___________________ Purchaser’s Initials
ARTICLE 5 DEFAULTS; REMEDIES
5.1 PURCHASER’S DEFAULT AND LIQUIDATED DAMAGES . PURCHASER AND SELLER AGREE THAT SHOULD PURCHASER DEFAULT IN PURCHASER’S OBLIGATION TO PURCHASE THE PROPERTY WITHIN THE TIME AND IN THE MANNER SPECIFIED IN THIS AGREEMENT, SELLER SHALL BE RELEASED FROMALL OBLIGATIONS AT LAW OR IN EQUITY TO CONVEY THE SURPLUS PROPERTY TO PURCHASER. Seller’s Initials: _________ Purchaser’s Initials: _________ ________ In addition, Seller may pursue against Purchaser any and all other rights and remedies available at law or in equity, to obtain from Purchaser (on an AS IS basis and subject to the rights of third parties): (a) copies of all soil tests, environmental studies, and other tests and studies pertaining to the Surplus Property obtained by Purchaser, and (b) reimbursement for the payment of any costs and expenses incurred by Seller and properly allocable to Purchaser under Article 3 or Section 6.15. 5.2 Seller’s Default . If the transaction contemplated hereby does not close by reason of a material, uncured default by Seller in any of the terms hereof, then Purchaser may terminate this Agreement and pursue against Seller as Purchaser’s sole and exclusive remedy, an action to compel Seller’s specific performance of this Agreement. In no event shall Seller be liable to Purchaser for indirect or consequential damages, including, without limitation, any loss or damage suffered by Purchaser in connection with any lost profit or other agreement or understanding with any third party for the use, lease or purchase of the Surplus Property. ARTICLE 6 MISCELLANEOUS 6.1 Payment of Real Estate Brokers and Consultants . Each party represents to the other that no real estate broker has been used in connection with this transaction unless pursuant to a separate agreement. Purchaser agrees to indemnify, defend and hold Seller harmless from and against any claim for a real estate broker’s commission or fee by any party claiming to have represented Purchaser in connection with this transaction. Seller agrees to indemnify, defend and hold Purchaser harmless from and against any claim for a real estate broker’s commission or fee by any party claiming to have represented Seller in connection with this transaction. The indemnification obligations under this Section 6.1 shall survive the Closing or any termination of this Agreement for any reason whatsoever. 6.2 Notices . All notices and other communications which are required to be, or which may be given under this Agreement, shall be in writing and shall be delivered at the addresses set out hereinbelow. Notice may be given by personal delivery, recognized overnight courier, by United States mail or by facsimile transmission in the manner set forth below. Notice shall be
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