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06-14-11 Packet
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6C 2
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against the indemnified liability. Counsel for Seller shall be subject to the approval of <br />Purchaser, which approval shall not be unreasonably withheld or delayed. Purchaser <br />shall cooperate with Seller at Seller's cost in the defense of the indemnified liability. <br />Seller shall keep Purchaser regularly advised as to the status of the defense of the <br />indemnified liability, including, without limitation, any settlement negotiations in <br />connection therewith. <br />16. CONDEMNATION. If at any time between the effective date and Closing all or any <br />portion of the Property is condemned by any legally constituted authority for any public <br />use or purpose or any of the improvements located on the Property are damaged or <br />destroyed by whatever cause, then not later than 21 days after the date upon which <br />Purchaser receives from Seller notice of the condemnation or damage or destruction, <br />Purchaser shall give to Seller written notice that Purchaser has elected to (a) terminate <br />this Agreement, in which event all sums held in escrow by the Seller, if any, shall be <br />immediately refunded or returned by the Seller to Purchaser, and this Agreement shall <br />be null and void and of no further force or effect and neither Purchaser nor Seller shall <br />have any further liabilities, obligations, or rights with regard to this Agreement or (b) <br />take an assignment from Seller of and collect all proceeds from any condemnation or <br />from any insurance policies insuring the improvements located on the Property after <br />satisfying all amounts due to Seller, and the terms of this Agreement shall remain in <br />full force and effect and binding on the parties hereto. If Purchaser does not give this <br />notice to Seller within the 21 day period hereinabove described, then Purchaser shall be <br />deemed to have elected to proceed pursuant to clause (b), above. If all or any portion of <br />the Property is condemned and if Purchaser does not elect to terminate this Agreement <br />pursuant to the foregoing terms, "Property" shall thereafter mean the Property less and <br />except any portion thereof taken by condemnation. <br />17. DEFAULT. If the purchase and sale contemplated herein is not consummated because <br />of the inability, failure or refusal for whatever reason whatsoever, of Seller to convey <br />the Property in accordance with the terms and conditions provided herein, or because of <br />any other default by Seller, any and all sums deposited by Purchaser with the Seller, <br />shall be delivered to Purchaser, without prejudice to any other legal or equitable rights <br />or remedies of Purchaser against Seller including, but not limited to, specific <br />performance. If the purchase and sale contemplated herein is not consummated herein <br />because of the default of Purchaser, then the Seller shall retain any and all deposited <br />sums paid by Purchaser as Seller's sole remedy against the Purchaser and in lieu of the <br />exercise by Seller of any other legal or equitable rights or remedies all of which Seller <br />hereby waives and relinquishes, and this Agreement shall be deemed cancelled, null <br />and void and of no further force and effect. A default shall be deemed upon the <br />occurrence of any one or more of the following events: (a) any representations or <br />warranties set forth in this Agreement are untrue or inaccurate in any material respect, <br />either when made or at closing, (b) failure of a party to meet, comply with or perform a <br />material covenant, agreement or obligation within the time limits made and in the <br />manner set forth in this Agreement. <br />
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