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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 <br />the close of escrow, free of all encumbrances, covenants, and restrictions except for <br />such 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 />8. ESCROW PROCEDURE. All documents and funds and/or financial <br />commitments for funds necessary to complete this transaction shall be placed in escrow <br />with the Surety Title Company in sufficient time to permit transfer of title on the date set <br />forth for closing. This Agreement shall be considered by the escrow agent as escrow <br />instructions, but shall be subject to the escrow agent's standard conditions of escrow <br />-3- <br />