Laserfiche WebLink
13. Casualty,Condemnation. If all or any part of the Property is substantially damaged by fire, <br /> casualty, the elements, or any other cause, Seller immediately shall give written notice to <br /> Buyer, and Buyer shall have the right to terminate this Agreement by giving written notice <br /> within thirty(30)days after Buyer receives written notice from Seller of the same.If Buyer <br /> shall fail to give notice of termination,then the parties shall proceed to Closing and Seller <br /> shall assign to Buyer all rights to insurance proceeds resulting from such event. If eminent <br /> domain proceedings are threatened or commenced against all or any portion of the <br /> Property, Seller immediately shall give written notice to Buyer, and Buyer shall have the <br /> right to terminate this Agreement by giving written notice within thirty (30) days after <br /> Buyer receives written notice from Seller of the same. If Buyer shall fail to give notice of <br /> termination, then the parties shall proceed to Closing and Seller shall assign to Buyer all <br /> rights to appear in and receive any award from such proceedings. <br /> 14. Remedies. <br /> 14.1 If Buyer defaults in its obligation to proceed to the Closing in accordance with the <br /> terms of this Agreement and fails to cure such default within ten (10) days after <br /> being notified in writing thereof, Seller shall be entitled, as its sole and exclusive <br /> remedy,to terminate this Agreement and to retain the Earnest Money as liquidated <br /> damages. The parties agree that in the event of default by Buyer, subject to the <br /> expiration of the cure period above, Seller's damages will be difficult or impractical <br /> to ascertain and the Earnest Money will be deemed to constitute a reasonable <br /> estimate of Seller's damages and shall not be deemed to constitute a forfeiture or <br /> penalty. Seller shall not have the right to recover any other damages of any kind <br /> from Buyer or to obtain other equitable adjustment to the terms of the sale of the <br /> Property. <br /> 14.2 If Seller defaults on any of its material obligations under this Agreement and fails <br /> to cure such default within ten (10) days after receiving written notice thereof, <br /> Buyer shall be entitled to exercise any remedies available to Buyer at law or equity <br /> for a default by Seller hereunder including, without limitation, (i) the immediate <br /> return of the Earnest Money, (ii) to apply for and to receive from a court of <br /> competent jurisdiction equitable relief by way of specific performance to enforce <br /> Seller's performance of the terms of this Agreement,and/or(iii)to seek and recover <br /> from Seller damages for nonperformance of this Agreement for all of Buyer's out- <br /> of-pocket costs and fees, including without limitation, reasonable attorneys' fees, <br /> accountants' fees and other consultants' fees incurred by Buyer in preparing and <br /> negotiating this Agreement, preparing for the Closing, obtaining financing <br /> commitments, investigating the status,title and condition of the Property,and other <br /> similar and reasonable costs and expenses. <br /> 14.3 If either party hereto shall bring suit against the other to enforce the terms of this <br /> Agreement,the losing party shall pay to the prevailing party the prevailing party's <br /> cost and expenses (including, without limitation, reasonable attorneys' fees and <br /> costs) incurred in enforcing such prevailing party's rights under this Agreement. <br /> 15. Miscellaneous. <br /> US.106153450.02 <br />