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If the title to the Property is marketable or i~ made marketable by the Closing Date, and BUYER <br />defaults in any of the agreements on its part to be performed under this Agreement and continues in <br />default for a period of five (5) days after written notice thereof is given to BUYER by SELLER, then <br />SELLER shall have the remedies described below or under Minnesota law. <br /> <br /> 13, DEFAULT. If either party defaults in the performance of any obligation under this <br />Agreement, the non-defaulting party may, after a five (5) day written notice to the defaulting party, <br />suspend performance of its obligations under this Agreement and the rights of the non-defaulting party <br />are as follows: <br /> <br /> a. BUYER'S Default. If BUYER defaults in the performance of any of the <br />BUYER'S obligations under this Agreement, SELLER shall have the following right~: <br /> <br /> (1) If BUYER defaults in the performance of any of BUYER'S obligations <br />under this Agreement, SELLER'S sole and exclusive fight shall be to seek a Cancellation <br />of Purchase Agreement and retain the $5,000.00 Earnest Money as liquidated damages. <br />The termination of this Agreement and retention of the Earnest Money will be the sole <br />remedy available to SELER for such default by BU?fER and BUYER will not be liable <br />for damages or specific performance. <br /> <br /> b, SELLER'S Default. If SELLER defaults in the performance of any of the <br />SELLER'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 /> 14. RELOCATION EXPENSES. SELLER is advised that BUYER is a municipal <br />corporation and because of that status, SELLER may be entitled to relocation expenses under both State <br />and Federal law. <br /> <br /> 15. 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 /> 16. BROKERS. Each party represents that they are not obligated to any real estate or <br />business broker as a result of this transaction. Each party hereby indemnifies the other for any broker's or <br />agent's fees. <br /> <br /> 17. <br />Minnesota. <br /> <br />MINNESOTA LAW. This Agreement shall be governed by the laws of the State of <br /> <br />18. MISCELLANEOUS. <br /> <br />-362- 6 <br /> <br /> <br />