Nautilus 2000 Annual Report Download - page 87

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ARTICLE 8.
CONDITIONS
8.1 Purchaser's Conditions. Purchaser shall not be obligated to close the transaction unless and until:
(a)
Seller has delivered to Purchaser all instruments required to be delivered by Seller pursuant to the terms of this Agreement;
(b)
There has been no material uncured breach by Seller of any of the agreements, representations, warranties or covenants contained in
this Agreement;
(c)
Marketable title has been shown to be vested in Seller and Seller shall be in a position to convey title to the Property as provided in
this Agreement; and
(d)
Each of the conditions precedent to the Closing specified in ArticleIII has been satisfied, or has been waived by Purchaser, in
accordance with the terms of this Agreement.
8.2 Seller's Conditions. Seller shall not be obligated to close the transaction unless and until:
(a)
Purchaser shall have delivered or cause to be delivered to the Title Company the Purchase Price due to the Seller for delivery upon
satisfaction of Seller's closing obligations;
(b)
Purchaser has delivered to Seller all instruments required to be delivered by Purchaser pursuant to the terms of this Agreement; and
(c)
There has been no material uncured breach by Purchaser of any of the agreements, representations, warranties or covenants contained
in this Agreement.
ARTICLE 9.
AGENCY DISCLOSURE
9.1 Brokerage Commissions. At the time of signing this Agreement, Shawn Kelter of Grubb& Ellis Company represented Seller and Scott
Fraser of Grubb& Ellis Company represented Purchaser, and upon consummation of Closing Seller agrees to pay said brokers a commission
through escrow in accordance with the terms of a separate written agreement between Seller and said brokers. Except as disclosed in the
preceding sentence, at the time of signing this Agreement neither party has incurred any liability to any real estate broker or agent and each
party agrees to indemnify and hold the other party harmless from and against any and all claims for brokerage commission arising out of this
transaction and occasioned by the actions of such indemnifying party.
ARTICLE 10.
TERMINATION AND REMEDIES
10.1 Purchaser's Defaults.
(a)
Purchaser's Defaults. Purchaser shall be deemed to be in default hereunder in the event Purchaser fails, for a reason other than
Seller's default hereunder, to timely meet, comply with, or perform any covenant, agreement or obligation on its part required within
the time limits and in the manner required in this Agreement, or there shall have occurred a material breach of any representation or
warranty made by Purchaser.
2002. EDGAR Online, Inc.