7.5. SR 07-15-2013 - Laserfiche WebLink

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forth in Section 16 are inaccurate, when made or if Buyer defaults in the performance of one or more of Buyer's obligations under Section 17, Seller may commence an action for damages against Buyer in Sherburne County District Court, and if Seller prevails in such an action, Seller is entitled to recover from Buyer Seller's reasonable attorneys' fees and costs. The remedies set forth in this Section 22(a) are Seller's sole and exclusive remedies in the event of Buyer's default. b. Seller's Default. If Seller defaults in the performance of any of Seller's obligations under this Agreement, Buyer's sole remedy is to terminate this Agreement pursuant to Section 23 below, in which case Seller must return the Earnest Money to Buyer. 23. Termination of this Agreement. Sections 13, 18, 20 and 22(b) of this Agreement allow Buyer to terminate this Agreement under certain conditions. Sections 19 and 22(a) allow Seller to terminate this Agreement under certain conditions. The following procedures govern the exercise of those termination rights: a. The party that desires to terminate this Agreement (the "Terminating Party") must notify the other party (the "Non-Terminating Party"), in writing, of the Terminating Party's intent to terminate this Agreement. b. The Terminating Party's notice must recite the Section of this Agreement that authorizes the Terminating Party's termination of this Agreement and must describe the facts and circumstances which the Terminating Party asserts justify termination under the referenced Section. C. The Terminating Party's notice of termination is effective as of the date the Terminating Party deposits the notice of termination with the United States Postal Service, with all necessary postage paid, for delivery to the Non-Terminating Party via certified mail, return receipt requested, at the address set forth in Section 1. If the Terminating Party delivers a notice of termination in a different manner than described in the preceding sentence, the notice of termination is effective as of the date the Non- Terminating Party actually receives the notice of termination. The Terminating Party must also mail a copy of the notice of termination to the Parties respective attorneys as provided for in Section 26 below. d. If the Non-Terminating Party disputes the Terminating Party's right to terminate this Agreement, the Non-Terminating Party must so notify the Terminating Party, in writing, within five (5) business days of the Non-Terminating Party's receipt of the Terminating Party's notice of termination. e. If the Non-Terminating Party does not dispute the Terminating Party's right to terminate the Agreement, Buyer must execute and deliver to Seller a recordable quit claim deed or other recordable instrument evidencing the termination of Buyer's rights in the Property, and upon the receipt of such a quit claim deed or other instrument, Seller must return the Earnest Money to Buyer. 9