07-23-2003 Council Agenda - Laserfiche WebLink

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August 1, 2003. In any such action for a specific performance Buyer is entitled to recover Buyer's reasonable attorney's fees and costs. The remedy set forth in this Section 16(b) is Buyer's sole and exclusive remedy in the event of Seller's default. 17. Termination of this Agreement. Sections 14(b) and 16(b) of this Agreement allow Buyer to terminate this Agreement under certain conditions. Section 14(a) allows Seller to terminate this Agreement under certain conditions. Seller's termination of this Agreement pursuant to Section 16(a) is governed by Minnesota Statutes Section 559.21 and not this Section 17. Except for Seller's termination of this Agreement pursuant to Minnesota Statutes Section 559.21, the following procedures govern a Party's exercise of its termination rights. 1455685v6 a. If a Party desires to terminate this Agreement pursuant to one of the above - referenced Sections, that Party (the "Terminating Party ") must notify the other Party (the "Non- Terminating Party "), in writing, of the Terminating Party's intent to terminate this Agreement. b. The Terminating Party's notice must recite the section of this Agreement that authorizes the Terminating Party's termination of this Agreement and must describe the facts and circumstances that justify termination under the referenced Section of this Agreement. c. The Terminating Party must deliver its termination notice in the manner set forth in Section 19, and the effective date of the Terminating Party's termination notice is deteuuined pursuant to the provisions of Section 19. d. If the Non - Terminating Party disputes the Terminating Party's right to terminate this Agreement, the Non - Terminating Party must so notify the Terminating Party, in writing, within five (5) business days of the Non - Terminating Party's receipt of the Terminating Party's notice of termination. e. If the Non - Terminating Party does not dispute the Terminating Party's right to terminate this Agreement, Buyer must execute and deliver to Seller a recordable quit claim deed evidencing the termination of this Agreement and Seller must return the Letter of Credit to Buyer. f If the Non - Terminating Party disputes the Tel urinating Party's right to terminate this Agreement, either Party may initiate a civil action in a court of competent jurisdiction to determine the status of the Agreement, and the Party that prevails in any such Action is entitled to recover the costs and attorney's fees the Party incurs in the action from the non prevailing Party. g. If Buyer terminates this Agreement pursuant to Section 14(b) or Section 16(b) or if Seller terminates this Agreement pursuant to Section I4(a), the Development Agreement automatically terminates. If Seller terminates this Agreement pursuant to Section 16(a) and Minn. Stat. Section 559.21, the Development Agreement automatically terminates. 18. Time. Time is of the essence for all provisions of this Agreement. 8