5.7. ERMUSR 11-12-2003 - Laserfiche WebLink

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object within said period, Buyer shall be deemed to have waived for all purposes its right and ability to claim any defect or objection to title. If any objection is so made, Seller shall have twenty (20) days from receipt of such written objection to satisfy such objections. If such objections are not satisfied within said twenty (20) day period (i) this Purchase Agreement shall be null and void, (ii) neither party shall be liable for damages hereunder to the other party, (iii) the Earnest Money shall be refunded to Buyer, and (iv)the parties shall execute and deliver a Termination of Purchase Agreement in a form acceptable to seller. 14. DEFAULTS; REMEDIES. If either Seller or Buyer defaults in the performance of this Agreement: (i) the non-defaulting party shall be entitled to all remedies available at law or in equity against the defaulting party including, without limitation, the right to require specific performance of the defaulting party of its obligations hereunder, both parties acknowledging that the Property is unique; (ii) if Buyer is the defaulting party, Seller may at its option, cancel and terminate this Agreement, and retain the Earnest Money pursuant to Minnesota Statutes §559.21 and, (iii) in addition, the defaulting party shall pay and reimburse to the non-defaulting party all of its costs, expenses, disbursements and attorneys fees incurred in connection with securing such relief, cancellation, damage or specific performance. 15. MINNESOTA LAW. This Agreement shall be governed by the laws of the State of Minnesota. 16. HAZARDOUS WASTE REPRESENTATION. To the best of Seller's knowledge,the property conforms to and complies with all applicable federal, state and local laws, including environmental, energy and pollution control laws. The premises has been used for agricultural purposes and will contain those substances normally associated with a farm operation. 17. WELLS/SEPTIC SYSTEMS. To the best of Seller's knowledge, the premises contains no wells or septic systems. In the event wells are located upon the property, the cost of sealing said wells shall be the Seller's obligation. 18. CONTINGENCIES. This Agreement is subject to the contingencies set forth in Exhibit B. In the event such contingencies are not removed as specified hereafter, this Agreement shall be null and void at the option of Buyer and the earnest money shall be refunded to Buyer. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the Buyer and the Buyer shall have the right to unilaterally waive any contingency by written notice to Seller. 19. NOTICES. Any notice, request or other communication between the parties shall be in writing and shall be deemed effectively made or given either: (i) two (2) business days after deposited in the U.S. Mail, postage prepaid, or (ii) on the date personally delivered, if addressed as follows: If to Seller: Grace Assembly of God Church P.O. Box 58 16829 Hwy 10 Elk River, MN 55330 3