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given the option to match that offer. Said increased purchase price shall be considered <br />by Village Council at its December 17, 2007 Regular Council Meeting. <br />2. THE PREMISES. The purchase price of the premises and personal <br />property shall include: the premises, and any building and improvements thereon. <br />3. POSSESSION. Buyer shall be entitled to take possession of said <br />premises as of the date set for the closing of this matter. <br />4. TAXES. Seller shall pay all delinquent taxes, including penalties and <br />interest, and all other real estate taxes which are a lien on the closing date, prorated to <br />that date and computed, if underdetermined, on the basis of the last certified tax rate <br />and valuation. Seller shall also pay all assessments pro-rate to the date of closing <br />which exist on the property as of the date of closing. Buyer agrees to pay before <br />delinquency all taxes and assessments that may thereafter become due on said <br />premises. <br />5. HAZARDS. Buyer assumes all risk of damage to or destruction of any <br />improvements now on said land or hereafter to be placed thereon from the date of <br />transfer of possession. However, if any building on the premises or any part thereof <br />shall be substantially damaged or destroyed by fire or other cause prior to the date of <br />transfer of possession, Seller shall immediately notify Buyer thereof and furnish to <br />Buyer a written statement of the amount of insurance, if any, payable on account <br />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 />-2- <br />