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<br />SELLER of BUYER'S election to either terminate this Agreementor to waive the objection and <br />proceed to Closing. <br /> <br />16. DEFAULT. If either party defaults in the performance of any obligation under <br />this Agreement, the non-defaulting party may, after a five (5) day written notice to the defaulting <br />party, suspend performance of its obligations under this Agreement and the rights of the non- <br />defaulting party 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 <br />fonowing rights: <br /> <br />(i) Except as set forth at (ii) below, if BUYER defaults in the <br />performance of any of BUYER'S obligations under this <br />Agreement, SELLER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br /> <br />(ii) If BUYER breaches a warranty or representation either before or <br />after closing, SELLER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or . <br />consequential damages or punitive damages. SELLER shall have <br />no right to seek rescission of the conveyance. <br /> <br />b. SELLER'S Default. If SELLER defaults in the performance of any of <br />the SELLER'S obligations under this Agreement, BUYER shall have the <br />following rights: <br /> <br />(i) Except as set forth at (ii) below, if SELLER defaults in the <br />performance of any of SELLER'S obligations under this <br />Agreement, BUYER'S sole and exclusive right shall be to seek a <br />Cancellation of Purchase Agreement. <br /> <br />(ii) If SELLER breaches a warranty or representation either before or <br />after closing, BUYER shall have the right to recover direct <br />damages reasonably related to such breach but not incidental or <br />consequential damages or punitive damages. BUYER shall have <br />not right to seek rescission of the conveyance. <br /> <br />17. NOTICES. All notices required herein shall be in writing and delivered <br />personally or mailed to the address as shown above and, if mailed, are effective as of the date of <br />mailing. <br /> <br />18. REMOVAL OF DEBRIS. SELLER agrees to remove ALL DEBRlS and all <br />personal property not included herein from the Property by the Closing Date. <br /> <br />9 <br /> <br />-359- <br />