06/26/12 - Laserfiche WebLink

Home

(i) 559.21; or terminate this Agreement pursuant to Minnesota Statutes, Section (ii) initiate a civil action to compel Buyer's specific performance of Buyer's obligations under this Agreement provided that Seller commences the action within six (6) months of the date of Buyer's default. Buyer acknowledges and agrees to specific performance as an appropriate remedy for Buyer's default in the performance of Buyer's obligations under this Agreement. In any such action for specific performance, Seller may also recover Seller's attorneys fees and costs. The remedies set forth in this Section 13(a) are Seller's sole and exclusive remedies in the event of Buyer's default, b. Seller's Default. If Seller defaults in the performance of any of Seller's obligations under this Agreement and Seller fails to cure the defaults within five (5) business days following written notice from Buyer, Buyer may: (i) terminate this Agreement pursuant to Section 14 below, or (ii) initiate a civil action to compel Seller's specific performance of Seller's Obligations under this Agreement provided that Buyer commences such action within six (6) months of the date of Seller's default, Seller acknowledges and agrees to specific performance as an appropriate remedy for Seller's default in the performance of Seller's obligations under this Agreement. In any such action for specific performance, Buyer may also recover Buyer's attorneys fees and costs. The remedies set forth in this Section 13(b) are Buyer's sole and exclusive remedies in the event of Seller's default. 14. Termination of this Agreement. Sections 11 and 13(b)(i) of this Agreement allow Buyer to terminate this Agreement under certain conditions. Section 7 of this Agreement allows Seller to terminate this Agreement under certain conditions. The following procedures govern the Parties exercise of their termination rights in the event of a termination pursuant to one of those Sections. A termination pursuant to Section 13(a)(i) is governed by Minnesota Statutes and not by the provisions of this Section 14. 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, 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. 2303766v8 10.