e. Jail land-purchase agreement - Laserfiche WebLink

6.4 Costs. Each party will pay their respective attorneys' fees. The cost of any Title Opinion, Title Commitment and Title Policy, the cost of any documentary stamps or other tax relating to the conveyance of title to the Property to the BUYER, recording all documents, closing fees and escrow charges, if any, all sales and transfer taxes, and any other charge imposed in connection with the transfer of ownership of any item comprising the Property, shall be paid by BUYER. BUYER shall be responsible for all due diligence inspection costs, studies, reviews, analysis or investigation. 6.5 Possession. The SELLER will deliver possession of the Property to the BUYER on or before the Closing Date, or any mutual extension thereof. Beneficial ownership and the risk of loss of the Property will pass from the SELLER to the BUYER effective on the delivery of the Deed conveying the Property by the SELLER to the BUYER on the Closing Date. 7. Covenant to Maintain. Prior to the Closing Date, the SELLER agrees to maintain the Property in the manner in which it is currently operated and agrees that the SELLER will not dissipate the Property or remove any property there from and will not enter into, modify, renew or terminate any contract, agreement or lease affecting the Property without the BUYER's prior written consent, and will otherwise not materially alter the condition of the Property in any respect. 8. Default; Remedy. In the event that either party fails to perform such party's obligations hereunder (except as excused by the other's default), the party claiming default will make written demand for performance. 8.1 SELLER's Failure. If the SELLER fails to comply with such written demand within ten (10) days after receipt thereof, the BUYER will have the option to waive such default, or to terminate this Agreement in which event the Earnest Money Deposit shall be immediately refunded and this Agreement shall be deemed null and void. In the event the SELLER refuses to perform its obligations hereunder and to close the sale of the Property as provided herein, the BUYER shall have the alternative right to seek specific performance of this Agreement. 8.2 BUYER's Failure. If the BUYER fails to comply with such written demand within ten (10) days after the receipt thereof, the SELLER will have the option to waive such default or to terminate this Agreement and retain the Earnest Money Deposit herewith funded, and the parties will thereafter be discharged from all further liability hereunder. SELLER and BUYER agree that they have made a good faith reasonable effort to determine what SELLER's damages would be in default and being unable to arrive at any meaningful formula or measure of such damages, they have agreed upon the Earnest Money Deposit as liquidated damages as a remedy for such default. 9. BUYER's Representations and Warranties. The BUYER represents and warrants as follows: 9.1 The BUYER is a political subdivision of the State of North Dakota. 9.2 The BUYER now has, and at Closing the BUYER or any assignee will have, the requisite power and authority to enter into and perform the terms of this Agreement. The execution and delivery of this Agreement and the consummation of the transaction contemplated hereby have been duly authorized by all necessary parties and no other proceedings on the part of the BUYER are or, at Closing, will be necessary in order to permit it to consummate the transaction contemplated hereby. 4