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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 doliars <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 />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 />-3-