Agenda - 08-27-2012 - C2 - Laserfiche WebLink

Browse Search

Each party agrees�a defend a�d inc�emnzfy r.t�e other agaiitst any�l.ai.m; liability,damage ar expense asserted against ar suffered by such ott�er part}°aris�ng aut of the breach c�r ittaacuraa}�of any siich represei�tation car«rarranty. A[�`t'i�LE 7: DEFAt_'LT 7.1 SelIer's�ECattlt. If S�II;t•fail�3r refuses ta cor,sFUr�mate the sale of ihe Property pursuartt to the ter�ns c�f this Aga-eet�ient or fails to pertor�n any of Seller's obligations hereui�der either prior to or a#the Clasing for atty reason ather thari a tenni�3atian of this Agreema��Y by Seller pursuarrt to a right so to temunate e�ressly set forth in the Agreement or Purclraser's fail�fre to �erfonr_ Purchaser's abligations under this Agreement, then Purchaser shalt ltave the right, as its sale anci exclusive rem�diPS hereunder, �o either (i) terminate this Agreement and receive an immediate refund of the Eartlest .N[c�ney tt?e�� on de�asif ��ith �scro�v Ag�nt, in fiall and final satisfaction of a11 obligatians of Seile��1�Preunder, or(iil et�force specifio perti�nnanGe oftfus A�rsert�enz. p�u�chaser hereby waives an}, and aiI other remeclies to ivi-�i�1t �urchaser n�ay otherwise be entitl�at law oi'in equity, inclu�luig the rigtrt to seek flr recover manetaiy damages fi�om Se31er;�rovided,however, arld notivithstandiag anything contained in this Secrion 7.1 to the confrary, Purchaser shali have th�right to seek.�•�covery�f ciamages if the remedy of speczfic performance is not available. 7.2 Purchase��'s I)efault. If Yhis transaction fails to close due 4a the default of Purchaser,#�en Ssller's sole and exclusive rerned_y in such event shall he to terminate this Agreement and to retain the Eart3est Maney as liquidated tlamages, Seller wai+ring ali ather r`t,�ts or ram�dies in tl�a event of such default by Purchaser. The parties ackn,�wtedgg that Se11er's actuaI dama�es in tit�ev�r�t tsf a ciefau�t by Purchaser under t�s Agreement vriii be difficult to asce�tain, and that such liquidated damages ra�r€sen�the parties'besfi estiznate af such damages, in lieu of tha Earnest�4oney Seiler n�ay elect to rec�ive�fi[I�out any rvpresentations ar tivarranties from Parchaser,any rtan- proprietary reports ar r�nateri�ls genera#ed by or on behaif of Purchaser, including,but not Iimited to,envaronmental reports, surveys, sewer studies a�tc� site dngineering, immediately ai�er tt�e Earnest Money has been returnad tta Purchaser. 7.3 Oppor�canit�° ic� Gur�. Noiwithstar�ding anything herein to the contrary, neither party shaD b� deenied�a be in default here�tnder uniess and tzntil such party has teceived writ�en noYice of defanit frc�m the other paifiy and I�as faile�to cure.�ny s?�cil aeFa�alt svithin f�een(l.S)ciays of a•eceipt of natice af default. ARTI�LE�: EARN�S'T"tv1i�NEY PRt3VISIONS 8.1 Deiiyery at Cios�-i�, tf the Closin�;under tltis Agreetx►ent occurs,the Title Compan}+sha13 deliver tha Earnest Maney to SelIer nn the Closi��g Date. 8_2 Terminati�n_P��rsuant to Section 2.2. If Purchaser terminates this Agreement in accordanca with Section 2.2 Ti#le Com�al�y shaii}�ay tlie entire Earnest Money to Purchaser within 2 business days following receipt of Purchaser's natice of terminatian �d this Agreem�nt shall thereupon terminate, No natice ta 'I'ztle Company from Se(ier shall be rer{uired for th� releas� of the Earnesi �rloney to Purchaser l�y `[`itle Company pursuant to a terminatian ander 5ection�.2 of this ��eement. Seiier agr�es i# shall have no right to bring any actian against Title Company which�vo��ld have the effect of del�yir�g> }�reventing, or in any way interrupting Title Company's deiivery of tl�e Earn�st �toney ts� P�irchaser pursuan# to this p�ragraph, any remedy of SelIer being against Purchaser,not Titie Companp. 8.3 Other Terminations. Upan a tennivation af thEs Agreement ather than as �3escribed in Para�rat�h 8.2, either party to this Agr�ement (the "Tertninatin Pa ") may give wi•itten notice to the Title Campany and the othe�� pat�.y {the `�Non-Terminating Partv„) Of Si1CI1 1�2'ICIIII��IOY9 and the reason for such termination. Such r�quest shall also constitute a rec�uest far the re3ease of the Earnest Money ta fhe Terminating Pa►`ty The�Ton�Termanati�g Party sha11 then have fve(S)6usiness days in which to objsct in writing ta the retease csf the Earnest 3�foney to the Terminating Party. If the Nt�n-Ternlinating Party�arovides such an objection,then the Tit1e �ompany shall retain the Eamast Money uzt�il it receiyes �vritten instn.TCtions executed by both SeEler and Purch�tser as to the dispasitio��and disbursement of the Earnest�Ianey,c�r until ordered by fina3 caurt order,decree or judgment, E�hich is no# subject to appeal, to cfeliver the Earnest Money ta a particular FartY> in which event the Earnest Maney sha3i be dei[vered in accordance with such natice,ins�-uction,order,decrea or jndgr�lant. -7-