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

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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. (2) If SELLER breaches a warranty or representation either before or after Closing, BUYER shall have the right to recover direct damages reasonably related to such breach but not incidental or consequential damages or punitive damages. BUYER shall have no right to seek rescission of the conveyance. 17. NOTICES. All notices required herein shall be in writing and delivered personal I or mailed to the address as shown above and, if mailed, are effective as of the date of mailing. 18. BROKERS. Each party represents that they are not obligated to any real estate or business broker as a result of this transaction. Each party hereby indemnifies the other for any broker's or agent's fees. 19. CONTINGENCY. BUYER'S purchase funds are from a Metropolitan Council RALF loan. Final approval from the Metropolitan Council has not been received by BUYER. This Agreement is therefore contingent upon BUYER'S receipt, prior to the Closing Date of final approval of the Metropolitan Council that it will fund BUYER'S purchase. In the event said approval is not granted, this Agreement will be null and void and the earnest money paid herein will be refunded to BUYER. 20. MINNESOTA LAW. This Agreement shall be governed by the laws of the State of Minnesota. 21. MISCELLANEOUS. a. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS AGREEMENT. 22. ADDITIONAL TERMS. a. If any part of this agreement or any part or any provision thereof shall be adjudicated to be void or invalid, then the remaining provisions hereof not specifically so adjudicated to be invalid shall be executed without reference to the part or portion so adjudicated, insofar as such remaining provisions are capable of execution. b. The headings of the paragraph and subparagraphs of this agreement are for convenience and reference only, and do not form a part hereof and in no way interpret or construe such paragraphs and subparagraphs.