Agenda - Council - 12/13/2005 - Laserfiche WebLink

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b. SELLER's Default. consequential damages orlpunitive damages. no right to seek rescission of the conveyance. SELLER shall have -543- (i) Except as set forth at (ii) below, if SELLER defaults in the performance of any of SELLER's obligations under this Agreement, BUYER's sole and exclusive right shall be to seek a Cancellation of Purchase Agreement. (ii) If SELLER breaches a warranty or representation either before or after closing, BUYER shall have. the right to recover direct damages reasonably related to such breach but not incidental or consequential damages or punitive damages. BUYER shall have no right to seek rescission of the conveyance. 18. LIKE KIND EXCHANGE. BUYER acknowledges that SELLER may elect to structure the sale of the Property as part Of a tax deferred exchange under Section 1031 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. BUYER further acknowledges and agrees that SELLER may assign all of SELLER'S rights and obligations hereunder to an exchange intermediary; provided, such assignment shall not be deemed a release of SELLER from any obligations hereunder. BUYER agrees to cooperate with SELLER in response to SELLER'S reasonable requirements in connection with such exchange; provided that BUYER shall not be required to incur additional cost or liability, in connection therewith. 19, DOCUMENTATION TO BUYER: SELLER agrees to provide to BUYER the following items within thirty (30) business days of the acceptance of this Agreement: A true, correct and complete copy of all comracts or services performed at the Property over the previous twelve (12) month time period, This shall include, but not be limited to, the following: snow removal, lawn care, trash removal, roof, furnace repair service. The ages of boilers or HVAC equipment, water heaters, roofs (along with the style of roof and any contractor guarantees). 20. SURVEY. Subject to the provisions contained herein, SELLER shall, at SELLER'S sole cost and expense, obtain a current survey of the Property which survey shall be prepared by a Registered Surveyor (the "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 encroacl'ur~ents on or abutting the property. contain the certification of the surveyor as to the number of square feet contained in the Prope~xy. BUYER shall have ten (10) days from the date of receipt of the Survey to approve same or to notify SELLER of BUYER'S objections to items disclosed therein. Upon the expiration of