1994-03-11_GENERAL DOCUMENTS - C1981017

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• IS. Time is of the essence hereof. In the event of any litigation or arbitration arising out of this contract, the Court shall award to the prevailing party all reasonable costs and expenses, including attorney's fees. In the event of default, there shall be the following remedies: a. If the Purchaser is in default, then all payments and things of value received hereunder shall be forfeited by the Purchaser and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as set forth above) are the SELLER'S SOLE AND ONLY REMEDY for the Purchaser's failure to perform the obligations of this contract. Seller expressly waives the reme- dies of specific performance and additional damag- es. b. If the Seller is in default, Purchaser may elect to treat this contact as terminated, in which case all . payments and things of. value received hereunder shall be returned to Purchaser -and Purchaser may recover such damages as may be proper, or Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to specific performance or damages, or both. 16. It is expressly understood and agreed that this contract and all provisions hereof are subject to approval by order of the United States Bankruptcy Court and pending entry of such an order, the property shall be subject to sale to a higher bidder with equivalent or better terms. It is further expressly understood and agreed that this contract is subject to the entry and Bankruptcy Court approval of contract for the sale of the reserved machinery and equipment and structures on the premises which it is represent- ed are being processed contemporaneously herewith. In the event order by the Bankruptcy Court for approval of both contracts is not entered on or prior to sixty (60) dates from date, then this contract shall be void, both parties shall be released from all further obligation hereunder, and the earnest money, together with accrued interest, shall be immediately paid to the Purchaser. 17. At closing, the Closing Agent shall retain from closing proceeds the sum of Forty Thousand Dollars ($40,000.00) to be deposited in an interest-bearing insured account to assure clean up and removal of structures, limestone, magnetite, and personal property as above provided. Should removal and clean up not occur within the time prescribed, then Purchaser is authorized to cause removal and clean up to occur and shall be reimbursed for all costs incurred, plus fifteen percent (15%) of such costs. In such event, invoices shall be submitted to the Closing Agent, acting as escrow 5