10/28/14 - Laserfiche WebLink

Home

6. Balance of the purchase price. C. The terms of this Section 26 shall survive the closing of the transaction contemplated herein. 26. PRORATIONS. The following prorations shall be made as of the Closing Date: A. Real estate taxes (excluding any outstanding special assessments and/or installments of special assessments certified to the real estate taxes for payment Seller is obligated to pay pursuant to Section 26 hereof) allocable to the Premises that are due and payable in the year of closing shall be prorated between Seller and Buyer to the Closing Date. Seller shall pay all such real estate taxes due and payable in years prior to the year of closing. Buyer shall assume responsibility for the payment of all such taxes due and payable in years subsequent to the year of closing. If, as of the Closing Date, the Premises is not assessed for purposes of property taxation separately from all other real property, then the real estate taxes for the total tax parcel shall be paid in full at closing, and the amount of taxes allocable to the Premises shall be determined based upon the ratio that the square footage of the Premises bears to the square footage of all the real property within the total tax parcel. B. The terms of this Section 27 shall survive the closing of the transaction contemplated herein. 27. REMEDIES. A. Seller Default. In the event Seller defaults under this Agreement and such default is not cured within 15 days after the date Buyer provides Seller written notice specifying such default, Buyer, as its sole and exclusive remedy, may either {a) seek specific performance of this Agreement provided such action is commenced within sixty (60) days after Seller's 15-day cure period, or (b) terminate this Agreement and receive a refund of all Earnest Money and any accrued interest thereon. In no event shall Seller be liable to Buyer for damages under this Agreement, or liable to Buyer for other costs and expenses incurred by Buyer in its investigation of the Premises. B. Buyer Default. If Buyer defaults in the performance of this Agreement, Seller's sole and exclusive remedy shall be to cancel this Agreement by delivering written notice of such default to Buyer ("Seller's Default Notice"), in which event Buyer shall have the opportunity to cure such default within thirty (30) days after receipt of Seller's Default Notice, and if Buyer fails to timely cure such default after receipt of Seller's Default Notice, then this Agreement shall be deemed canceled without further action between the parties and the Escrow Agent shall deliver all of the Earnest Money to Seller as liquidated damages, it being the understanding and agreement of the parties that it would be impractical or extremely difficult to deteiniine the actual damages to Seller in Page 10 of 16