03 - Purchase Agreement - Lonesome Cottage

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12. Remedies. 12.1 As to Bum. If Buyer defaults on its obligations hereunder, and such default shall continue for a period of ten (10) days after receipt of written notice from Seller specifying such default then the payments over to Seller of the Earnest Money shall be Seller's exclusive remedy hereunder and said monies shall be deemed liquidated damages. The parties hereto agree that such liquidated damages are not a penalty, but represent actual damages Seller will sustain upon any default by Buyer,which damages will be substantial but are extremely difficult to ascertain. 12.2 As to Seller. If Seller defaults on its obligations hereunder and such default continues for a period for ten (10) days after receipt of written notice from Seller specifying such default, then all Earnest Money shall be returned to Buyer and Buyer may enforce specific performance of this Agreement within six (6) months from the time such cause of action arose or may bring suit for damages against Seller, which damages shall include, but not be limited to, all losses, liabilities, costs, and expenses(including reasonable attorneys' fees) incurred by Buyer. 13. Notices. All notices, demands and requests which may be given or which are required to be given by either party to the other shall be in writing, shall be personally delivered sent by United States mail, express mail or certified with return receipt requested, or by facsimile at the numbers below as follows: If to Buyer: Lonesome Cottage, LLC Brandon Andersen 31291 Edgewater Farm Road Breezy Point, MN 56472 If to Seller: City of Pequot Lakes Sandy Peine 4638 County Road 11 Pequot Lakes,MN 56472 Fax: (218) 568-5860 All notices shall be deemed delivered either upon: (1) receipt in case of personal service, or (2)mailing in case of U.S. mail or certified mail, (3) deposit in the case of express mail or (4) by facsimile upon transmission. 14. Assignment. The rights and obligations of Buyer hereunder may be freely assigned, and Seller waive notice of said assignment. Seller shall notify Buyer of any assignment of its interest herein, and such assignment shall not relieve Seller of its obligations to perform hereunder. 15. Tax Planning. Buyer or Seller may assign its interest herein to a third party for purposes of effectuating a like-kind exchange of real estate pursuant to Section 1031 of the Internal Revenue Code. Seller and Buyer agree to cooperate and execute documents as may be necessary for this purpose. 6