Agenda - Council - 11/09/2004 - Laserfiche WebLink

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15. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10) days after receipt of such title evidence for examination of title and the making of any objections thereto, which objections shall be in writing or they will be deemed to be waived. If any objections are so made, SELLER shall be allowed until the Closing Date to make such title marketable, and SELLER shall use all reasonable efforts to make such title marketable. Ifs said title is not marketable and is not so made by the Closing Date, as above provided, BUYER shall have the option of: a. Declaring this Agreement null and void and receiving a refund from SELLER of all Earnest Money paid hereunder; or b. Waiving any defects in title and proceeding to close the transaction contemplated by this Agreement. If the title to the Property is marketable or is made marketable by the Closing Date, and BUYER defaults in any of the agreements on its part to be performed under this Agreement and continues in default for a period of five (5) days after written notice thereof is given to BUYER by SELLER, then SELLER shall have the remedies described below or under Minnesota law. 16. DEFAULT. If either party defaults in the performance of any obligation under this Agreement, the non -defaulting party may, after a five (5) day written notice to the defaulting party, suspend performance of its obligations under this Agreement and the rights of the non -defaulting party are as follows: a. BUYER'S Default. If BUYER defaults in the performance of any of the BUYER'S obligations under this Agreement, SELLER shall have the following rights: (1) Except as set forth at (2) below, if BUYER defaults in the performance of any of BUYER'S obligations under this Agreement, SELLER'S sole and exclusive right shall be to seek a Cancellation of Purchase Agreement. (2) If BUYER breaches a warranty or representation either before or after Closing, SELLER shall have the right to recover direct damages reasonably related to such breach but not incidental or consequential damages or punitive damages. SELLER shall have no right to seek rescission of the conveyance. b. SELLER'S Default. If SELLER defaults in the performance of any of the SELLER'S obligations under this Agreement, BUYER shall have the following rights: (1) Except as set forth at (2) below, if SELLER defaults in the performance of any of SELLER'S obligations under this Agreement, BUYER'S sole and exclusive right shall be to seek a Cancellation of Purchase Agreement. N