2008/10/15 Council Agenda Packet

EARNEST MONEY THEN HELD BY THE TITLE COMPANY AS LIQUIDATED DAMAGES, AND NOT AS A PENALTY OR FORFEITURE, AS SELLER'S SOLE AND EXCLUSIVE REMEDY FOR PURCHASER'S DEFAULT AT LAW OR IN EQUITY, AND UPON RECEIPT OF SUCH AMOUNT BY SELLER, PURCHASER AND SELLER SHALL BE RELIEVED OF ANY FURTHER OBLIGATIONS OR LIABILITY HEREUNDER. PURCHASER AND SELLER SHALL SIGN BELOW THIS PARAGRAPH INDICATING THEIR AGREEMENT TO THE LIQUIDATED DAMAGE CLAUSE HEREIN CONTAINED. SELLER PURCHASER 15. PURCHASER'S REMEDIES. In the event of Seller's breach of this Agreement, Purchaser shall have the right to pursue all rights and remedies now or hereafter available at law or in equity or by statute, including, but not limited to, enforcing specific performance of this Agreement, or bringing suit for monetary damages provided, however, that Purchaser shall not be entitled to recover consequential damages in any action brought by Purchaser based on Seller's default. As used in the previous sentence, "consequential damages" shall specifically include opportunity costs or lost profits. Alternatively, Purchaser shall have the right to terminate this Agreement by notice to Seller, and upon such notice of termination the Earnest Money shall be returned to Purchaser. Purchaser, at its option, may elect to waive the performance of any condition, contingency or provision in Purchaser's favor set forth in this Agreement. If any condition to Closing shall not be satisfied, Purchaser, at its option, may terminate this Agreement. In the event of such termination, the Earnest Money shall be returned to Purchaser. 16. NOTICES. All notices, demands, consents, approvals, and other communications which are required or desired to be given by either party to the other hereunder shall be in writing and shall be hand delivered or sent by telecopy or fax machine, a nationally recognized overnight delivery service or United States registered or certified mail, postage prepaid, return receipt requested, addressed to the appropriate party at its address set forth below, or at such other address as such party shall have last designated by notice to the other. Notices, demands, consents, approvals, and other communication's shall be deemed given when delivered personally, sent by a nationally recognized overnight delivery service or electronically transmitted or three days after mailing; provided, however, that if any such notice or other communication shall also be sent by telecopy or fax machine, such notice shall be deemed given at the time and on the date of machine transmitted if the sending party receives a written send verification on its machine. -16- 6 50939068.4