with no reduction in the <br />Purchase Price, and Seller must assign to Buyer, on the Date of Closing, all of Seller's right, title <br />and interest in any award made or to be made in the condemnation proceedings. Seller may not <br />designate counsel, appear or otherwise act with respect to any such condemnation proceedings <br />without Buyer's prior written consent unless Buyer fails to respond within seven (7) days to a <br />request for such written consent. <br />18. Default. If either Party defaults in the performance of any of the Party's <br />obligations under this Agreement, the non- defaulting Party may, after written notice to the <br />defaulting Party, suspend performance of its obligations under this Agreement, and the rights of <br />the non - defaulting Party are as follows: <br />2650680v4 <br />09/13/10 <br />a. Buyer's Default. If Buyer defaults in the performance of any of Buyer's <br />obligations under this Agreement or if one or more of the representations of Buyer in <br />Section 13 was inaccurate when made, Seller has the right to: <br />terminate this Agreement pursuant to Minnesota Statutes, Section <br />559.21 and retain the Earnest Money and any interest which the <br />Earnest Money has earned as liquidated damages. Title must <br />disburse the Earnest Money to Seller upon Seller's delivery to Title <br />of a copy of a Notice of Cancellation of Purchase Agreement <br />which satisfies the requirements of Minn. Stat. 559.21; an <br />Affidavit of Service stating that the Notice of Cancellation was <br />served upon Buyer and an Affidavit stating that Buyer failed to <br />comply with the requirements of the Notice of Cancellation within <br />the time period set forth in Minn. Stat. 559.21; <br />ii commence an action in a court of competent jurisdiction seeking a <br />judgment terminating this Agreement and awarding damages to <br />Seller if, and only if, one or more of the representations of Buyer <br />set forth in Section 13 was inaccurate, when made, or if Buyer <br />breaches Buyer's obligation to indemnify and defend Seller in <br />accordance with Section 14. In any such action for damages, <br />Seller may also recover Seller's attorneys' fees and costs; <br />iii initiate a civil action to compel Buyer's specific performance of <br />Buyer's obligations under this Agreement provided that Seller <br />commences the action within three (3) months of the date of <br />Buyer's default. In any such action for specific performance, <br />Seller may also recover Seller's attorneys' fees and costs. <br />-14- <br />
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