Agenda - Council - 06/25/2013 - Laserfiche WebLink

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(i) terminate this Agreement pursuant to Minnesota Statutes, Section 559.21 and retain Earnest Money. The remedies set forth in this Section 16(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 17 below and receive a refund of the Earnest Money, 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 16(b) are BUYER's sole and exclusive remedies in the event of SELLER's default. 17. TERMINATION OF THIS AGREEMENT. Sections 15 and 16(b )(i) of this Agreement allow BUYER to terminate this Agreement under certain conditions. Section 16 a.(i) 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 16 a.(i) is governed by Minnesota Statutes and not by the provisions of this Section 17. a. A Party intending to terminate this Agreement pursuant to one of the above -referenced Sections (the "Terminating Party") must notify the non -terminating Patty (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. c. 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 three (3) business days of the Non -Terminating Party's receipt of the Terminating Party's notice of termination. d. If the Non -Terminating Party does not dispute the Terminating Party's right to terminate the Agreement, the Parties must execute an instrument evidencing the Termination of this Agreement. 9885655v2 7