2019-02-13_REVISION - M2000077 (5)

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1054 19.5. Home Warranty. [Intentionally Deleted] 1055 19.6. Risk of Loss--Growing Crops The risk of loss for damage to growing crops by fire or other 1057 casualty will be borne b the a entitled to the growing crops as provided in 2.8 and such art is entitled to 1057 Y Y party 9 9 p p § party 1o58 such insurance proceeds or benefits for the growing crops. 1059 1060 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller 1062 acknowledge that the respective broker has advised that this Contract has important legal consequences and has 1062 g p p g q 1063 recommended the examination of title and consultation with legal and tax or other counsel before signing this 1064 Contract. 1065 106 1067 21. TIME OF ESSENCE, DEFAULT AND REMEDIES.Time is of the essence for all dates and deadlines in 1068 this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including 1069 Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided 1070 in this Contract or waived,the non-defaulting party has the following remedies: 1071 Y 1072 21.1. If Buyer is in Default: 1073 ❑ 21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money 1074 (whether or not paid by Buyer)will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is 1075 not a penalty and the Parties agree the amount is fair and reasonable. Seller may recover such additional 1077 damages as may be proper.Alternative) Seller may elect to treat this Contract as being in full force and effect and 1077 g Y p P Y� Y 9 1078 Seller has the right to specific performance or damages, or both. 1079 21.1.2. Liquidated Damages,Applicable.This§21.1.2 applies unless the box in§21.1.1. is 1080 checked. Seller may cancel this Contract. All Earnest Money(whether or not paid by Buyer)will be paid to Seller 1081 and retained b Seller. It is agreed that the Earnest Money specified in 4.1 is LIQUIDATED DAMAGES and not a 1o8z Y 9 Y p § 1083 penalty,which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4, 22, 23 and 24), 1084 said payment of Earnest Money is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this 1085 Contract. Seller expressly waives the remedies of specific performance and additional damages. 108 108 7 21.2. If Seller is in Default: Buyermay elect to treat this Contract as canceled, in which case all Earnest Y 1o88 Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. 1089 Alternatively, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to 1090 specific performance or damages, or both. 1091 1092 1093 22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of 1094 any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must 1095 award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 1096 1097 1o98 23. MEDIATION. If a dispute arises relating to this Contract(whether prior to or after Closing)and is not 1099 resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the parties 1100 meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot 1101 impose binding decisions. Before an mediated settlement is binding,the parties to the dispute must agree to the 11oz p g y 9� p p g 1103 settlement, in writing. The parties will jointly appoint an acceptable mediator and will share equally in the cost of 1104 such mediation.The obligation to mediate, unless otherwise agreed, will terminate if the entire dispute is not 1105 resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at 1107 that art s last known address (physical or electronic as provided in §27 Nothing in this Section prohibits either 11o8 party from filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written 1109 notice requesting mediation. This Section will not alter any date in this Contract, unless otherwise agreed. 1110 1111 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release 111z p p y 1113 the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of 1114 any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest 1115 Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1)wait for any proceeding 1116 between Buyer and Seller; (2)interplead all parties and deposit Earnest Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees incurred with such action); or(3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller)containing the case number of the lawsuit(Lawsuit)within one hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of§23(Mediation).This Section will survive cancellation or termination of this Contract. 25. TERMINATION. 25.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract(Right to Terminate), the termination is effective upon the other party's receipt of a written notice to terminate(Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to