Reso 2003-534 - Laserfiche WebLink

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to make title to the Property such as required by the terms of this Agreement, then Buyer shall have the right to (i) rescind this transaction, and procure the return of its Deposit, in which event Buyer and Seller shall be released of any other or further obligation against the other by reason of makirlg this Agreement, or (ii) elect to accept title to the Property in its existing condition. 10. Leases. The Seller represents there are no leases, permits, or licenses of any type on the Property which are in full force and effect except as may be attached as Exhibit "B" hereto. The Seller shall furnish copies of any and all written leases that affect the Property to Buyer within fifteen (15) days of the Effective Date. If there are any persons in possession without written leases, estoppel letters from such persons specifying the nature and duration of the occupancy shall be furnished to the Buyer by Seller prior to the expiration of the Investigation Period as defined herein. Once Buyer has received and reviewed any and all leases, affecting the Property, Buyer has the right, in its sole discretion, to terminate this Agreement and all Deposits shall be returned to Buyer, in the event the terms of any such lease are unacceptable to Buyer. 11. Remedies on Default of Buyer. If Buyer fails to close, and the Sellet: is not in default hereunder, and title is as required under this Agreement, this Agreement and all rights and obligations of the parties hereunder shall terminate and Seller shall retain the entire Deposit made by Buyer, as liquidated and agreed upon damages as its sole aI\d exclusive remedy, and thereafter, the parties hereto shall be released from all obligations hereunder. The parties hereby agree that the damages which Seller would sustain by reason of Buyer's breach are beyond calculation and not subject to determination and the Deposit is agreed by the parties to be a reasonable measure of damages in the event of Buyer's breach. 6