03-18 Payne and Payne Custom Builders, Inc.

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possession of the Property to Buyer at 6:00 p.m. on the Closing Date, unless the parties otherwise agree in writing. 9. NOTICE. All notices given pursuant to this Agreement shall be communicated in writing by: (a) hand delivery; (b) U.S. Mail; (c) facsimile; or (d) electronic mail; and shall be deemed given upon actual receipt. 10. TERMINATION. If a party has performed its obligations under this Agreement and, being entitled to do so, that party has elected to terminate this Agreement, then that party shall give the other party written notice of the termination within 3 days following the date on which the right to terminate arose (or such other date as specified herein). Except as otherwise specified in this Agreement, upon any such permitted termination, the parties shall sign a Mutual Release and return all funds and doc- uments to the party which provided them, whereupon Seller and Buyer shall be relieved of liability hereunder, except that Seller shall be liable for the title examination charges, if any, incurred prior to the termination. 11. TIME. Wherever any period of time is specified in this Agreement for the taking of any action or the giving of any notice or notification, said period shall be computed by excluding the day upon which said period is specified to commence and including the last day of the period specified. In the event the last day of a specified period falls on a weekend or banking holiday the next business day shall be deemed to be the last day of the specified period. For purposes of this Agreement, the term "business day" shall be deemed any day of the week which is not a Saturday, Sunday or nationally recognized holiday. Time is of the essence of this Agreement. 12. BUYER DEFAULT; REMEDIES. If Buyer fails to pay the Purchase Price promptly when the same shall become due, or defaults in the performance of any covenant or agreement herein contained, and such failure or default continues for 5 days following written notice from Seller, then Seller may ter- minate this Agreement. Upon such termination: A. the parties shall sign a mutual release and Buyer shall reimburse Seller the amount of $60 for its expenses in undertaking this transaction; or B. Seller shall pursue any legal or equitable remedies available for the breach. 13. SELLER DEFAULT, REMEDIES. If Seller fails to perform any obligation imposed by this Agree- ment, and such failure continues for 5 days following written notice from Buyer, then Buyer may elect to terminate this Agreement. Buyer thereafter shall be entitled to and Buyer may also pursue thereafter any other legal or equitable remedies as a result of the breach. 14. ENTIRE AGREEMENT. This Agreement, including any addenda, constitutes the entire agreement between the parties. No other conditions, representations, warranties or agreements, expressed or im- plied, have been made or relied upon by Buyer or Seller. The representations, warranties and agree- ments contained in this Agreement shall survive the transfer of title. Any modifications to this agree- ment shall be in writing signed by both parties. 15. PARTIES BOUND AND BENEFITED. This Agreement shall bind and benefit the parties hereto and their respective heirs, personal representatives, successors and assigns. 16. REAL ESTATE BROKER. No real estate broker is owed a commission in connection with the sale of the Property. Each party represents and warrants to the other that it did not engage the services of any real estate broker or agent in connection with this transaction, except as specifically provided