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10/09/12
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10/09/12
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Last modified
7/18/2025 11:18:55 AM
Creation date
10/8/2012 8:46:15 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
10/09/2012
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559.21; or <br />(ii) initiate a civil action to compel BUYER's specific performance of <br />BUYER's obligations under this Agreement provided that SELLER commences <br />the action within six (6) months of the date of BUYER's default. BUYER <br />acknowledges and agrees to specific performance as an appropriate remedy for <br />BUYER's default in the performance of BUYER's obligations under this <br />Agreement. In any such action for specific performance, SELLER may also' <br />recover SELLER's attorneys fees and costs. <br />The remedies set forth in this Section 17(a) are SELLER's sole and exclusive remedies in the <br />event of BUYER's default. <br />b. SELLER's Default. If SELLER defaults in the performance of any of <br />SELLER's obligations under this Agreement and SELLER fails to cure the defaults <br />within five (5) business days following written notice from BUYER, BUYER may: <br />(i) terminate this Agreement pursuant to Section 18 below, or <br />(ii) initiate a civil action to compel SELLER's specific performance of <br />SELLER's Obligations under this Agreement provided that BUYER commences such <br />action within six (6) months of the date of SELLER's default. SELLER acknowledges <br />and agrees to specific performance as an appropriate remedy for SELLER's default in the <br />performance of SELLER's obligations under this Agreement. In any such action for <br />specific performance, BUYER may also recover BUYER's attorneys fees and costs. <br />The remedies set forth in this Section 17(b) are BUYER's sole and exclusive remedies in the <br />event of SELLER's default. <br />18. TER1NTINATION OF THIS AGREEMENT. Sections 16 and 17(b )(i) of this <br />Agreement allow BUYER to terminate this Agreement under certain conditions. Section 17 a.(i) <br />of this Agreement allows SELLER to terminate this Agreement under certain conditions. The <br />following procedures govern the Parties exercise of their termination rights in the event of a <br />termination pursuant to one of those Sections. A termination pursuant to Section 17 a.(i) is <br />governed by Minnesota Statutes and not by the provisions of this Section 18. <br />a. A Party intending to terminate this Agreement pursuant to one of the <br />above -referenced Sections (the "Terminating Party") must notify the non -terminating <br />Patty (the "Non -Terminating Party"), in writing, of the Terminating Party's intent to <br />terminate this Agreement. <br />b. The Terminating Party's notice must recite the Section of this Agreement <br />that authorizes the Terminating Party's termination of this Agreement and must describe <br />the facts and circumstances which the Terminating Party asserts justify termination under <br />the referenced Section. <br />c. If the Non -Terminating Party disputes the Terminating Party's right to <br />terminate this Agreement, the Non -Terminating Party must so notify the Terminating <br />12 <br />
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