Nautilus 2000 Annual Report Download - page 90

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Purchaser assigns its rights under this Agreement pursuant to the terms of this Section, there shall be no release of Purchaser from any liability
hereunder, Purchaser shall notify Seller of such assignment prior to the closing and the assignee shall for all purposes be regarded as Purchaser
under this Agreement.
11.3 Risk of Loss.
(a)
Subject to Section11.3(b) below, risk of loss or damage to the Property by condemnation, eminent domain, or similar proceedings (or
deed in lieu thereof), or by fire or any other casualty, from the date hereof to the Closing Date will be on Seller and thereafter will be
on Purchaser.
(b)
In the event of loss or damage to the Property which occurs on or prior to the Closing Date, which will cost $10,000 or more to repair
or cure, of if any material part of the Property has been permanently taken by condemnation or eminent domain proceedings (or deed
in lieu thereof), or if any means of access to the Property has been permanently blocked or substantially impaired by any such taking,
Purchaser may, at its option, elect to terminate this Agreement, in which event Purchaser shall receive a full and immediate refund of
the Earnest Money and any interest thereof, or Purchaser may consummate the transaction and receive an assignment of all proceeds of
insurance or condemnation awards attributable to such damage. In such event, Seller shall have no additional obligation if such
insurance proceeds or condemnation awards are insufficient to repair such damage, or compensate for such loss. If such casualty loss
or damage is $10,000 o less, Purchaser shall have no right to terminate this Agreement and Seller shall repair or cure such loss or
damage prior to Closing.
11.4 Entire Agreement; Modifications. This Agreement embodies and constitutes the entire understanding between the parties with respect to
the transactions contemplated herein, and all prior to contemporaneous agreements, understandings, representations, and statements, oral or
written, are merged into this Agreement and are of no further force or effect. Neither this Agreement nor any provision hereof may be waived,
modified, amended, discharged or terminated except by an instrument in writing signed by the party against which the enforcement of such
waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.
11.5 Time of Essence. Time shall be of the essence of this Agreement.
11.6 Survival of Terms. The terms and provisions hereof shall survive the Closing and shall remain in full force and effect thereafter.
11.7 Interpretation. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words of a
singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
11.8 Captions. The captions used in this Agreement are for convenience only and shall not be deemed to construe or to limit the meaning of the
language of this Agreement.
11.9 Multiple Counterparts/Facsimile Signature. This Agreement may be executed in a number of identical counterparts and by facsimile
signature. If so executed, each of such counterparts and signatures is to be deemed an original for all purposes, and all such counterparts shall
collectively constitute one agreement.
11.10 Binding Effect. Subject to the restrictions on assignment contained in Section11.1, this Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.
11.11 Attorneys' Fees. Should either party employ an attorney or attorneys to enforce any of the provisions hereof or to protect its interest in
any manner arising under this Agreement, or to recover
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2002. EDGAR Online, Inc.