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03 - Purchase Agreement - Lonesome Cottage
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07-17-2007 Special Council Meeting
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03 - Purchase Agreement - Lonesome Cottage
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16. Condemnation. If, prior to the Closing Date, eminent domain proceedings are commenced <br /> against all or any part of the Property, Seller shall immediately give notice to Buyer for such fact <br /> and at Buyer's option (to be exercised within thirty (30) days after the date of Seller's notice), this <br /> Agreement shall terminate, in which event neither party will have further obligations under this <br /> Agreement and the Earnest Money, together with any accrued interest, shall be refunded to Buyer. <br /> If Buyer shall fail to give such notice of termination then there shall be no reduction in the Purchase <br /> Price, and Seller shall assign to Buyer at the Closing Date all of Seller's rights, title and interests in <br /> and to any award made or to be made in the condemnation proceedings. Prior to the Closing Date, <br /> Seller shall not designate counsel, appear in, or otherwise act with respect to the condemnation <br /> proceedings without Buyer's prior written consent. <br /> 17. Damage. If, prior to the Closing Date, all or any part of the Property is substantially <br /> damages by fire, earthquake, flood, cave-in, subsidence, casualty, the elements or any other cause, <br /> Seller shall immediately give notice to Buyer of such fact and at Buyer's option (to be exercised <br /> within thirty (30) days after Seller's notice), this Agreement shall terminate, in which event neither <br /> party will have any further obligation under this Agreement and the Earnest Money, together with <br /> any accrued interest, shall be refunded to Buyer. If Buyer fails to elect to terminate despite such <br /> damages, or if the Property is damaged but not substantially, Seller shall promptly commence to <br /> repair such damage or destruction and return the property to its condition prior to such damage. If <br /> such damage shall be completely repaired prior to the Closing Date then there shall be no reduction <br /> in the Purchase Price and Seller shall retain the proceeds of all insurance related to such damage. If <br /> such damage shall not be completely repaired prior to the Closing Date but Seller is diligently <br /> proceeding to repair, then Seller shall complete the repair as soon as possible after the Closing Date <br /> and shall be entitled to receive the proceeds of all insurance related to such damage after repair is <br /> completed, provided, however, Buyer shall have the right to delay the Closing Date until repair is <br /> completed. If Seller shall fail to diligently proceed to repair such damage then Buyer shall have the <br /> right to require a closing to occur and the Purchase Price (and specifically the cash portion payable <br /> at the Closing Date) shall be reduced by the cost of such repair, or at Buyer's option,the Seller shall <br /> assign to Buyer all right to receive the proceeds of all insurance related to such damage and the <br /> Purchase Price shall remain the same. For purposes of this Section, the words "substantially <br /> damaged" mean damage that would cost Fifty Thousand and No/100 Dollars ($50,000.00) or more <br /> to repair. <br /> 18. Miscellaneous. <br /> 18.1 Successors. This Agreement shall inure to the benefit of, and be binding upon, the <br /> administrators, successors and assigns of the parties hereto. <br /> 18.2 Construction. This Agreement shall not be construed more strictly against one party <br /> than against the other, merely by virtue of the fact that it may have been drafted or prepared by <br /> counsel for one of the parties, it being recognized that both Buyer and Seller has contributed <br /> substantially and materially to the preparation of this Agreement. <br /> 7 <br />
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