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<br /> ~ :" <br /> f. <br /> b) Fire and extended coverage in the amount of the <br /> replacement value of the building. <br /> Seller and Buyer both shall be named as insured parties in the in- <br />surance pol icies required above, as their interests appear. Each policy <br />shall provide for written notice to Buyer at 1 east 30 days pri or to any <br />cance 11 ati on, modification, or lapse thereof. Se 11 er shall furni sh Buyer <br />with memorandum copi es of such insurance policies upon executi on of thi s <br />contract. <br /> If the Seller fails to provide such insurance Buyer, at Buyer's op- <br />tion, may obtain and maintain the fire and extended coverage insurance <br />policy noted in this Section (a copy of which shall be delivered to Seller) <br />in which event Seller shall pay to Buyer, within 30 days after Buyer <br />notifies Seller in writing of the amount of the same, the amount of such <br />insurance premiums. <br /> MAINTENANCE AND REPAIRS; USE. Buyer shall mai ntai n the Prem; ses <br />in as good condi ti on and state of repai r as the Premi ses are in as of the <br />date of the completion by the Seller of all alterations and improvements <br />which the Seller undertakes to make in "Improvements and Alterations to be <br />Made by Seller" of this contract, reasonable wear and tear excepted. Buyer <br />shall not commit any waste to the Premises. Seller shall have the right to, <br />upon at least 24 hour notice to Buyer, to enter upon and inspect the <br />Premises at all reasonable times during the continuance of this Contract. <br />Buyer shall promptly notify Seller in writing of any damage to the Premises <br />which exceeds the amount of the insurance deductible. I n the event of a <br />fi re or other casualty insurance proceeds shall be util i zed to restore and <br />repair the Premises. Bef ore mak i ng such restoration and/or repairs, the <br />Buyer and Seller shall confer upon any changes which either party may desire <br />in the materials, design and/or features of the structure with the purpose <br />of improving the worth, esthetics, practicality and usefulness of the <br />property bei ng restored. Any cost of the restorat i on agreed upon over and <br />above the insurance proceeds shall be paid by the parties hereto in the <br /> -3- <br />