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20. BINDING EFFECT. This Agreement binds and benefits the Parties and their <br /> successors and assigns. <br /> 21. CONTROLLING LAW. This Agreement is made under the laws of the State of <br /> Minnesota and such laws will control its interpretation. <br /> 22. REMEDIES. <br /> a. If Buyer fails to perform any of the terms or conditions of this Agreement within <br /> the specified time limits, Seller may declare this Agreement terminated pursuant <br /> to Minnesota Statutes section 559.21. Seller's sole remedy in the event of <br /> Buyer's default is retention of the Earnest Money, unless Buyer defaults under <br /> Section 7 or 12 of this Agreement, in which case Seller may retain the Earnest <br /> money or suspend the performance of its obligations under this Agreement and <br /> commence an action in Anoka County District Court to recover its actual damages <br /> arising from the default. <br /> b. If Seller fails to perform any of the terms or conditions of this Agreement within <br /> the specified time limits, Buyer may, as its sole remedy, declare this Agreement <br /> terminated in which case Escrow Agent and, if applicable, Seller, shall refund the <br /> Earnest Money (both the Initial Disbursement and the Remaining Earnest Money) <br /> to Buyer, or, in the alternative, Buyer may have this Agreement specifically <br /> enforced and recover any incidental damages. Buyer waives all claims for <br /> consequential damages against Seller based on Seller's breach or alleged default <br /> hereunder. <br /> 23.WAIVER. Failure of Seller or Buyer to insist upon the performance of any of the <br /> covenants, agreements and/or conditions of this Agreement or to exercise any right or <br /> privilege herein shall not be deemed a waiver of any such covenant, condition or right. <br /> 24. SURVIVAL OF TERMS AND CONDITIONS. The terms and conditions of this <br /> Agreement shall survive and be in full force and effect after the delivery of the deed, and <br /> shall not be deemed to have merged therein. <br /> 25. SEVERABILITY. Each provision of this Agreement shall apply to the extent permitted <br /> by applicable law and is intended to be severable. If any provision is illegal or invalid for <br /> any reason whatsoever, such illegality or invalidity shall not affect the legality or validity <br /> of the remainder of the Agreement. <br /> 26. CONSTRUCTION. The Parties acknowledge that this Agreement was initially <br /> prepared by Seller solely as a convenience and that all Parties and their counsel hereto <br /> have read and full negotiated all the language used in this Agreement. The Parties <br /> acknowledge that because all Parties and their counsel participated in negotiating and <br /> drafting this Agreement, no rule of construction shall apply to this Agreement to construe <br /> ambiguous or unclear language in favor of or against any Party. <br /> Page 9 of 14 <br />