Resolutions-2008- 08

15. REMEDIES OF THE PARTIES a. If Buyers fail to timely perform this contract, Sellers may forfeit it as provided in the Iowa Code, and all payments made shall be forfeited or, at Seller's option, upon thirty days written notice of intention to accelerate the payment of the entire balance because of such failure (during which thirty days such failure is not corrected) Sellers may declare the entire balance immediately due and payable. Thereafter this contract may be foreclosed in equity and they have the right to have all payments made returned to them. c. Buyers and Sellers also are entitled to utilize any and all other remedies or actions at law or in equity available to them and shall be entitled to obtain judgment for costs and attorney fees as permitted by law. 16. STATEMENT AS TO LIENS. If Buyers intend to assume or take subject to a lien on the Real Estate, Sellers shall furnish Buyers with a written statement from the holder of such lien, showing the correct balance due. 17. SUBSEQUENT CONTRACT. Any real estate contract executed in performance of this contract shall be on a form of the Iowa State Bar Association. 18. APPROVAL OF COURT. If the sale of the Real Estate is subject to Court approval, the fiduciary shall promptly submit this contract for such approval. If this contract is not so approved, it shall be void. 19. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This contract shall apply to and bind the successors in interest of the parties. 20. CONSTRUCTION. Words and phrases shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender, according to the context. 21. TIME FOR ACCEPTANCE. If this offer is not accepted by Sellers on or before Friday, May 21, 2008, shall become void and all payments shall be repaid to the Buyers. 22. OTHER PROVISIONS. DATED: MAY 19 2008 BUYER: CITY OF TIFFIN, IOWA By: [signature] Royce Phillips, Mayor EIN: 42 086824 ATTESTED TO: By: [signature] Ruth DeMuth, City Clerk THIS OFFER IS ACCEPTED: ____________(Date) JOHNSON COUNTY, IOWA By: ________________________________ Rod Sullivan, Chairperson EIN: ________________________________