GENERAL54857 - Laserfiche WebLink

Home Browse Search

cost of such mediator. If mediation proves unsuccessful, the parties may then proceed with such other means of dispute resolution as they so choose. l4. CONDEMNATION. If any authority having the right of eminent domain shall continence negotiations with Seller or shall continence legal action against Seller for the damaging, taking, or acquiring of al! or any part of the Property, either temporarily or permanently, in any condemnation proceeding or by exercise of the right of eminent domain, Seller shall immediately give notice of the same to Buyer. Upon the occurrence of any of the foregoing events, Buyer shall have the right, at its option, to terminate this contract by giving notice thereof to Seller on or before the date fixed for settlement, in which event Buyer shall be released of all further obligations hereunder and Buyer's earnest money deposit shall be returned. If Buyer does not so terminate this contract, the purchase price for the Property shall be reduced by the total of any awards, settlement proceeds, or other proceeds received by Seller at or prior to closing with respect to any damaging, taking, or acquiring. At the time of closing, Seller shall assign to Buyer all rights of Seller in and to any awards, settlements proceeds, or other proceeds payable by reason of any such damaging, taking, or acquiring. In the event of any negotiations with any authority regarding the payment of any awards or other sums or regarding any settlement on account of any damaging, taking, of acquiring through condemnation or eminent domain, Seller will inform Buyer of all negotiations of which Seller has notice and will permit Buyer to take part therein. 15. ADDITIONAL PROVISIONS: (a) This contract shall be effective only if that contract dated June 13, 1994, between Bojacs, [nc. and Seller is terminated on or before AugrLSt 1, 1994. (b) This contract is subject to approval by the United States BanlQUptcy Cour. This contract is subject to the receipt by Seller of higher or better offers prior to the entry of an order by the Bankruptcy Court approving this sale. If a higher or better offer is received by Seller, an auction shall be held pursuant to instructions by Seller or its attorney as to time, place, and manner of auction. Buyer shall have the opportunity to increase the purchase price stated herein to be competitive with said higher offer. If a higher or better offer is then accepted by Seller, Buyer's earnest money shall be returned to Buyer and this Contract shall terminate. (c) In the event the Bankruptcy Court has not approved this Contract by August 1, 1994, Buyer may terminate this Contract by written notice to Seller, in which case it shall be entitled to a return of its earnest money check. (d) The Property shall be conveyed by Seller "as is" and without warranties of any nature. No warranty is made by Seller regarding the exact size of the Property.