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benefit-::ed thereby. Each party shall pay for and be responsible for its own attorney's fees. SECTION 6. POSSESSION Unless otherwise agreed in writing, Seller shall deliver possession of the Real Property to Buyer on November 1 of the year in which Buyer exercises its option to purchase the property. SECTION 7. RISK OF LOSS; INSUR.ANCE In the event of damage to or destruction of the improvements on the Real Property, prior to Closing, the entire risk of loss shall be Seller's, and the following shall apply: a. If the damage or destruction does not exceed $50,000.00 with respect to the cost of repairs or replacement, and provided that such loss is covered by insurance main- tained by Seller, all insurance proceeds collected by or due to Seller as a result of such damage or destruction shall be paid or assigned to Buyer; or b. If such damage or destruction exceeds the stated sum set forth hereinabove, or if such loss is not fully covered by insurance maintained by Seller, Buyer may, at its option, either terminate this Agreement or proceed with the Agreement and consummate the purchase. If Buyer elects to proceed with the Agreement, all insurance proceeds collected by or due to Seller as a result of such damage or destruction shall be paid or assigned to Buyer. SECTION 8. MISCELLANEOUS Further Acts The parties agree to perform any further acts and to execute and deliver any further documents which may be reasonably necessary to carry out the intent and provisions of this Agreement. Situs of Ac(reement The parties agree that the situs of this Agreement is Cleveland, Ohio. Al1 matters pertaining to the validity, con- struction and effect of this Agreement shall be governed by the laws of the State of Ohio. Counterparts This Agreement may be executed in several counterparts, each of which when so executed shall be deemed to be an original for all purposes. -4-