2002 005 Ordinance - Laserfiche WebLink

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that date and computed, if undetermined, on the basis of the last certified tax rate and valuation. Seller shall also pay all assessments pro-rated to the date of closing which exists on the property as of the date of closing. Buyer agrees to pay before delinquency all taxes and assessments that may thereafter become due on said premises. 5. HAZARDS. Buyer assumes all risk of damage to or destruction of any improvements now on said land or hereafter to be placed thereon from the date of closing. However, if any building on the premises or any part thereof shall be substantially damaged or destroyed by fire or other cause prior to the date of closing, Sellers shall immediately notify Buyer thereof and furnish to Buyer a written statement of the amount of insurance, if any, payable on account thereof. Substantial damage is any damage costing in excess of Ten Thousand Dollars ($10,000.00) to repair. Within ten (10) days after receipt of notice of any such substantial damage or destruction and the written statement of insurance payable on account thereof, Buyer may elect to terminate this Agreement by written notice of termination to Seller. Upon such termination, any part of the purchase price paid by Buyer or deposited in escrow shall be refunded to Buyer and thereafter neither party shall have any further obligation or liabilities hereunder. In the event Buyer fails to make such election to terminate, this transaction shall be completed in accordance with the terms hereof and Seller shall apply any and all insurance proceeds payable by reason of such damage or destruction to the payment of the purchase price and, if paid in full, shall pay any excess proceeds to Buyer. If the premises are not substantially damaged, repairs shall be made only if Buyer so elects. The Buyer shall have the option of accepting insurance proceeds or having the repairs completed at Seller's cost. 2