12-20-2017 Council Packet - Laserfiche WebLink

Home Browse Search

7 If to Buyer: Economic Development Authority of the City of Little Canada Attn: Joel Hanson, Secretary 515 Little Canada Road East Little Canada, MN 55117 Buyer Copies: Kelly & Lemmons, P.A. Attn: Chad D. Lemmons 223 Little Canada Road E. Suite 200 Little Canada, MN 55117 Notices shall be deemed effective on the earlier of the date of receipt or the date of deposit as aforesaid; provided, however, that if notice is given by deposit, that the time for response to any notice by the other party shall commence to run one business day after any such deposit. Any party may change its address for the service of notice by giving written notice of such change to the other party, in any manner above specified, 10 days prior to the effective date of such change. 18. Captions. The paragraph headings or captions appearing in this Agreement are for convenience only, are not a part of this Agreement and are not to be considered in interpreting this Agreement. 19. Entire Agreement; Modification. This written Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the Property. There are no verbal agreements that change this Agreement and no waiver of any of its terms will be effective unless in writing executed by the parties. 20. Binding Effect. This Agreement binds and benefits the parties and their successors and assigns. 21. Controlling Law. This Agreement has been made under the laws of the State of Minnesota and such laws will control its interpretation. 22. Remedies. If Buyer defaults under this Agreement, Seller shall have the right to terminate this Agreement by giving written notice to Buyer. If Buyer fails to cure such default within thirty (30) days of the date of such notice, this Agreement will terminate, and upon such termination, Seller will retain the Earnest Money as liquidated damages, and time being of the essence of this Agreement. The termination of this Agreement and the retention of the Earnest Money will be the sole remedy available to Seller for such default by Buyer and Buyer will not be liable for damages for specific performance. If Seller defaults under this Agreement, Buyer shall have the right to terminate this Agreement by giving written notice to Seller. If Seller fails to cure such default in thirty (30) days of the date of such notice, this Agreement will terminate, and upon such termination, Buyer will receive a refund of the Earnest Money and all accrued interest thereon. The termination of this Agreement and the refund of the Earnest Money will be the sole remedy available to Buyer for such default by Seller and Seller will not be liable for damages for specific performance. 23. Broker. Seller and Buyer represent and warrant to each other that they are not liable to any broker with respect to the transaction contemplated hereby.