Agenda - Council - 10/23/2007 - Laserfiche WebLink

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Notices shall be deemed effective on the earlier of the date of receipt or the date of deposit as aforesaid; provided, however, that if notice is given by deposit, that the time for response to any notice by the other party shall commence to run one business day after any such deposit. Any parry may change its address for the service of notice by giving written notice of such change to the other parry, in any manner above specified, 10 days prior to the effective date of such change. .14. Captions The paragraph headings or captions appearing in this Agreement are for convenience only, are not a part of this Agreement and are not to be considered in interpreting this Agreement. 15. Entire Agreement; Modification This written Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the Property. There are no verbal agreements that change this Agreement and no waiver of any of its terms )AU be effective unless in writing executed by the parties. 16. Binding Effect This Agreement binds and benefits the parties and their successors and assigns. 17. Controlling Law This Agreement has been made under the laws of the State of Minnesota, and such laws will control its interpretation. 18. Remedies If Buyer defaults under this Agreement, Seller shall have the right to terminate this Agreement by giving written notice to Buyer. If Buyer fails to cure such default within 15 days of the date of such notice, this Agreement will terminate, and upon such termination Seller will retain the Earnest Money as liquidated damages, time being of the essence of this Agreement. The termination of the Agreement and retention of the Earnest Money will be the sole remedy available to Seller for such default by Buyer, and Buyer will not be liable for damages or specific performance. If Seller defaults under this Agreement, this provision does not preclude Buyer from seeking and recovering from Seller specific performance of this Agreement. Buyer shall have no right to seek damages from Seller for Seller's defaults hereunder. [Signatures will appear on the following page] —164-