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14. Board Approval. Seller's obligation to sell the Premises is expressly subject to the <br />approval of the Seller's Board of Directors. In the event Seller does not obtain such Board <br />approval, Seller can terminate this Contract, in which event all deposits made by Purchaser shall <br />be refunded to Purchaser, and all parties shall be relieved from any further obligations hereunder. <br />15. Risk of Loss. Risk of loss to the Premises from fire or other casualty or by reason of <br />condemnation shall be borne by Seller until the Closing, provided that if the Premises are <br />damaged or destroyed by fire or other casualty and not repaired and restored by Seller to as good <br />a condition as it was prior to such casualty, or if a portion of the Premises are taken through <br />condemnation proceedings or are transferred voluntarily in lieu thereof, the Purchaser, at its <br />option, may rescind this Contract, in which event all parties hereto shall be released from all <br />liability hereunder and any deposit paid by Purchaser to Seller shall be immediately returned to <br />Purchaser. <br />16. Assignment. This Contract may not be assigned by Purchaser without the express prior <br />written consent of Seller, which Seller is under no obligation to grant. Any assignment, or <br />purported assignment, without the express prior written consent of Seller shall be null and void. <br />17. Default. In the event Purchaser refuses to consummate the purchase hereunder or otherwise <br />breaches this Contract, except as provided under Termination for Cause hereof, then Seller may <br />retain any deposit or earnest money paid to Seller without prejudice to any rights Seller may have <br />as a result of such action by Purchaser. <br />18. Termination for Cause. If this Contract is terminated or canceled as provided herein, this <br />Contract shall be null and void, and Seller shall promptly refund Purchaser's deposit or earnest <br />money and all parties shall be relieved from any further obligation hereunder. <br />19. Time of the Essence. Time is expressly declared to be of the essence in this Contract, <br />unless the parties otherwise agree in writing. <br />20. Entire Agreement. The parties acknowledge and agree that this Contract constitutes their <br />entire agreement and that no oral or implied agreement exists. This Contract shall be binding <br />upon their respective heirs, legal representatives, successors and assigns, and the covenants <br />contained herein shall survive the Closing of this transaction. <br />21. Brokers' Fees or Commissions. The parties acknowledge that Seller shall not be obligated <br />to pay for any brokers' commission, consultant or finders' fees in connection with this <br />transaction. <br />Doc #192515. v2 Dale: 7/11/03 2:23 PM <br />TR -69 A14-5-56 <br />12116 <br />