Agenda - Council - 09/27/2005 - Laserfiche WebLink

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detht~lt tbr a period of five (5) days after written notice thereof is given to BUYER by SELLER, then SIiI,I,I.;R shall havc the remedies described below or under Minnesota law. 15. SURVEY. Subject to the provisions contained herein, SELLER shall, at SELLER'S sole and expense, obtain a current survey of the Property which survey shall be prepared by a Registered 5;urvcyor (thc "Survey"). The Survey, in form suitable to BUYER and Title Company shall: locate all present and future easements, rights-of-way, wetlands, 100-year flood plain, building lines, utility lines, roadways and encroachments on or abutting the property. contain the certification of the surveyor as to the number of square feet contained in the Property. BUYER shall have ten (10) days from the date of receipt of the Survey to approve same or to notit~, SI';I~LER of BUYER'S objections to items disclosed therein. Upon the expiration of said ten (10) day period, BUYER shall be deemed to have accepted all exceptions to Survey, except for matters to wh ich notice under the preceding sentence has been given by BUYER. I1' I~UYF, R notifies SELLER of any objections to the Survey within aforesaid ten (10) day period, then and in that event SELLER shall have a period often (10) days following receipt of such objections to %urvcy lo cure said objections or notify BUYER in writing of SELLER'S intent not to cure said ohjcctions. If the objections are not cured by SELLER within said ten (10) day period, BUYER shall lhcn have the option to do either of the following: terminate this Agreement and receive a refund of the Earnest Money, whereupon neither party shall have any rights or obligations to the other under this Agreement and each party shall forthwith execute a written termination of this Agreement; or b. waive the snrvcy objections, take title to the Property subject to any such objections and procced to Closing in accordance with the terms and provisions of this Agreement. Should SELLER notify BUYER that SELLER will not cure a noticed objection, BUYER shall then have ten (10) days from the receipt of such notice from SELLER to notify Seller of BUYER'S election to either terminate this Agreement or to waive the objection and proceed to Closing. 16. DEFAULT. If either party defaults in the performance of any obligation under this Agreement, thc non-defaulting party may, after a five (5) day written notice to the defaulting party, suspend pcrf'ormance of its obligations under this Agreement and the rights of the non-defaulting party are as fbi lows: a. BUYER'S Default. If BUYER defaults in the performance of any of the I~[ JY ER' S obligations under this Agreement, SELLER shall have the following rights: (1) 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 and retain the $5,000.00 Earnest Money as liquidated damages. The termination of this Agreement and retention of the Earnest Money will be the sole rmncdy available to SELER for such default by BUYER and BUYER will not be liable for damages or specific performance.