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Agmt11 Salaman Associates, LLC
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Agmt11 Salaman Associates, LLC
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Entry Properties
Last modified
6/1/2011 4:06:04 PM
Creation date
6/1/2011 1:57:52 PM
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Template:
Agreement
Contractor Name
Salaman Associates LLC and Redevelopment Agency RWC
PROJECT NAME
Real Estate Purchase and sale agreement 1548 Maple St. Docktown -APN 052-532-010-7
RMP File Number
405
Date
3/4/2011
Reso Ref
RDA 11-05
MO Ref
see also RDA MO 11-04
Amendment
Yes
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if the party commencing such action or proceeding obtains substantially the relief sought by it in <br /> such action whether or not such action proceeds to a final judgment or determination. <br /> 20. Buyer's Remedies. Notwithstanding anything to the contrary contained in this <br /> Agreement, if the Closing does not occur as the result of the Seller's default of its obligation to <br /> deliver title to the Property to Buyer in the manner required hereby or Seller otherwise breaches <br /> its obligations to consummate the Closing in accordance with this Agreement, Buyer shall be <br /> entitled to pursue all available legal and equitable remedies, including without limitation <br /> recovery of the Deposit made by Buyer plus claims for additional damages attributable to such <br /> breach or default by Seller, specific performance of this Agreement, and recovery of attorneys' <br /> fees or other amounts pursuant to Paragraph 19. Seller acknowledges that the Property is <br /> unique and that monetary damages may not adequately compensate Buyer for its loss of the <br /> Property. <br /> 21. Cure Period. Notwithstanding the provisions of Paragraph 20 or any other <br /> provision of this Agreement, no default by either party hereto shall result in a termination or <br /> limitation of any rights of such party hereunder unless and until the other party shall have <br /> notified the defaulting party in writing of such default, and the defaulting party shall have failed <br /> to cure such default within ten (10) days after the receipt of such written notice. <br /> 22. Entire Agreement. This Agreement constitutes the entire agreement of the parties <br /> relating to the subject matter hereof and no representation, inducement, promise, or agreement, <br /> oral or written, between the parties not embodied in this Agreement, will be of any effect. This <br /> Agreement supersedes and cancels any and all prior or contemporaneous negotiations, <br /> arrangements, representations and understanding, oral or written, if any, between the parties, <br /> relating to the subject matter of this Agreement. <br /> 23. Risk of Loss. Until the Closing, Seller shall assume all risk of loss with respect to <br /> the Real Property. If after the Effective Date and prior to the Closing all or any part of the Real <br /> Property is destroyed by fire, earthquake or other casualty, Buyer shall within ten (10) business <br /> days after receipt of written notice from Seller of such casualty (but in all events at least one (1) <br /> day before the Closing Date) irrevocably elect either (a) to terminate this Agreement or (b) to <br /> keep this Agreement in effect, in which event if the Closing occurs Seller shall pay or assign to <br /> Buyer all insurance proceeds paid or payable to Seller (to the extent not previously expended in <br /> an effort to restore the Real Property) as a consequence of such casualty, and the Purchase Price <br /> shall be reduced by the amount of any deductible or other uninsured loss, provided if the amount <br /> of any such reduction exceeds One Hundred Thousand Dollars ($100,000.00), Seller may <br /> terminate this Agreement unless Buyer agrees that the reduction shall be limited to One Hundred <br /> Thousand Dollars ($100,000.00). If Buyer fails to timely elect either the option in clause (a) or <br /> in clause (b) above, then Buyer shall be deemed to have irrevocably elected the option in clause <br /> (b) above. If this Agreement is terminated pursuant to this paragraph, then (i) the Deposit and <br /> interest earned thereon while in Escrow shall be returned to Buyer, and (ii) neither party shall <br /> have any further rights, duties, obligations or liabilities, at law or in equity, arising out of or <br /> relating to this Agreement except for those that specifically survive termination of this <br /> Agreement pursuant to other paragraphs hereof. Notwithstanding the above, if the damage to the <br /> Real Property does not exceed Five Hundred Thousand Dollars ($500,000), then Buyer shall not <br /> Purchase and Sale Agreement 1548 Maple <br /> 03.04. 2011 v.4 <br /> 20 <br />
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