10.01 Purchase Agreement for Pequot Lakes Industrial Park Lot1, Block 2

Home Browse Search

10. BINDING EFFECT. This Agreement binds and benefits the Parties and their successors and assigns. 11. CONTROLLING LAW. The Parties acknowledge and agree that each has been given the opportunity to independently review this Agreement with legal counsel, and/or has the requisite experience and sophistication to understand, interpret, and agree to the particular language of this Agreement. The Parties have equal bargaining power,and intend the plain meaning of the provisions of this Agreement. In the event of an ambiguity in or dispute regarding the interpretation of this Agreement,the ambiguity or dispute shall not be resolved by application of any rule that provides for interpretation against the drafter of the Agreement. This Agreement has been made under the laws of the State of Minnesota, and such laws will control its interpretation. 12. DATES AND TIME PERIODS. Should the date for the giving of any notice, the performance of any act, or the beginning or end of any period provided for herein fall on a Saturday, Sunday or legal holiday, such date shall be extended to the next succeeding business day which is not a Saturday, Sunday or legal holiday. 13. NOTICES. Any notice required or permitted to be given by any pariy upon the other is given in accordance with this Agreement if it is directed to Seller by delivering it personally to an officer of Seller; or if it is directed to Buyer,by delivering to a partner of Buyer; or if mailed by United States registered or certified mail; return receipt requested, postage prepaid; or if deposited cost paid with a nationally recognized, reputable overnight courier, properly addressed as follows: If to Buyer: Joseph B. Dotty, Its General Partner The Dotty Holdings Limited Liability Partnership 4517 East Main Street Mesa, AZ 85205 If to Seller: Nancy Malecha, City Administrator City of Pequot Lakes 4638 Main Street Pequot Lakes, MN 56472 Notices shall be deemed effective on the earlier of the date of receipt or the date of deposit as aforesaid; provided, however, that if notice is given by deposit,that the time for response to any notice by the other party shall commence to run two (2)business days after any such deposit. Any party may change its address for the service of notice by giving written notice of such change to the other party, in any manner above specified. 14. REMEDIES. If Buyer defaults under this Agreement, Seller shall have the right to terminate this Agreement by giving written notice to Buyer. If Buyer fails to cure such default within thirty(30) days after receipt of such written notice, this Agreement will tertninate. The termination of this Agreement will be the sole remedy available to Seller for such default by Buyer, and Buyer will not be liable for damages. If Seller defaults 6