6. HRSR 10-02-2006 - Laserfiche WebLink

Home Browse Search

16. Buyer's Contingencies. Buyer's obligations under this Agr ~ t~ntingen a. Seller's timely performance of each of Seller's obligati n i Agreement; b. Buyer's determination that the representations set forth in Section 12 are true, when made, and remain true as of the Date of Closing. c. Buyer's determination in Buyer's sole discretion, based on the information and inspections described in Section 15 above and any other relevant information that the condition of the Property and improvements is acceptable to Buyer. d. Buyer's Board's approval and ratification of this Agreement on or before December 4, 2006. If Buyer determines that one or more of the contingencies described in this Section 16 has not been satisfied, Buyer may, by written notice to Seller prior to the Date of Closing, terminate this Agreement pursuant to Section 21 below. 17. Casualty Loss. If the improvements on the Property are substantially damaged prior to closing, Seller must immediately notify Buyer, in writing, of such damage and provide to Buyer, along with Seller's written notification, copies of all insurance policies or agreements relating to or otherwise covering the Property. Within twenty (20) days of Buyer's receipt of Seller's notice Buyer may, at Buyer's option, terminate this Agreement pursuant to Section 21 below. If Buyer does not terminate this Agreement within said twenty (20) day period, the Parties must fully perform their obligations under this Agreement, and Seller must assign to Buyer Seller's rights to any and all insurance proceeds which Seller is entitled to receive on account of such casualty loss. If, prior to the Date of Closing, the improvements on the Property are damaged less than substantially, Seller must repair such damage, and the Parties must proceed pursuant to the provisions of this Agreement with the Date of Closing extended for a period of time not to exceed one hundred twenty days. For purposes of this Section 18 the term "substantially damaged" must mean damage that requires repairs which cost more than 10% of the Purchase Price. At the request of either Party, the Parties must engage a real estate appraiser licensed in the state of Minnesota to determine the cost of repairing damage to the Property. Buyer must select the appraiser from a list of three appraisers which Seller must prepare and deliver to Buyer within ten (10) days of the occurrence of damage to the improvements located on the Property. Each Party must pay one-half of the appraiser's fee. 18. Relocation Benefits. Seller represents and warrants to Buyer that Seller does not occupy any portion of the Property, and Seller acknowledges and agrees that, therefore, Seller is not a "displaced person" within the meaning of Minnesota Statutes, Section 117.50, Subdivision 3 and is not entitled to any relocation assistance, services, payments or other benefits pursuant to Minnesota Statutes, Chapter 117 or any other applicable federal or state law. In addition to the foregoing, Seller is waiving, releasing and forever discharging any relocation assistance, services and benefits under Minnesota Statutes, Chapter 117 and the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, United States Code, title 42, sections 4601 to t9ai~z~~s 9