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15. Captions <br />. The paragraph headings or captions appearing in this Agreement are for <br />convenience only, are not a part of this Agreement and are not to be considered in <br />interpreting this Agreement. <br /> <br />16. Entire Agreement; Modification <br />. This written Agreement constitutes the complete <br />agreement between the parties and supersedes any prior oral or written agreements <br />between the parties regarding the Property. There are no verbal agreements that change <br />this Agreement and no waiver or modification of any of its terms will be effective unless <br />in writing executed by the parties. <br /> <br />17. Binding Effect <br />. This Agreement binds and benefits the parties and their successors and <br />assigns. <br /> <br />18. Controlling Law <br />. This Agreement has been made under the laws of the State of <br />Minnesota, and such laws will control its interpretation. <br /> <br />19. Remedies <br />. If Buyer defaults under this Agreement, Seller shall have the right and option <br />to terminate this Agreement by giving written notice to Buyer. If Buyer fails to cure such <br />default within thirty (30) days of the date of such notice, this Agreement will terminate, <br />and upon such termination Seller will retain the Earnest Money and accrued interest <br />thereon as liquidated damages and not as a penalty, time being of the essence of this <br />Agreement. The termination of this Agreement and retention of the Earnest Money will <br />be the sole remedy available to Seller for such default by Buyer, and Buyer shall not be <br />liable for damages or specific performance. If Seller defaults under this Agreement, this <br />provision does not preclude Buyer from seeking and recovering from Seller damages for <br />nonperformance and/or specific performance of this Agreement. <br /> <br />20. Third Party Beneficiary <br />. There are no third party beneficiaries of this Agreement, <br />intended or otherwise. <br /> <br />21. No Joint Venture or Partnership <br />. Seller and Buyer, by entering into this Agreement <br />and completing the transactions described herein, shall not be considered joint venturers <br />or partners. <br /> <br />22. Time Periods. <br />If the time for performance of any obligations under this Agreement <br />expires on a day that is not a business day, the time for performance shall be extended to <br />the next business day. <br /> <br />23. Date of Agreement. <br /> In the event this Agreement is not signed simultaneously by both <br />parties, it shall be considered to be an offer made by the party first executing it. In such <br />event this offer shall expire at mid-night on 45 days after the first party executed the <br />agreement, unless a copy of this Agreement, executed by the party to whom this offer had <br /> <br />been made, shall have been received by the party making the offer. <br /> <br /> <br /> <br /> <br /> 11 <br /> <br /> <br />