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Res_11487
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2/20/2018 2:49:32 PM
Creation date
2/20/2018 2:47:43 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/29/2018
Resolution #
11487
Resolution Title
Resolution Approving the Purchase/Sale of Certain Land by the City of Roseville
Resolution Date Passed
1/29/2018
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terms hereof. <br /> I <br /> 21.5 Binding Effect.This Agreement is binding upon and inures to the benefit of the parties hereto and their <br /> respective heirs,executors, administrators, legal representatives, successors and assigns,subject to the provisions of <br /> Section 18, <br /> 21,6 Amendments. No amendment to this Agreement will be binding on either of the parties hereto unless <br /> such amendment is in writing and is signed by both parties. <br /> 21.7 Date For Performance. If the time period by which any right,option or election provided under this <br /> Agreement must be exercised,or by which any act required hereunder must be performed,or by which the Closing <br /> must be held,expires on a Saturday,Sunday or legal or bank holiday,then such time period will be automatically <br /> extended through the close of business on the next regularly scheduled business day. <br /> 21.8 Recording.Seller and Buyer will not record this Agreement or a short-form or memorandum of this <br /> Agreement without the consent of the other party. <br /> 21.9 Countetparts/Facsimile/E-mailed Signatures. This Agreement may be executed in any number of <br /> counterparts,each of which will be deemed to be an original,but all of which,when taken together, constitute the <br /> same instrument. Seller and Buyer agree that the delivery of an executed copy of this Agreement by facsimile or by <br /> attachment to an e-mail shall be binding on the transmitting party and shall have the same force and effect as if an <br /> original executed copy of this Agreement had been delivered. <br /> 21.10 Time of the Essence. Time is of the essence of this Agreement and each and every term and <br /> condition hereof. <br /> 2 1,11 Severability. This Agreement is intended to be performed in accordance with,and only to the extent <br /> permitted by,all applicable laws,ordinances,rules,and regulations,and is intended,and will for all purposes be <br /> deemed to be,a single,integrated document setting forth all of the agreements and understandings of the parties <br /> hereto,and superseding all prior negotiations,understandings and agreements of such parties.If any term or provi- <br /> sion of this Agreement or the application thereof to any person or circumstance is,for any reason and to any extent, <br /> field to be invalid or unenforceable, then such term or provision will be ignored,and to the maximum extent possible, <br /> this Agreement will continue in full force and effect,but without giving effect to such term or provision. <br /> 22. Default and Remedies, <br /> 22.1 Buyer's Default.If Buyer defaults under this Agreement,Seller will have the right to tertninate this <br /> Agreement, after written notice of cancellation as provided under Minnesota Statutes Section 559.21. <br /> Upon such termination, Seller will retain the Earnest Money as liquidated damages,time being of the <br /> essence of this Agreement. Seller and Buyer agree that Seller's economic detriment resulting fiom the removal of <br /> the Property from the market and the carrying and other costs incurred thereafter and associated therewith, <br /> including any costs to be incurred by Seller in order to satisfy 'the conditions of escrow set forth herein, is <br /> impracticable or extremely difficult to ascertain. Seller and Buyer agree that the Earliest Money is a reasonable <br /> estimate of such damages in the event of Buyer's failure to perform according to the provisions of this Agreement. <br /> Such payment is intended to be liquidated damages and not intended to be a forfeiture or penalty.The tennhlation of <br /> this Agreement and retention of the Earnest Money will be the sole remedy available to Seller for default by Buyer, <br /> and Buyer will not be liable for damages or specific perfortinance. Seller and Buyer acknowledge and agree that any <br /> liability of Buyer to Seller under the indemnity provided for un Section 4.2 hereof will not be limited by this <br /> liquidated damages provision. <br /> Page 25 of 38 <br />
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