06-14-2021 Council Packet - Laserfiche WebLink

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10 Buyer and which by the exercise of due diligence Buyer is unable, wholly or in part, to prevent or overcome, financial inability excepted) the Commencement Period shall be extended day for day until the Force Majeure event has terminated. The provisions of this Section 12 shall survive the Closing. 13. Control of Property. Subject to the provisions of this Agreement, until the Closing Date, Seller shall have full responsibility and the entire liability for any and all damages or injuries of any kind whatsoever to the Property, to any and all persons, whether employees or otherwise, and to any other property from and connected to the Property, except liability arising from the negligence of Buyer, its agents, contractors or employees and except as set forth in Section 10 regarding Buyer’s tests and inspections. 14. Condemnation; Damage to Property. Seller agrees to give Buyer prompt notice of any fire or other casualty affecting the Property between the Effective Date and the Closing Date or of any actual or threatened taking or condemnation of all or any portion of the Property. If prior to the Closing, there shall occur: (ii) damage to all or any part of the Property caused by fire or other casualty which is not repaired to the same condition as existed prior to such damage prior to the end of the Contingency Period; or (ii) the taking, condemnation or sale in lieu thereof of all or any part of the Property or the taking of any adjoining land which affects access to or use of the Property; then, in any of such events, Buyer at Buyer ’s option, may terminate Buyer’s obligations under this Agreement by written notice given to Seller on or before the Closing Date and receive an immediate refund of the Earnest Money. If Buyer does not so elect to terminate its obligations under this Agreement, then the Closing shall take place as provided herein without abatement of the Purchase Price, and there shall be assigned to Buyer at the Closing, all interest of Seller in and to any insurance proceeds or condemnation awards which may be payable to Seller on account of such occurrence and Buyer shall receive a credit at the Closing for the amount of any deductible under any applicable insurance policies. 15. Buyer’s Contingencies. This Agreement is contingent on Buyer being satisfied, in Buyer’s sole discretion, with the condition of the Property per its inspections under Section 10 hereof. Buyer shall have one hundred and twenty (120) days from the date hereof to satisfy itself as to the condition of the property (the “Contingency Period”); provided, however, that Buyer may extend the Contingency Period, in Buyer’s sole discretion, for 2 additional periods of 60 days each by delivering written notice to Seller prior to the expiration of the then-existing Contingency Period specifying such election and delivering the sum of $1,000.00 to the Title Company, which shall, upon delivery, become a part of the Earnest Money for all purposes of this Agreement. If Buyer is not satisfied with the condition of the Property, Buyer shall have the option to do either of the following: (a) Terminate this Agreement and have the Earnest Money returned to Buyer; or