HomeMy WebLinkAbout298910. /~ssiyna~ility. IIuyer may not assign its riyhts anci interest =~
unc~cr tliis Agreement providecl, itowever, tt~at Duyer may assiyn • ~ .
~~this Agrecmen~ ko any subsidiary oE Uuyer or I3uyer's ~arent
.
(;lit~liJiCii.iVii.
21. (a) Scllcr's 1•'ailurc a~ic] C~ixlil•ioi~~. I
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~-- fails (i) to
deposit a ~~~
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~~
recordable ~'rra'ri~ty deed ~~ ~
pur uant
to Section
9(a)
above, or (ii) to Ue in•.a position by tlie Closiny to convey titlct to
ti~e Lan~ suVject only to the matters clescribed in Section 9(b)
~l~ove, i]f1CI [3uycr i s unwi 11 i~iq l•o ~cceE~l- sucl~ l• i lle l-o or cunc]-
i~io~i oF tiic Land as Scller may bc able to convcy witiiout any
ayrecc] climinution in ~:hc Purcl~a~c l~ricc or if'ti~c zoni.nc~ ot
the Lancl is amendecl or clianyed ~,rior tv l-lie cla~e ot elosiny ot
t~scr~w or if Lancl is subject- on Closing to a buildiny moritorium,
then 13uyer at its option may terminate this Agreement and the
Escrow by yiving~written notice to Seller and Cscrowholder.
'• 1'I~creuE~on :
(i) Escrowholder shall prom~~tly disburse all funds
deposited into ~scrow to Duyer and sliall return all instruments
to ~I~e parties wl~icli liacl dc~osited tl~e same;
(ii) all title and escrow cancellation ct~arges siiall
~c ciiarycd to Scllcr;
(iii) L•'scrowl~olclcr sl~all rcfun~ to L'uycr ti~c s~m of
Oi~c ilundred Thousand (U.S.) Dollars ($100,000.00) paid into
Cscrow; and
(iv) each party sl~all be excused from any further
obliyations hereunder or liability to t}~e other party provided,
tiiat notwithstandinc~ the foreyoing, Buyer shall be entitled to
Vriny an action for specific performance by Seller of its ob-
lic~~tions hercuiulcr.
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