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<br />"(b) <br /> <br />In the event that title to the Sales <br /> <br />. <br /> <br />Parcel is not conveyed to Participant on or before <br /> <br />the date set for such conveyance in Attachment No.5 <br /> <br />entitled, 'Schedule of Performance,' by reason of <br /> <br />Participant's delay or failure in the performance <br /> <br />of any term or condition of this Agreement, Agency <br /> <br />shall immediately be released from any obligation <br /> <br />under this Agreement to convey the said Sales Parcel <br /> <br />to Participant and Participant shall immediately be <br /> <br />obligated to convey to Agency by grant deed, upon <br /> <br />tender of the payment hereinafter specified, title <br /> <br />to that certain parcel shown as Assessor's Parcel <br /> <br />. <br /> <br />005-141-22 on Attachments 1, 2, and 3 of the <br /> <br />Participation Agreement. <br /> <br />Agency shall pay to <br /> <br />Participant the fair market value of said parcel as <br /> <br />determined by an independent duly-licensed profes- <br /> <br />sional appraiser selected by Agency, and Agency <br /> <br />must tender the said payment to Participant within <br /> <br />sixty (60) days following the final date on which <br /> <br />conveyance of title of the Sales Parcel was to <br /> <br />have been made pursuant to Attachment No.5 <br /> <br />('Schedule of Performance') of this Agreement. <br /> <br />. <br /> <br />.. (c) <br /> <br />IN THE EVENT THAT AGENCY'S OBLIGATIONS TO <br /> <br />PROCEED WITH THE CONVEYANCE OF THE SALES PARCEL TO <br /> <br />PARTICIPANT IS TERMINATED DUE TO PARTICIPANT'S <br /> <br />DEFAULT UNDER EITHER PARAGRAPH (a) OR (b) OF THIS <br /> <br />SECTION, AGENCY MAY RETAIN THE ENTIRE DEPOSIT REQUIRED <br /> <br />BY HEREINBELOW SECTION VI.A. AS LIQUIDATED DAMAGES <br />I <br /> <br />AND AS ITS PROPERTY WITHOUT ANY REDUCTION, OFFSET, OR <br /> <br />RECOUPMENT WHATSOEVER. <br /> <br />AGENCY AND PARTICIPANT AGREE <br /> <br />THAT IT WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT <br /> <br />TO FIX ACTUAL DAMAGES IN CASE OF PARTICIPANT'S DEFAULT <br /> <br />. <br /> <br />5. <br /> <br />133 <br /> <br />4A <br />