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thereof. Substantial damage is any damage costing in excess of Ten Thousand dollars <br />($10,000.00) to repair. <br />Within ten (10) days after receipt of notice of any such substantial damage <br />or destruction and the written statement of insurance payable on account thereof, Buyer <br />may elect to terminate this Agreement by written notice of termination to Seller. Upon <br />such termination, any part of the purchase price paid by Buyer or deposited in escrow <br />shall be refunded to Buyer-and thereafter neither,party shall have any further obligation <br />or liabilities hereunder. In the event Buyer fails to make such election to terminate, this <br />transaction shall be completed in accordance with the terms hereof and Seller shall <br />apply any and all insurance proceeds payable by reason of such damage or destruction <br />to the payment of the purchase price and, if paid in full, shall pay any excess proceeds <br />to Buyer. <br />If the premises are not substantially damaged, repairs shall be made only if <br />Buyer so elects. The Buyer shall have the option of accepting insurance proceeds or <br />having the repairs completed at Seller's cost. <br />6. MARKETABLE TITLE. Seller shall convey to Buyer marketable title at the <br />close of escrow, free of all encumbrances, covenants, and restrictions except for such <br />utility easements and rights of way of record. <br />7. AS IS. Buyer hereby acknowledges that it has examined the .property and <br />accepts it in as an "as is" condition, and there are no representations or warranties <br />made by either party other than what is contained in this document.- Any <br />representations herein shall survive the filing of the deed for record. No modification of <br />this Agreement may be made unless in writing and signed by both parties. <br />-3- <br />