Resolution 2025-75 - Laserfiche WebLink

Home Browse Search

c. Purchaser shall pay the cost of recording the special warranty deed and other conveyance documents, all documentary fees and taxes, and any other documents to be recorded in connection with the Closing, one-half of the escrow fees or other Title Company dosing fees. 13. Time of Essence. Time is of the essence of the obligations of the Parties. 14. Purchaser Default. If Purchaser shall fail to terminate this Contract as provided herein and thereafter fails to consummate this Contract for any reason other than Seller's default hereunder or following a condemnation under Section 17 or if Purchaser is otherwise in default of performing its obligations hereunder, then following written notice of such default given by Seller to Purchaser and the failure of Purchaser to cure such default within five (5) business days following receipt of such notice, Seller shall be entitled to terminate this Contract and have the Earnest Money paid to Seller as liquidated damages as Seller's sole and exclusive remedy. THE PARTIES HERETO ACKNOWLEDGE THAT SELLER'S DAMAGES DUE TO PURCHASER'S DEFAULT HEREUNDER ARE DIFFICULT TO ASCERTAIN AND AGREE THAT THE AMOUNT OF THE EARNEST MONEY REPRESENTS A REASONABLE ESTIMATE OF SELLER'S DAMAGES. 15. Seller Default. If Seller shall fail to consummate this Contract for any reason other than Purchaser's default hereunder or termination of this Contract by a party hereto or if Seller is otherwise in default of performing its obligations hereunder and fails to cure such default within five (5) business days following written notice thereof, Purchaser, as its sole and exclusive remedy, shall either: (a) elect to terminate this Contract and have the Earnest Money returned to Purchaser; or (b) elect to seek specific performance of this Contract from Seller because of such default. PURCHASER ACKNOWLEDGES THAT SPECIFIC PERFORMANCE OF SELLER'S OBLIGATIONS HEREUNDER IS PURCHASER'S SOLE REMEDY, AND PURCHASER SHALL NOT BE ENTITLED TO OR CLAIM ANY FORM OF DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS, ECONOMIC DAMAGES, OR INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES. 16. Effect of Termination. Upon termination of this Contract pursuant to Sections 14 or 15, neither party shall thereafter have any further obligations to the other party except as contemplated by said Sections and except for any provisions of this Contract which expressly survive such termination. 17. Condemnation. Promptly upon learning of the institution, prior to Closing, of any proceedings for the condemnation of any part of the Property, Seller or Purchaser will immediately notify the other in writing of the pendency of such proceedings. At Purchaser's election which shall be made within sixty (60) calendar days following Purchaser's receipt of written notice of such condemnation or eminent domain proceedings Purchaser may at its option either: (a) terminate this Contract by notifying Seller within the sixty (60) calendar day period and receive a full refund of the Eamest 9