Agenda - Council - 03/22/2005 - Laserfiche WebLink

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a. BUYER'S :DefaUlt. i If BUYER defaults in the performance of any of the BUYER'S Obligations undeI this Agreement, SELLER shall have a right to: (i) Exert as .set :foi'th at (ii) below, if BUYER defaults in the performance 6f anyiof BUYER'S Obligations under this Agreement, sEELER's sble ~d~ exclusive right shall be to seek a Cancellation of Purchase Agrcement~. (ii) If B ~ _LritER br~acheSla warranty or representation either before or after clos|fig, SELLERi Shall have the right to recover direct damages reas0r~ably:related'~t9 such breach but not incidental or consequential dam~iges:or P~nitiV~el.damages. SELLER shall have no right to seek resc!SsiOn of the conveyance. b. SELLER'S DefaulL (i) Except as set forth at (ii) below, if SELLER defaults in the perf~ixnance of.any 6f SELLER'S obligations under this Agreement, BUYER,S So!e~ and ~xclusive right shall be to seek a Cancellation of Pur~tlase Agreemenfi (ii) If SELLER breaches a warranty or representation either before or after~ closing, BUYER shall have the right to recover direct damages reasQnably relh[ed t~ such breach but not incidental or consequential damages or punitive. damages. BUYER shall have no right to seek rescission of the conveyance. 18. NOTICES. All notices reqU~ired herein shall be in writing and delivered personally or mailed to the address as shown above anco, if mailed, are effective as of the date of mailing. I9. REMOVAL oF ~EBRIs, i SELLER agrees to remoVe ALL DEBRIS and all personal property not included herein from ~e PrOperty by the Closing Date. 20. BROKERS. Each;PartY reWesent~ that they are not obligated to any real estate or business broker as a result of this transact'ion. ~Each partY hereby indemnifies the other for any broker's or agent's fees. 2 l. MINNESOTA LAW. This Agreement shall be governed by the laws of the State of Minnesota. . 22. MISCELLANEOI~$. a. TIME IS OF AGREEMENT. THE :ESSENCE FOR ALL PROVISIONS OF THIS