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B. Seller. Seller shall be charged with the following costs, prior to transfer <br />of title: <br />1. The cost for a Title Guaranty in the amount of the purchase price; <br />2. The amount of any prorations due Buyer under this Agreement; <br />3. The cost of any conveyances and/or real estate transfer taxes <br />applicable to the property; <br />4. The costs of satisfying any taxes, assessments, liens or <br />encumbrances required to be discharged by this Agreement, if <br />any; <br />5. Preparation of the deed; <br />6. The amount of any prorations due Buyer under this Agreement; <br />and <br />7. One half (1/2) of the escrow fee. <br />C. Other Charqes. Taxes and assessments, both general and special, <br />shall be prorated by the escrow agent as of the date of transfer based on <br />the last available tax duplicate. <br />12. DEFAULT. Time is of the essence of this contract. If Buyer shall default in <br />the perFormance of any of the obligations imposed on Buyer by this Agreement, the <br />Seller, by written notice to Buyer, (a) may elect to terminate said Agreement, or (b) may <br />pursue any and all of its legal or equitable remedies. If Seller shall default in the <br />perFormance of any of the obligations imposed on Seller by this Agreement, the Buyer <br />may elect (a) to terminate this Agreement by written notice thereof to Seller, or (b) to <br />pursue any legal or equitable remedy. If the Buyer or Seller elects to terminate <br />pursuant to this paragraph, the escrow agent and/or the Seller shall deliver any funds or <br />documents placed with them, as provided hereunder, and both parties shall be released <br />from any further obligations and liability except as provided above. <br />-5-