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b. SELLER'S Default. If SELLER defaults in the performance of any of the <br />S}:,l ,IJER'S obligations under this Agreement, BUYER shall have the following rights: <br /> <br /> (1) Except as set forth at (2) below, if SELLER defaults in the performance <br />of any of SELLER'S obligations under this Agreement, BUYER'S sole and exclusive <br />right shall be to seek a Cancellation of Purchase Agreement. <br /> <br /> (2) If SELLER breaches a warranty or representation either before or after <br />Closing, BUYER shall have the right to recover direct damages reasonably related to <br />such breach but not incidental or consequential damages or punitive damages. BUYER <br />shall have no right to seek rescission of the conveyance. <br /> <br /> 17. NOTICES. All notices required herein shall be in writing and delivered personally or <br />mailed to the address as shown above and, if mailed, are effective as of the date of mailing. <br /> <br /> 18. BROKERS. Each party represents that they are not obligated to any real estate or <br />business hrokcr as a result of this transaction. Each party hereby indemnifies the other for any broker's or <br /> <br /> 19. CONTINGENCY. BUYER'S purchase funds are from a Metropolitan Council RALF <br />loan. Final approval fi'om the Metropolitan Council has not been received by BUYER as of the date of this <br />Agreement. This Agremnent is therefore contingent upon BUYER'S receipt, prior to the Closing Date of <br />final approval of the Metropolitan Council that it will fund BUYER'S purchase provide the Purchase Price <br />~o BUYI:,R at Closing. In the event said approval is not granted, this Agreement will be null and void and <br />the carncs! money paid herein will be refunded to BUYER. In addition, this Agreement is contingent upon <br />its final approval by the Ramsey City Council as to its terms and conditions. In the event said final <br />approval is not given by the Ramsey City Council on or before September 27, 2005, this Agreement shall <br />bc null and void. <br /> <br /> 20. <br />M innesola. <br /> <br />MINNESOTA LAW. This Agreement shall be governed by the laws of the State of <br /> <br />21. MISCELLANEOUS. <br /> <br /> a. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS <br />A()REEMENT, <br /> <br /> b. If any part of this agreement or any part or any provision thereof shall be <br />a([iudicated to be void or invalid, then the remaining provisions hereof not specifically so <br />adjudicated to be invalid shall be executed without reference to the part or portion so adjudicated, <br />insofar as such remaining provisions are capable of execution. <br /> <br /> c. The headings of the paragraph and subparagraphs of this agreement are for <br />convenience and reference only, and do not form a part hereof and in no way interpret or construe <br />such paragraphs and subparagraphs. <br /> <br /> d. Words of pronoun shall be interchangeable with respect to gender and singular or <br />plural as the context of application requires. If two or more parties are referred to collectively <br />trader' designation, the liability of each shall be joint and several. <br /> <br />7 <br /> <br /> <br />