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I1' said title is not marketable and is not so made by the Closing Date, as above provided, <br />BUYER shall have the option of: <br /> <br />Declaring this Agreement null and void and receiving a refund from <br />SELLER of all Earnest Money paid hereunder; or <br /> <br />Waiving any defects in title and proceeding to close the transaction <br />contemplated by this Agreement. <br /> <br /> If the title to the Property is marketable or is made marketable by the Closing Date, and <br />BUYER defaults in any of the agreements on its part to be performed under this Agreement and <br />continues in default for a period of five (5) days after written notice thereof is given to BUYER <br />by SELLER, then SELLER shall have the remedies described below or under Minnesota law. <br /> <br /> 16. DEFAULT. If either party defaults in the performance of any obligation under <br />this Agreement, the non-defaulting party may, after a five (5) day written notice to the defaulting <br />party, suspend performance of its obligations under this Agreement and the rights of the non- <br />det~ulting party are as follows: <br /> <br />mo <br /> <br />BUYER'S Default. If BUYER defaults in the performance of any of the <br />BUYER'S obligations under this Agreement, SELLER shall have the <br />following rights: <br /> <br />(i) <br /> <br />Except as set forth at (ii) below, if BUYER defaults in the <br />performance of any of BUYER'S obligations under this <br />Agreement, SELLER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br /> <br />(ii) <br /> <br />If BUYER breaches a warranty or representation either before or <br />after closing, SELLER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or <br />consequential damages or punitive damages. SELLER shall have <br />no right to seek rescission of the conveyance. <br /> <br />bo <br /> <br />SELLER'S Default. If SELLER defaults in the performance of any of <br />the SELLER'S obligations under this Agreement, BUYER shall have the <br />following rights: <br /> <br />(i) <br /> <br />Except as set forth at (ii) below, if SELLER defaults in the <br />performance of any of SELLER'S obligations under this <br />Agreement, BUYER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br /> <br />(ii) <br /> <br />If SELLER breaches a warranty or representation either before or <br />after closing, BUYER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or <br /> <br /> <br />