04/05/11 Work Session - Laserfiche WebLink

Home

The remedies set forth in this Section 17(b) are Buyer's sole and exclusive remedies in the event of Seller's. 18. Termination of this Agreement. Sections 10, 12, 14, 16 and 17(b)(allow Buyer to terminate this Agreement under certain conditions. Sections 15 and 16 of this Agreement allows Seller to terminate this Agreement under certain conditions. The following procedures govern the Parties exercise of their termination rights (except that Seller's termination of this Agreement pursuant to Section 17(a) is governed by Minnesota Statutes Section 559.21 and not by this Section 18): a. A Party intending to terminate this Agreement pursuant to one of the above - referenced Sections (the "Terminating Party") must notify the non - terminating Party (the "Non- Terminating Party "), in writing and in accordance with Section 21, of the Terminating Party's intent to terminate this Agreement. b. The Terminating Party's notice must recite the Section of this Agreement that authorizes the Terminating Party's termination of this Agreement and must describe the facts and circumstances which the Terminating Party asserts justify termination under the referenced Section. 2707737v7 12/17/10 that Buyer commences such action within three (3) months of the date of the default. In any such action for specific performance, Buyer may also recover Buyer's attorneys fees and costs. c. The Terminating Party's notice of termination will be effective as of the date the Terminating Party deposits the notice of termination with the United States Postal Service, with all necessary postage paid, for delivery to the Non - Terminating Party via certified mail, return receipt requested at the address set forth in Section 21. If the Terminating Party delivers a notice of termination in a different manner than described in the preceding sentence, the notice of termination will be effective as of the date the Non - Terminating Party actually receives the notice of termination. The Terminating Party must also mail a copy of the notice of termination to the Parties respective attorneys as provided for in Section 21 below. d. If the Non - Terminating Party disputes the Terminating Party's right to terminate this Agreement, the Non - Terminating Party must so notify the Terminating Party, in writing, within five (5) business days of the Non - Terminating Party's receipt of the Terminating Party's notice of termination. e. If the Non - Terminating Party does not dispute the Terminating Party's right to terminate the Agreement, Buyer must execute and delivery to Seller a recordable termination of this Agreement or quit claim deed conveying the Property to Seller. f. If the Parties dispute the validity of an attempted termination of this Agreement, either Party may initiate a civil action in a court of competent jurisdiction to determine the status of this Agreement, and the Party that prevails in any such action is entitled to recover the costs and reasonable attorneys' fees which such Party incurs in the action from the non - prevailing Party. -14-