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2020-03-11 CC Packet
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2020-03-11 CC Packet
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The termination of this Agreement and the retention of the Earnest Money will be the sole remedy <br />available to Seller for such default by Buyer, and Buyer will not be liable for damages or specific <br />performance. <br /> <br /> If Seller defaults under this Agreement, Buyer may; (i) terminate this Agreement; and, (ii) <br />seek and recover specific performance, provided, that such action for specific performance is <br />commenced within two (2) months after such cause of action arises. If Buyer terminates this <br />interest accrued thereon will be immediately released to Buyer. <br /> <br />14. CONDEMNATION. If, prior to the Closing Date, (a) all or any part of the Real <br />Property is condemned or appropriated by public authorities or any party exercising the right of <br />eminent domain, or is threatened thereby, or (b) access to the Real Property is reduced or <br />restricted by condemnation or appropriation by public authorities or any party exercising the right <br />or eminent domain, or is threatened thereby, Seller shall immediately give written notice to Buyer <br /> <br />notice) (i) terminate this Agreement, in which event neither party will have any further obligations <br />under this Agreement and the Earnest Money, together with any accrued interest, shall be <br />refunded to Buyer, or (ii) close the transaction upon the terms and conditions contained herein <br />and Seller shall assign to Buyer all of their right, title and interest in and to any award made or to <br />be made in the condemnation proceedings. <br />15. POST CLOSING OBLIGATIONS. At any time and from time to time after the <br />Closing Date, each party will upon request of another party, execute, acknowledge and deliver all <br />such further and other assurances and documents, and will take such actions consistent with the <br />terms of this Agreement, as may be reasonably requested to carry out the transactions <br />contemplated herein and to permit each party to enjoy its rights and benefits hereunder. If <br />requested by Buyer, Seller further agrees, subject to approval by the City Council, to prosecute <br />or otherwise enforce in its own name for the benefit of Buyer, any civil claim, right or benefit <br />transferred by this Agreement that may require prosecution or enforcement in Seller's name. Any <br />prosecution or enforcement of claims, rights or benefits under this provision shall be solely at <br />Buyer's expense, unless the prosecution or enforcement is made necessary by a breach of this <br />Agreement on the part of the Seller. <br /> <br />16. ENTIRE AGREEMENT, MODIFICATION AND WAIVER. This Agreement <br />constitutes the entire agreement between the parties pertaining to the subject matter hereof and <br />supersedes all prior and contemporaneous agreements and understandings of the parties, and <br />there are no warranties, representations or other agreements between the parties in connection <br />with the subject matter hereof, except as specifically set forth in this Agreement. No supplement, <br />modification or waiver of this Agreement shall be binding unless it is executed in writing by the <br />party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed <br />or shall constitute a waiver of any other provisions whether or not similar, nor shall such waiver <br />constitute a continuing waiver. <br /> <br />17. EXTENSION. <br />defined in Section 4, or is unable to close on or before the Closing, due to delays beyond the <br />00 p.m. <br />Minnesota Time on the last day of the Condition Date or Closing (whichever is applicable to <br />Five Thousand Dollars ($5,000.00) nonrefundable <br />Earnest Money, (unless Buyer terminates this Agreement pursuant to Sections 4.B, 5.C, 13 or <br /> <br />11 <br /> <br />
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