Laserfiche WebLink
3. POSSESSION. Buyer shall be entitled to take title of said premises as of <br />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 />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 />-2-