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95-067 Ordinance
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95-067 Ordinance
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1/10/2014 3:25:40 PM
Creation date
12/23/2013 6:16:31 AM
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North Olmsted Legislation
Legislation Number
95-067
Legislation Date
5/10/1995
Year
1995
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<br /> <br />The parties hereto recognize and agree however, that the subject is conditioned <br />upon Probate Court approval and failure to obtain that approval shall not be considered an event <br />of default by Seller. <br />Bv uver <br />4.02 Should Buyer fail to consummate the purchase of said property, the conditions to <br />Buyer's obligations set forth in paragraph 2.02 of this Agreement having been satisfied and <br />Buyer being in default, and Seller not being in default hereunder, Seller may: <br />(1) Bring suit for damages against Buyer; or <br />(2) Receive the down payment from the escrow agent, such sum being agreed on as <br />liquidated damages for the failure of Buyer to perform the duties, liabilities, and obligations <br />imposed on it by the terms and provisions of this Agreement. Seller agrees to accept and take <br />said cash pa.yment as its total damages and relief and as Seller's sole remedy hereunder in such <br />event. <br />ARTICLE 5. MISCELLANEOUS <br />Assi,gnment of Agreement <br />5.01 This Agreement shall be binding on the respective heirs, executors, administrators, <br />successors, and to the extent assignable, on the assigns or nominees of the parties hereto, <br />provided Buyer shall not transfer or assign this Agreement without first having obtained the <br />express written consent of Seller. On delivery to Seller of an instrument in writing whereby the <br />assignee of the Buyer assumes all of the provisions of this Agreement to be performed by Buyer, <br />then, in that event, Buyer shall be released and discharged of all further liability hereunder. <br />
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