Res 1998-152 - Laserfiche WebLink

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-5- E. If the Property is situated within a utility district subject to Section 49.452 of the Texas Water Code, then at or prior to the closing, the Seller agrees to give the Buyer the written notice required by that Section and the Buyer agrees to sign and acknowledge the notice. 8. CASUAL TV LOSS. If any part of the Property is damaged or destroyed by fire or other casualty loss prior to closing, the Buyer may terminate this Contract and have the Earnest Money promptly refunded, or the Buyer may accept the Property in its then existing condition. 9. DEFAULT. If the Buyer fails to comply with its obligation to purchase the Property, the Seller may either enforce specific performance of this Contract, to the exclusion of its other remedies, or the Seller may terminate this Contract and receive the Earnest Money as liquidated damages. If the Seller fails to comply with its obligation to sell the Property, the Buyer may terminate this Contract and receive the Earnest Money, thereby releasing the Seller from this Contract, or the Buyer may enforce specific performance of this Contract, to the exclusion of its other remedies. 10. CONDEMNATION. A. If eminent domain proceedings are initiated by a third party as to all or any part of the Property before the Closing Date, the Seller will promptly give the Buyer written notice, and the Buyerwill have the option of either applying the proceeds of any condemnation award to reduce the Sales Price, or the Buyer may terminate this Contract by delivering written notice to the Seller and the Earnest Money will be promptly refunded to the Buyer. B. Seller and Buyer acknowledge that this contract results from a final offer by Buyer dated August 22, 1997 in contemplation of condemnation of the Property by the Buyer. 11. ATTORNEY'S FEES. Any party to this Contract who is the prevailing party in any legal proceeding to enforce the terms of this Contract wil\ be entitled to recover court costs and reasonable attorney fees from the non-prevailing party. 12. NOTICES. Except as otherwise expressly provided in this Contract, any notice or communication under this Contract will be deemed to be delivered, whether actually received or not, when deposited in the United States mail, postage fully prepaid, registered or certified mail, and addressed to the intended recipient at the address set forth below, with facsimile copy sent on the same date. Any address for notice may be changed by written notice so delivered.