AG 2007 10 15 - Laserfiche WebLink

Home Browse Search

the Property or any portion thereof by eminent domain or similar proceedings or similar proceedings against the Property or any portion thereof shall be threatened or contemplated by any such governmental authority. (h) No notice shall have been served on or delivered to Seller from any entity, governmental body or agency or individual claiming any violation of any law, regulation, ordinance or code or demanding payment or contribution for environmental damage or injury to natural resources. In the event all of the aforesaid conditions precedent have not been satisfied within the time periods indicated and if the Buyer does not waive any such unsatisfied conditions precedent, then the Buyer shall not be obligated to close the sale and may terminate this Contract and receive a refund of the Binder. 23. BREACH AND REMEDIES. (a) In the event Buyer shall fail to comply with or perform any of the conditions to be compiled with or any of the obligations to be performed by Buyer under the terms and provisions of this Contract after first having received at least fifteen (15) days prior written notice from Seller and having failed to cure such breach within such time period, Seller shall be entitled to exercise any and all rights and remedies available to it at law or equity. (b) In the event Seller shall fail to comply with or perform any of the conditions to be compiled with or any of the obligations to be performed by Seller under the terms and provisions of this Contract after first having received at least fifteen (15) days prior written notice from Buyer and having failed to cure such breach within such time period, Buyer shall be entitled to exercise any and all rights and remedies available to it at law or equity, including, without limitation (a) an action at law against Seller for damages incurred by Buyer by reason thereof, (b) an action in equity against Seller for the specific performance by Seller of the terms and provisions of this Contract, and (c) the right to terminate this Contract, by giving written notice of such termination to Seller, whereupon all monies paid hereunder by Buyer to Escrow Agent shall be immediately refunded to Buyer. 24. DELIVERY BY SELLER. It is recognized that this Contract has been executed by Buyer and tendered to Seller, and in the event Seller fails to execute and deliver this Contract to Buyer by 5:00 p.m. on Friday, September 28, 2007, such tender and this Contract, at the option of the Buyer, shall become null and void and of no force and effect. Delivery for purposes of this provision shall mean the actual delivery of this Contract to the Buyer at the address shown above, or personal delivery to a principal, agent or attorney of Buyer. Concurrently with the delivery of this Contract to Buyer fully executed by Seller, Seller shall deliver the initial Binder referred to in Paragraph 2(a) hereof to the Escrow Agent. 25. ESCROW. (a) The Binder shall be held in escrow ("Escrow") by Escrow Agent subject to the terms and provisions of this Agreement. The Escrow Agent shall hold and disburse the Binder in accordance with the terms and provisions hereof. At Closing, in accordance with the terms of this Contract, the full amount of the Binder shall be delivered by Escrow Agent to the Seller to be credited against the Purchase Price hereunder. Escrow Agent may transmit the Binder to a title company in order for such funds to accrue interest as set forth in Paragraph 2(b) hereof, and if so the provisions of this Pazagraph 25 shall be read and interpreted consistently therewith. 9 !~