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6.01.Powers. The Buyer hereby represents and warrants that the Buyer has full constitutional and <br /> lawful right, power and authority, under currently applicable law, to execute and deliver and <br /> perform the terms and obligations of this Agreement. <br /> 6.02. Remedies and Limitation of Liability. Before any failure of any Party to this Agreement to <br /> perform its obligations under this Agreement shall be deemed to be a breach of this Agreement, <br /> the Party claiming such failure shall notify, in writing, the Party alleged to have failed to perform <br /> of the alleged failure and shall demand performance by serving written notice to other. No breach <br /> of this Agreement may be found to have occurred if performance has commenced to the reasonable <br /> satisfaction of the complaining Party within thirty (30) days of the receipt of such notice. If <br /> necessary, the Closing may be delayed per the number of business days necessary for the <br /> performance to correct any alleged breach of this Agreement. <br /> 6.03. Authorized Parties. Whenever under the provisions of this Agreement and other related <br /> documents and instruments or any supplemental agreement, request, demand, approval, notice or <br /> consent of the Buyer or Seller is required, the Buyer's approval shall be granted by the Mayor or <br /> his designee; and for Seller, by any officer or managing member as designated in writing from <br /> time to time (in any event, the officers or managing member executing this Agreement are so <br /> authorized). <br /> 6.04. Time of Essence. Time is of the essence of this Agreement. The Parties will make every <br /> reasonable effort to expedite the subject matters hereof and acknowledge that the successful <br /> performance of this Agreement requires their continued cooperation. <br />