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12 <br />that was required per this Agreement; or (ii) to terminate this Agreement by written notice and <br />to receive refund of the entire Deposit. <br />(b) Default by Buyer. IN THE EVENT OF A DEFAULT BY BUYER UNDER ANY OF <br />ITS COVENANTS, REPRESENTATIONS, WARRANTIES OR OTHER AGREEMENTS SET FORTH IN THIS <br />AGREEMENT SELLER SHALL BE ENTITLED TO TERMINATE THIS AGREEMENT AND RECEIVE THE <br />DEPOSIT AS LIQUIDATED DAMAGES, AS ITS SOLE REMEDY. THE PARTIES AGREE IT WOULD BE <br />IMPRACTICAL AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUSTAINED BY <br />SELLER IN THE EVENT OF BUYER’S FAILURE TO COMPLETE PURCHASE OF THE PROPERTY <br />PURSUANT TO THIS AGREEMENT AND THAT, UNDER THE CIRCUMSTANCES EXISTING AND <br />KNOWN AS OF THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT REPRESENTS A <br />REASONABLE ESTIMATE OF THE DAMAGES SELLER WILL INCUR IN SUCH EVENT AND NOT A <br />PENALTY. THE FOREGOING WILL NOT LIMIT ANY RIGHTS OF SELLER TO BE INDEMNIFIED BY <br />BUYER, OR TO RECEIVE ATTORNEY’S FEES AND COSTS AS PROVIDED IN THIS AGREEMENT WITH <br />RESPECT TO THE BREACH BY BUYER OF ANY EXPRESS OBLIGATION TO INDEMNIFY SELLER <br />EXPRESSED IN THIS AGREEMENT. THE PARTIES HAVE ENTERED THEIR INITIALS OR SIGNATURE IN <br />THE SPACE HERE PROVIDED TO FURTHER EVIDENCE THEIR READING, APPROVAL OF AND <br />AGREEMENT WITH THE FOREGOING STATEMENT. <br /> ____________________ <br />Seller’s Signature or Initials Buyer’s Signature or Initials <br />13. NOTICES/TIME. <br />(a) Notices. All notices shall be in writing and shall be (i) personally <br />delivered, (ii) sent by U.S. Mail to the addressee’s mailing address set forth below, or (iii) sent <br />to the addressee’s email address(es) set forth in the Basic Provisions. Either party hereto may, <br />by proper notice to the other, designate any other address for the giving of notice. Any notice <br />shall be deemed effective upon earlier of actual receipt or three (3) days after mailing or <br />emailing, unless such notice is a notice of disapproval under Section 7(b), in which case such <br />notice is always deemed effective on the day sent. <br />(b) Calculation of Time Periods. Time is of the essence of this Agreement. <br />Unless otherwise specified, in computing any period of time described in this Agreement, the <br />day of the act or event after which the designated period of time begins to run is not to be <br />included and the last day of the period so computed is to be included, unless such last day is a <br />Saturday, Sunday or legal holiday, as defined in RCW 1.16.050. The final day of any such period <br />shall be deemed to end at 5 p.m., Pacific Standard or Daylight time, as applicable. <br />14. GENERAL. This is the entire agreement of Buyer and Seller with respect to the <br />matters covered hereby and supersedes all prior agreements between them, written or oral. This <br />Agreement may be modified only in writing, signed by Buyer and Seller. Any waivers hereunder <br />must be in writing. No waiver of any right or remedy in the event of default hereunder shall <br />constitute a waiver of such right or remedy in the event of any subsequent default. This <br />Agreement shall be governed by the laws of the State of Washington. Exclusive venue for any <br />dispute arising out of this Agreement is Snohomish County Superior Court. This Agreement is for <br />the benefit only of the parties hereto and shall inure to the benefit of and binds the heirs, <br />CEW