Remedies for Misrepresentation. (a) The term “
Remedies for Misrepresentation. If prior to Closing, Buyer becomes aware that any of the representations set forth in this Paragraph are materially and adversely untrue, Buyer shall notify Seller in writing as soon as reasonably possible of any representations which Buyer discovers to be untrue. Seller shall be given a reasonable time to correct or cure such representations and the Closing shall be delayed until such time as the defect arising from the misrepresentation can be cured. If Seller fails to cure or correct such representations within a reasonable period of time, Buyer's sole remedy shall be the right to cancel this Contract by written notice to Seller and obtain from Seller reimbursement of all sums expended by Buyer regarding its inspection of this Subject Property, provided, however, that Buyer may elect to waive any such matters and close this Contract. If Buyer shall elect to cancel this Contract, then the parties agree that such a cancellation shall be treated in the same manner as a receipt of a cancellation notice described in Paragraph 4 above. Seller agrees that in the event any of the representations set forth in this paragraph are untrue, it will use commercially reasonable effort, which will not include the bringing of necessary suits, to correct and cure such representations and warranties. "Materially and adversely untrue" shall mean a representation that affects the quality of title or results in damages to Buyer which costs at least $500.00 to cure. 9 <PAGE> 10.
