2023-096 Ordinance - Laserfiche WebLink

Home Browse Search

• presently known as 237-19-027 as well as PPN 237-19-024 and PPN 237-19-037; (3) Purchaser obtaining from the City of North Olmsted Building and Zoning Board of Appeals final approval of any and all zoning code variances necessary to undertake the site improvements and development plan identified in the application to the City of North Olmsted; (5) final approval by the City of North Olmsted City Council of the development plan submitted by Purchaser; (6) Final approval by the City of North Olmsted of all required engineering and building plans; and (7) Purchaser's application for, and issuance of, all required building permits. Section 10.3 Failure of Conditions. In the event any of the conditions set forth in Sections 10.1 or 10.2 are not met, either party may, at its option, waive the condition, or terminate this Agreement, by written notice to the other party thereupon the parties shall be released from any further obligations hereunder each to the other. Upon termination of this Agreement, all funds (including the Earnest Money) deposited by Purchaser shall be promptly returned to Purchaser. Each party shall pay its own legal, experts' and consultants' fees and expenses. 11. DEFAULT 11.1 Purchaser's Default. In the event that Seller is ready, willing and able to convey the Property in accordance with the terms and conditions of this Agreement, and Purchaser has not terminated this Agreement in accordance with the provisions herein, but Purchaser fails to consummate this Agreement and take title to the Property (a "Default" by Purchaser), the parties recognize and agree that the damages Seller will sustain will be difficult if not impossible to ascertain. Therefore, the parties agree that, in the event of Purchaser's default, Seller shall be • entitled to the Earnest Money and any interest earned thereon as a genuine pre -estimate of liquidated damages and not m a penalty for Purchaser's failure to close. In addition to the foregoing, Seller shall also be entitled to all other rights and remedies against Purchaser. Upon any Default by Purchaser, within ten (10) days from written demand by Seller, Purchaser shall, at its sole cost and expense, return all documents that Seller has provided to Purchaser. 11.2 Seller's Default If the purchase and sale of the Property contemplated hereby is not consummated in accordance with the terms and provisions of this Agreement due to circumstances or conditions which constitute a default by Seller under this Agreement (a "Default" by Seller), the Earnest Money shall be refunded to Purchaser promptly upon request, and Purchaser, as its sole and exclusive remedies, may either exercise the right to: (i) terminate this Agreement, in which event all rights and obligations of the parties under this Agreement shall expire, and this Agreement shall become null and void; or (ii) sue Seller to collect actual monetary damages; provided, however, that Purchaser shall be precluded from, and hereby waives all rights to pursue specific performance of this Agreement and in the event that Purchaser elects to seek to recover damages from Seller on account of any default by Seller under this Agreement, Seller's liability to Purchaser for all damages, of any nature whatsoever, shall not exceed the amount of Earnest Money deposited by Purchaser as of the date Seller receives notice from Purchaser of a default by Seller, and Purchaser shall not claim, sue for or accept an award for more than the maximum amount of damages hereinabove set forth on account of or in connection with this Agreement or any default by Seller under this Agreement. In no event shall Purchaser have the right to recover from Seller any special or consequential damages. 0