Agenda - Council - 09/08/2026 - Laserfiche WebLink

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15. Casualty or Condemnation. a. If prior to the Closing, the Property is materially damaged or destroyed by fire or other casualty, Seller will provide immediate written notice to Buyer, at which time the Buyer may terminate this Agreement on written notice to the Seller given within ten (10) days after the Buyer receives written notice from the Seller of the occurrence of such fire or casualty and the amount of applicable insurance coverage. If the Buyer exercises such option to terminate as a result of such damage or destruction by fire or other casualty, it will be deemed that the Buyer terminated this Agreement pursuant to Section 4.b. hereof and the rights of the parties will be as set forth therein in which case the Earnest Money shall be returned to Buyer. If the Buyer does not exercise such option to terminate as set forth in the immediately preceding sentence, this Agreement will remain in full force and effect in accordance with its terms and the Buyer will be entitled to the proceeds of insurance and a credit against the Purchase Price in the amount of the deductible under any policies of insurance. As used herein, "material" damage or destruction means damage or destruction, the repair or restoration of which is in excess of $100,000. b. In the event proceedings to condemn the Property or any portion thereof are commenced before the Closing, the Buyer has the right to terminate this Agreement in which event it will be deemed that the Buyer terminated this Agreement pursuant to Section 4 hereof in which case the Earnest Money shall be returned to Buyer and the rights of the parties shall be as set forth therein. In the event the Buyer does not elect to terminate this Agreement, Seller will assign to the Buyer, at the Closing, all of Seller's rights, title and interest in and to any condemnation proceeds payable with respect to the Property or grant Buyer a credit against the Purchase Price equal to the amount of any condemnation award paid to Seller. 16. Default. In the event of a default hereunder by Seller which is not cured within a period of thirty (30) days following written notice from the Buyer to Seller that such default exists, Buyer may: terminate this Agreement and Buyer shall receive a full refund of the Earnest Money, or alternatively the Buyer may seek specific performance of the Agreement by Seller, provided that Buyer commence the action for specific performance within six (6) months after Seller's default. The foregoing remedy shall be the only remedy available to Buyer upon default by Seller. In the event of a default hereunder by Buyer which is not cured within a period of thirty (30) days following written notice from Seller to Buyer that such default exists, Seller may terminate this Agreement and retain the Earnest Money and except for obligations that this Agreement expressly survives termination, neither party will have any further rights against the other. The foregoing remedy shall be the only remedy available to Seller upon default by Buyer. 17. Real Estate Brokers. Seller and Buyer represent and warrant that they have not engaged any real estate brokers or agents in connection with this Agreement or the transactions contemplated hereunder. Except as provided above, Buyer and Seller agree to indemnify and hold the other harmless from anyone claiming a real estate commission/fee through them. The provisions of this Section 16 will survive the Closing. 18. Notices. Any notice, request, demand, instruction or other document to be given or served hereunder or under any document or instrument executed pursuant hereto shall be in 12