05-13-2002 Council Packet - Laserfiche WebLink

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16. Condemnation. If a public or private entity with the power of eminent domain commences condemnation proceedings against ail of any part of the Property, Seller shall immediately notify Buyer, and Buyer may, at Buyer ’s sole option, terminate this Agreement unless the Buyer is the condemning authority. Buyer shall have twenty (20) days from Buyer ’s receipt of Seller’s notice to Buyer to exercise Buyer ’s termination right. If Buyer does not terminate this Agreement within said twenty (20) day period, the Parties shall fully perform their obligations under this Agreement, with no reduction in the Purchase Price, and Seller shall assign to Buyer, at the Closing, all of Seller's right, title and interest in any award made or to be made in the condemnation proceedings. Seller shall not designate counsel, appear or otherwise act with respect to any such condemnation proceedings without Buyer ’s prior written consent unless Buyer fails to respond within seven (7) days to a request for such written consent. 17. Default. If either Party defaults in the performance of any of the Party's obligations under this Agreement, the non-defaulting Party may suspend performance of its obligations under this Agreement, and seek such remedies as may be available at law or in equity. All remedies provided for herein shall be cumulative. 18. Time. Time is of the essence for all provisions of this Agreement. 19. Survival of Terms. The Parties’ obligations under this Agreement and the representations and warranties which the Parties have recited in this Agreement shall survive Seller’s delivery of a deed to Buyer and the closing of this transaction, subject only to the specitic limitations set forth in this Agreement. 20. Notices. All notices provided for in this Agreement shall be in writing. The notice shall be effective as of the date the Party sending such notice deposits the notice with the Untied States Postal Service with all necessaiy' postage paid, for delivery' to the other Party via certified mail, return receipt requested, at the address set forth in Section 1 above. If a Party delivers a notice provided for in this Agreement in a different manner than described in the preceding sentence, notice shall be effective as of the date the other party actually receives the notice. The Party sending the notice shall also mail a copy of the notice to the Parties’ respective attorneys via first class United States mail at the addresses set forth below: HC26DS2/ 4713/ 267221 1 vl(R£D) 14.2002