7.2. HRSR 06-04-2018 - Laserfiche WebLink

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which the Seller may be eligible and the Seller agrees to waive any and all further relocation assistance benefits. The provisions of this paragraph shall survive closing of the transaction contemplated by this Purchase Agreement. 13. Risk of Loss. If there is any loss or damage to the Property between the date hereof and the Closing Date, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on the Seller. If the Property is destroyed or substantially damaged before the Closing Date,this Agreement may become null and void, at the Buyer's option. At the request of the Buyer, the Seller agrees to sign a cancellation of Agreement. 14. Default/Remedies. If the Buyer defaults in any of the covenants herein, the Seller may terminate this Agreement, and on such termination all payments made hereunder shall be retained by the Seller as liquidated damages, time being of the essence. This provision shall not deprive either party of the right to enforce specific performance of this Agreement, provided this Agreement has not terminated and action to enforce specific performance is commenced within six months after such right of action arises. In the event the Buyer defaults in its performance of the terms of this Agreement and Notice of Cancellation is served upon Buyer pursuant to Minn. Stat. Section 559.21, the termination period shall be thirty (30) days as permitted by Minn. Stat., Section 559.21, Subd. 4. 15. Notice. Any notice, demand, request or other communication which may or shall be given or served by the parties, shall be deemed to have been given or served on the date the same is personally served upon one of the following indicated recipients for notices or is deposited in the United States Mail, registered or certified, return receipt requested, postage prepaid and addressed as follows: SELLER: Ronald J. and Lori L. Touchette Attn: Ron Touchette 7078 E Fish Lake Road Maple Grove, MN 55311 BUYER: Housing and Redevelopment Authority of the City of Elk River Attn: Amanda Othoudt 13065 Orono Parkway Elk River, MN 55330 AGENT: Kennedy & Graven, Chartered ATTN: Sarah Sonsalla 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis, MN 55402 16. Section 1031 Exchange. If the Seller desires to have this transaction constitute a like-kind exchange of properties utilizing the provisions of Section 1031 of the Internal Revenue Code of 1986, as amended, the Buyer agrees to cooperate with the Seller in order to effectuate and facilitate such an exchange, provided that: (a) the exchange does not delay the Closing under this Agreement; and (b) the Buyer does not incur any additional liability as a result of its 8 525527v2 SJS EL185-48