Resolution 2013-44 - Laserfiche WebLink

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ARTICLE 7. CONDEMNATION Promptly upon learning of the institution, prior to Closing, of any proceedings for the condemnation of any part of the Land, 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 Agreement by notifying Seller within the sixty (60) calendar day period and receive a full refund of the Deposit from the Title Company and the parties shall be relieved of all obligations hereunder except those that expressly survive termination hereof; or (b) elect to consummate the transaction provided for herein. In the event Purchaser so elects to consummate the transaction then this Agreement shall remain in full force and effect and Seller shall assign to Purchaser any and all of its right, title and interest in and to any award or other benefits made or to be made in connection with such condemnation or eminent domain proceeding to the extent affecting the Land. Purchaser shall be entitled to participate with Seller in all negotiations and dealings with the condemning authority in respect of such matter; provided, however, that Purchaser shall have the right to finally approve any agreement with the condemning authority. Purchaser shall take title to the remainder of the Land with the assignment of such proceeds and subject to such condemnation or eminent domain proceeding and without reduction in the Purchase Price. As of the Effective Date, Seller has received no notice from any condemning authority of condemnation proceedings for any portion of Seller's Land described on Exhibit A, nor as of the Effective Date has Seller, which is a municipal corporation, adopted any resolution initiating condemnation proceedings for any property adjacent to the Seller's Land. ARTICLE 8. SURVIVAL OF REPRESENTATIONS AND WARRANTIES No representations or warranties whatever are made by any party to this Agreement except as specifically set forth in this Agreement. The representations, warranties and indemnities made by the parties to this Agreement and the covenants and agreements to be performed or complied with by the respective parties under this Agreement before the Closing Date shall be deemed to be continuing and shall survive the Closing; provided, however, the representations and warranties of Seller and Purchaser shall terminate on the date which is twenty -four (24) months after the Closing Date. Nothing in this Article shall affect the obligations and indemnities of the parties with respect to covenants and agreements contained in this Agreement that are permitted or required to be performed in whole or in part after the Closing Date. ARTICLE 9. MISCELLANEOUS 9.1 Effect of Headings. The subject headings of articles, paragraphs and subparagraphs of this Agreement are included for purposes of convenience only, and shall not affect the construction or interpretation of any of its provisions. Page 12 of 24