2022-09-14 City Council Packet - Laserfiche WebLink

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Centerville Schifsky PA version 09092022-2 for Council Packet 17. EXTENSION. defined in Section 4, or is unable to close on or before the Closing, due to delays beyond the reasonable control of Buyer, Seller, upon written request to Seller, on or before 5:00 p.m. Minnesota Time on the last day of the Condition Date or Closing (whichever is applicable Five Thousand Dollars ($5,000.00) nonrefundable Earnest Money (unless Buyer terminates this Agreement pursuant to Sections 4, 6, 10, 13 or 14) agrees to one (1), sixty (60) day extension of either: (i) the Condition Date or (ii) the Date of Closing, as may be requested by Buyer. Notwithstanding the foregoing, such extension fee shall not be payable if Closing (or the satisfaction of any condition to obligations hereunder) is delayed if either (i) Seller is in default hereunder or (ii) any condition to closing, the satisfaction of which is under the control of Seller, is not satisfied. 18. DISPUTE RESOLUTION. The parties agree to submit any dispute arising hereunder to binding arbitration, to be held in Anoka County, Minnesota in accordance with the rules of the American Arbitration Association. The parties agree to confer in good faith to select a retired or inactive judge with reasonable experience in the handling of real estate or construction issues, to act as arbitrator. If the parties cannot agree on an arbitrator, either party may apply to the Anoka County District Court to seek appointment of an arbitrator. The fees of the arbitrator shall be split equally between the parties. The parties shall endeavor in good faith to schedule the arbitration hearing within three (3) months after the date either party issues a notice of dispute to the other party hereunder. 19. SUCCESSORS AND ASSIGNS. This Agreement will be binding upon and inure to the benefit of the parties, their successors and assigns for the purposes set forth in written consent. 20. GOVERNING LAW. This Agreement was executed in Minnesota, and shall be governed by the laws of the State of Minnesota. 21. MUTUAL DRAFTING. This Agreement is the mutual product of the parties and each provision hereof has been subject to the mutual consultation, negotiation and agreement of each of the parties, and shall not be construed for or against any party to this Agreement. 22. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 23. HEADINGS. Headings contained herein are for reference only and are not a part of this Agreement. 24. ABSENCE OF THIRD PARTYTHIRD-PARTY BENEFICIARY RIGHTS. No provision of this Agreement is intended, nor is any provision to be interpreted to provide or create any third partythird-party beneficiary rights or any other rights of any kind in any client, customer, affiliate, shareholder, employee or partner of any party to this Agreement or any other person or entity. 25. REAL ESTATE EXCHANGE. The Seller and Buyer acknowledge that the sale 16