05-11-1999 Council Agenda - Laserfiche WebLink

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d. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: (1) Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; (2) Seek specific performance of this Agreement within six months after such right of action arises, including costs and reasonable attorneys' fees, as permitted by law. e. If title is marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein, Buyer may, as permitted by law: (1) Seek damages from Seller including costs and reasonable attorneys' fees; (2) Seek specific performance within six months after such right of action arises. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS AGREEMENT. 16. Notices. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at Paragraph 1 above and, if mailed, are effective as of the date of mailing. 17. Indemnification. Seller agrees to indemnify and hold Buyer, its successors and assigns, harmless of and from any and all liabilities, claims, causes of action, penalties, demands and expenses of any kind or nature whatsoever (except those items which by this Agreement specifically become the obligation of Buyer) arising out of, resulting from, relating to, or incident to the property up to and including the date of closing or which are in any way related to the ownership, maintenance or operation of the property, and all expenses related thereof, including, without limitation, court costs and attorney's fees, except to the extent cause by an act or omission of Buyer, its agents, employees or contractors. Buyer agrees to indemnify and hold Seller, its successors and assigns, harmless of and from any and all liabilities, claims, causes of action, penalties, demands and expenses of any kind or nature whatsoever (except those items which by this Agreement specifically become the obligation of the Seller) arising out of activities of Buyer on property from the date of execution of this Agreement to the date of closing. 18. Minnesota Law. This contract shall be governed by the laws of the State of Minnesota. 19. Well Disclosure. Check one of the following: Seller certifies that Seller does not know of any wells on the described real property. Wells on the subject real property are disclosed by Seller on the attached Well Disclosure form. 20. Individual Sewage Treatment System Disclosure. Check one of the following: Seller certifies that there is no individual sewage treatment system on or serving the property. Individual sewage treatment systems on or serving the property are disclosed by Seller on the attached disclosure statement. 21. Lead Paint Disclosure. Check one of the following: Page 16