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ARTICLE VIII. <br />DEFAULT/REMEDIES <br />8.1 Default. Time is of the essence hereof, and if any payment or any other condition <br />hereof is not made, tendered or performed as herein provided, the remedies as set forth in Section <br />8.2 shall apply. <br />8.2 Remedies. In the event Purchaser is in default, then Seller may terminate this <br />agreement. In the event that Seller is in default, then Purchaser may, at its election, treat this <br />Agreement as terminated or Purchaser may, at its election, treat this Agreement as being in full <br />force and effect with the right for specific performance. Neither party shall be deemed to be in <br />default hereunder unless and until such default remains uncured at the expiration of 10 days after <br />written notice is first delivered to the defaulting party specifically setting forth the default. <br />ARTICLE IX. <br />MISCELLANEOUS PROVISIONS <br />9.1 Risk of Loss. In the event Parcel 2 is substantially damaged by fire, flood or other <br />casualty between the Effective Data and the Closing Date, this Agreement may, at the option of <br />Purchaser, be declared null and void. <br />9.2 Condemnation. In the event that any portion of Parcel 2 is taken in condemnation or <br />under the right of eminent domain after the date of Seller's execution hereof and before the <br />Closing Date, this Agreement, at the option of Purchaser, may either: (a) be declared null and <br />void and terminated, or (b) the proceeds received from such condemnation or right of eminent <br />domain proceeding shall be paid to Seller, and reduce the Purchase Price of Parcel 2 by the same <br />amount. <br />9.3 Further Instruments. Each party hereto shall from time to time execute and deliver <br />such further instruments as the other party or its counsel or the Closing Agent may reasonably <br />request to effectuate the intent of this Agreement. <br />9.4 Headings. Article and Section headings used in this Agreement are for convenience <br />of reference only and shall not affect the construction of any provision of this Agreement. <br />9.5 Entire Agreement -Alteration or Amendment. The entire agreement of the parties <br />with respect to Parcel 2 is herein written and the parties are not bound by any agreements, <br />understandings, conditions, or inducements not stated herein. No change, alteration, amendment, <br />modification or waiver of any of the terms or provisions hereof shall be valid unless the same is <br />in writing and signed by the parties hereto. <br />RECEIVED <br />_ 13_ APR 17 2003 ~~- <br />Givisian of Minerals and Geology ~-~ <br />