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09/01/00 14:16 FAX LC8500 Lit1017 <br /> L1 <br /> • <br /> If to Sellers: Elk River Economic Development Authority <br /> Attention: Executive Director <br /> 13065 Orono Parkway, Elk River, Minnesota 65330 <br /> • <br /> • <br /> With a copy to: Gray, Plant, Mooty, Mooty & Bennett <br /> Attention: Peter K. Beck <br /> 3400 City Center <br /> 33 South Sixth Street <br /> Minneapolis, Minnesota 55402 <br /> Each such mailed notice or communication shall be deemed to have been given to or <br /> served upon, the party to whom it is addressed three days after the date the same is <br /> deposited in the United States registered or certified mail, return receipt requested, <br /> postage prepaid, properly addressed in the manner above provided. Either party <br /> hereto may change such party's address for the service of notice hereunder by written <br /> notice of said change to the other party hereto, in the manner above specified ten (10) <br /> days prior to the effective date of said change. <br /> 11. Assignment. This Purchase Agreement shall be binding upon and inure <br /> • to the benefit of each of the parties hereto, their respective successors and assigns. <br /> The foregoing notwithstanding, except as set forth in Paragraph 7 above, Buyer shall <br /> not assign or convey its rights in the Property or this Purchase Agreement within one <br /> • year of the Closing Date without firsti,bb hSeller'sthe tof {consenthaA be null and <br /> r and any such <br /> assignment or conveyance purportedly made without <br /> void. Any such assignment or conveyance shall be specifically subject to the <br /> Conditions Subsequent set forth in Paragraph 7. <br /> 12. Commissions. Seller warrants and represents that it has dealt with no <br /> realtors or brokers in connection with this transaction and that it will indemnify, defend <br /> and hold harmless Buyer against any claim made by an agent or broker for a <br /> commission or fee based on acts or eaand holdts of harmlesseSe{lerer. uyer againstranysand <br /> cla m <br /> represents that it wilt indemnify, defrd <br /> made by an agent or broker for a commission or fee based on acts or agreements of <br /> Buyer. <br /> 13. Default. Should Buyer q.;default in the performance of its obligation to <br /> purchase hereunder, Seller's shall beylentitled to cancel and terminate this Purchase <br /> Agreement in accordance with Minn. Stat. 559.21, as amended. <br /> 14. Survive Closing. All of the covenants, warranties, and provisions of this <br /> Purchase Agreement shall survive and be enforceable after the closing of this <br /> • transaction. <br /> I I <br />