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terminate. Upon such termination, the Initial Option Fee and the Additional <br />Option Payment shall be delivered to Seller if such funds have not already <br />been paid to Seller and Seller shall retain such funds, and Buyer or Buyer's <br />Successor or Assigns, shall have no claim to such funds. The termination of <br />this Agreement and retention of such funds by Seller will be the sole remedy <br />available to Seller for such failure by Buyer, or Buyer's Successor or Assigns, <br />and Buyer, or Buyer's Successor or Assigns, will not be liable for damages or <br />specific performance, it being agreed by the parties hereto that this <br />Agreement is an Option Contract and not a purchase agreement. If Seller <br />defaults under this Agreement, Buyer, or Buyer's Successor or Assigns, shall <br />have the right to seek and recover damages from Seller for nonperformance or <br />to seek specific performance of this Agreement. <br />16. SURVIVAL. All of the representations, warranties and other terms of this <br />Agreement will survive and be enforceable after the closing on any Lot and <br />will not merge into any Warranty Deed for the Lot which will be delivered by <br />Seller to Buyer, or Buyer's Successor or Assigns. <br />17. NOTICES. All notices required or permitted to be given hereunder shall be <br />in writing and shall be deemed given upon (i) personal service, (ii) three (3) <br />business days following deposit in the United States first class mail, postage <br />prepaid, and addressed as set forth below, or (iii) facsimile transmission <br />(confirmation received) at the facsimile numbers listed below. Said addresses <br />and numbers may be changed by written notice in the manner described in <br />this Section. <br />If to Seller: Lake Elmo Business Park Property, <br />A Business Partnership <br />118 Main Street South <br />P.O. Box 36 <br />Stillwater, MN 55082 <br />If to Buyer: City of Lake Elmo <br />3800 Laverne Avenue North <br />Lake Elmo, MN 55042 <br />18 CAPTIONS. The paragraph headings or captions appearing in this Agreement <br />have been inserted for convenience only, are not part of this Agreement and are <br />not to be considered in interpreting this Agreement. <br />19 ENTIRE AGREEMENT; MODIFICATION. This written Agreement <br />together with the Exhibits attached hereto constituted the completed agreement <br />between the parties and supersedes and prior to contemporaneous oral or written <br />10 <br />