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<br />Commercial Contract - Improved Property concerning <br />15. DEFAULT: <br /> <br />908 and 912 West Main Street, La Porte <br /> <br />A. If Buyer fails to comply with this contract, Buyer is in default and Seller may: <br />(1) terminate.thi.s contract and receive the earnest money as liquidated damages, thereby rele.asing the <br />parties from this contract; or <br />(2) enforce specific performance, or seek other relief as may be provided by law, or both. <br /> <br />S. If, withopt fault, Seller is unable within the time allowed to deliver the estoppel certificates or the <br />commitment, Buyer may: <br />(1) 'terminate this contract and receive the earnest money, less any independent consideration under <br />Paragraph 7B(3)(a), as the sole remedy; or <br />(2) extend the time for performance up to 15 days and the closing will be extended as necessary. <br /> <br />C. Except as provided in Paragraph 15B, if Seller fails to comply with this contract, SeHer is in default and <br />Buyer may: <br />(1) terminate this contract and receive the earnest money, less any independent consideration under <br />Paragraph 78(3)(a), as liquidated damages, thereby releasing the parties from this contract; or <br />(2) enforce specific performance, or seek such other relief as may be provided by law, or both. <br /> <br />16. AITORNEY'S FEES: If Buyer, Seller, any broker, or any escrow agent is a prevailing party in any legal <br />proceeding brought under or with relation to this contract or this transaction, such party is entitled to recover <br />from the non-prevailing parties all costs of such proceeding and reasonable attorney's fees. This Paragraph <br />16 survives termination of this contract. <br /> <br />17. ESCROW: <br /> <br />A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's c1os,ing <br />costs, and any excess will be refunded to Buyer. <br /> <br />3. If both ';p-arties make written demand for the earnest money, escrow agent may require payment of <br />unpaid.expenses incurred on behalf of the parties and a written release of liability of escrow agent from <br />all parties. <br /> <br />C. If one party makes written demand for the earnest money, escrow agent will give notice of the demand <br />by providing to the other party a copy of the demand. If escrow agent does not receive written objection <br />to the demand from the other party within 30 days after the date escrow agent sent the demand to the <br />other party, escrow agent may disburse the earnest money to the party making demand, reduced by the <br />amount of unpaid expenses incurred on behalf of the party receiving the e,arnest money and escrow <br />agent may pay the same to the creditors. <br /> <br />D. Escrow agent will deduct any independent consideration under Paragraph 7B(3)(a) before disbursing <br />any earnest money to Buyer and will pay the independent consideratiqn to Seller. <br /> <br />E. If escrow agent complies with this Paragraph 17, each party hereby releases escrow agent from all <br />claims related to the disbursal of the earnest money. <br /> <br />F. Notices under this Paragraph 17 must be sent by certified mail, return receipt requested. Notices to <br />. escrow agent are effective upon receipt by escrow agent. <br /> <br />18. MATERIAL FACTS: <br /> <br />A. To the best of Seller's knowledge and belief: (Check (1) or (2) only.) <br /> <br />Initialed for Identification by Buyer <br /> <br /> <br />Y'c....l.-f <br />seller~L <br /> <br />Page 10 of 14 <br /> <br />(TAR-1801) 2-6-02 <br /> <br />Produced with ZipForm..... by RE FormsNe~ LLC 18025 Fifteen Mne Road, Clinton Township, Michigan 48035, (800) 383-9805 <br />