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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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Contract, as liquidated damages, and as Seller's sole and exclusive remedy, and thereupon this Contract <br />shall be terminated; provided however that the foregoing liquidated damages shall not apply to any <br />duty, obligation, liability or responsibility which Buyer may have under the indemnification provisions <br />of Sections 9 and 10 of this Contract, as to which Seller shall have all rights and remedies provided <br />for or allowed by law or in equity. <br />Without limiting the foregoing, any default of Buyer under either the Weddington Road <br />2 Contract or the Weddington Road 3 Contract shall be a Buyer default under this Contract. <br />d. This Section 18 shall survive termination of the Contract. <br />19. Interpretation The Section headings are inserted for convenience only and are in no <br />way intended to interpret, define, or limit the scope or content of this Contract or any provision hereof. <br />If any party is made up of more than one person or entity, then all such persons and entities shall be <br />bound jointly and severally, even though the defined term for such party is used in the singular in this <br />Contract. <br />20. Possession; Risk of Loss Except as to matters covered by Buyer's indemnity in <br />Section 10 , Seller shall bear the risk of loss to the Property until the Closing. Seller shall deliver full <br />and exclusive possession of the Property to Buyer at Closing in the same condition that the Property <br />exists on the Effective Date of this Contract, subject to fire, weather and other natural occurrences. <br />21. Survival All representations, warranties, covenants and agreements made by the <br />parties hereto shall be reasserted at Closing and shall survive the consummation of the purchase and <br />sale of the Property on the Closing Date, the delivery of the deed and the payment of the Purchase <br />Price for a period of six (6) months. <br />22. Applicable Law This Contract shall be construed and interpreted in accordance with <br />the laws of the State of North Carolina. <br />23. Successors and Assigns This Contract shall be binding upon and shall inure to the <br />benefit of the parties and their respective legal representatives, successors and assigns. <br />24. Assignment This Contract is freely assignable by Buyer, and Seller agrees to close <br />with Buyer's assignee, and to be bound by all terms and conditions set forth in this Contract with such <br />assignee as if such assignee were the Buyer. In the event of an assignment by Buyer, Buyer agrees to <br />deliver a copy of such assignment to Seller. Notwithstanding any such assignment by Buyer, Buyer <br />shall not be relieved from any of its liabilities or obligations under this Contract until the purchase of <br />the Property by its assignee has been consummated or Buyer has otherwise been released from liability <br />by Seller. <br />25. Recitals and Exhibits The recitals and exhibits contained /referred to in/attached to <br />this Contract are incorporated herein in full by reference. <br />26. Duties and Responsibilities of Escrow Agent <br />a. Throughout the term of this Agreement, Escrow Agent shall hold and disburse <br />the Earnest Money in accordance with the terms and conditions as set forth herein - below. Escrow <br />Agent will not commingle funds received by it in escrow with funds of others and shall invest such <br />Page 11 of 17 <br />Attachment number 8 \n <br />G -2 Page 141 <br />
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