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2015_0406_CCpacket
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2015_0406_CCpacket
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employees and agents, shall be entitled to enter upon the Property to conduct such surveying, <br />inspections, investigations, soil borings and testing, and drilling, monitoring, sampling and <br />testing of groundwater monitoring wells, as Buyer shall elect. Buyer shall also be entitled to a <br />general walkthrough inspection within five days of the Closing Date. <br />14. RISK OF LOSS. If there is any loss or damage to the Property between the date hereof <br />and the Closing Date, for any reason including fire, vandalism, flood, earthquake or act of God, <br />the risk of loss shall be on Seller. If the Property is destroyed or substantially damaged before <br />the Closing Date, this Agreement shal] become null and void, at Buyer's option. At the request <br />of Buyer, Seller agrees to sign a cancellation of Purchase Agreement. <br />15. DEFAULT/REMEDIES. If Buyer defaults under this Agreement, Seller has the right to <br />terminate this Agreement by giving written notice of such election to Buyer, which notice shall <br />specify the default. If Buyer fails to cure such default within 15 days of the date of such notice, <br />Seller may terminate this Agreement and retain the Earnest Money as Seller's liquidated <br />damages, time being of the essence of this Agreement. The termination of this Agreement (and <br />retention of the Earnest Money) will be the sole remedies available to Seller for such default by <br />Buyer, and Buyer will not be further liable for damages. If Seller defaults under this Agreement, <br />Buyer shall have the right (i) to terminate this Agreement (in which case Buyer shall be entitled <br />to a refund of the Earnest Money, or (ii) to enforce and recover from Seller specific performance <br />of this Agreement. The termination of this Agreement (and refund of the Earnest Money), ar the <br />enforcement and recovery from Seller of specific performance of this Agreement, shall be the <br />sole remedies available to Buyer for such default by Seller, and Seller shall not be further liable <br />for damages. <br />16. RELOCATION BENEFITS. The parties acknowledge that no persons are being <br />displaced from the Property as a result of the transaction contemplated by this Agreement and <br />that Seller is not eligible for relocation assistance and benefits. The provisions of this paragraph <br />shall survive closing of the transaction contemplated by this Agreement. <br />17. DEVELOPMENT-RELATED LITIGATION; INDEMNIFICATION. Buyer agrees <br />to defend, indemnify, and hold Seller harmless for, from and against any loss, costs, damages, <br />expenses, obligations and attorneys' fees incurred should an assertion, claim, demand or cause of <br />action be instituted, made or taken in connection with any previous, actual, or proposed <br />negotiations or agreement related to the development of the Property by any third party. <br />18. NOTICE. Any notice, demand, request or other communication which may or shall be <br />given or served by the parties, shall be deemed to have been given or served on the date the same <br />is personally served upon one of the following indicated recipients for notices or is deposited in <br />the United States Mail, registered or certified, return receipt requested, postage prepaid and <br />addressed as follows: <br />SELLER Housing and Redevelopment Authority in and for the City of <br />Roseville, Minnesota <br />c/o Executive Director <br />2660 Civic Center Drive <br />5 <br />458632v2 MNI RS275-9 <br />
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