AG 2006 05 15 - Laserfiche WebLink

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Purchaser's sole remedy, as full liquidated damages for such Seller Default(s) [it is acknowledged that the "liquidated damage" verbage as set forth in paragraph 14(a) hereinabove applies herein]. 15. Risk of Loss and Insurance. Between the date of this Agreement and Closing, the risks and obligations of ownership and loss of the Property and the correlative rights against insurance carriers and third parties shall belong to Seller. In the event of the damage or destruction of any material portion of the Property prior to Closing, Purchaser shall have the right, at Purchaser's option, to terminate this Agreement by giving written notice thereof to Seller prior to Closing, in which event the Earnest Money shall be refunded to Purchaser immediately upon request, all rights and obligations of Seller and Purchaser under this Agreement shall expire, and this Agreement shall become null and void. If Purchaser does not so terminate this Agreement, the Purchase Price shall be reduced by the total of any insurance proceeds received by Seller prior to Closing by reason of such damage or destruction and by the amount of any deductible applicable to the policy of insurance, and, at Closing, Seller shall assign to Purchaser all insurance proceeds to be paid or to become payable after Closing by reason of such damage or destruction. 16. Condemnation. In the event of the taking of all or any part of the Property by eminent domain proceedings, or the commencement or bona fide threat of the commencement of any such proceedings, prior to Closing, Purchaser shall have the right, at Purchaser's option, to terminate this Agreement by giving written notice thereof to Seller prior to Closing, in which event the Earnest Money shall be refunded to Purchaser immediately upon request, all rights and obligations of Seller and Purchaser under this Agreement shall expire, and this Agreement shall become null and void. If Purchaser does not so terminate this Agreement, the Purchase Price shall be reduced by the total of any awards or other proceeds received by Seller prior to Closing with respect to any taking, and, at Closing, Seller shall assign to Purchaser all rights of Seller in and to any awards or other proceeds to be paid or to become payable after Closing by reason of any taking. Seller shall notify Purchaser of eminent domain proceedings within five (5) days after Seller learns thereof. 17. Broker and Commission. All negotiations relative to this Agreement and the purchase and sale of the Property as contemplated by and provided for in this Agreement have been conducted by and between Seller and Purchaser without the intervention of any person or other party as agent or broker, with the exception of Century 21 Cornerstone ("Broker"). Seller and Purchaser warrant and represent to each other that other than with regard to Broker, neither Seller nor Purchaser have entered into any agreement or arrangement nor have received services from any broker or broker's employees or independent contractors, and there are and will be no broker's commissions or fees payable in connection with this Agreement or the purchase and sale of the Property by reason of their respective dealings, negotiations or communications, except the commission payable to Broker by Seller. 18. Further Assurances; Survival. At Closing, and from time to time thereafter, Seller shall do all such additional and further acts, and shall execute and G-~ Page 11 of 18