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