2025-059 Ordinance - Laserfiche WebLink

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16. Benefit. This Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, successors, personal and legal representative and assigns. 17. Law. This Agreement shall be governed by the laws of the State of Ohio. Any legal proceedings related to this Agreement shall be brought in the Court of Common Pleas in the County where the Property is located, Ohio, except when the U.S. District Court for that County is determined to have exclusive jurisdiction. 18. Calculation of Time. If any time period under this Agreement expires on a day which is not a Business Day, the time period shall be extended to the next day that is a Business Day. As used in this Agreement, a "Business Day" is any day other than a Saturday, Sunday or legal holiday observed by the State of Ohio. 19. Risk of Condemnation or Casualty Pending Closing?. All risk of loss to the Property shall remain upon Seller until the conclusion of the Closing. If, prior to Closing, either (a) condemnation or eminent domain proceedings shall be commenced by any public authority, other than the City of North Olmsted, Ohio, against the Property, or any part thereof, or if Seller shall receive notice of any pending or threatened condemnation or eminent domain proceedings; or (b) the Property or any part of the Property shall be damaged by fire or other casualty, then, in either such event, Seller shall give Purchaser immediate written notice thereof accompanied by reasonable supporting documentation. After any such notice is received by Purchaser, Purchaser shall have the option to: (i) accept the Property and proceed to Closing subject to the proceedings or casualty (as applicable), whereupon any awards or insurance proceeds (as applicable) shall be paid to Purchaser, and Seller hereby assigns to Purchaser all of Seller's right, title, and interest in and to any such awards or insurance proceeds (as applicable); or (ii) terminate this Agreement and receive a full refund of the deposit, whereupon the parties shall have no rights, duties, or obligations hereunder, except those specifically stated in this Agreement to survive termination of this Agreement. [Signature Page Follows)