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such election to terminate, this transacfiion shall be completed In accordance with <br />the terms hereaf and Seller shall apply any and all Insurance procesds payable by <br />reason of such damage or destructlon to the payment of the purchase price and, if <br />paid in full, shall pay any excess proceeds to Buyer. <br />It the prQmise$ are not substantlally damaged, repafrs shall be made only If <br />Buyar sa elects. The Buyer shall havQ the aption af aacepting insurance proceeds <br />ar having the repalrs completed at Seller's cost. <br />6• IIIIA_.RKF-_T_ARU-_T_I_T_?:IE.. Seller sMall convay tp Buyer markexable tltle at <br />the close ofi escrow, free of aII encumbrances, covenants, and restrictlons exaept <br />for such ufiility easements and rights af way of record. <br />7. A;S IS. Buyer hereby acknowledges that it has examined the praperty <br />and accepre it ln as an "as is" condltlon, and there are no representafians or <br />wqrrantles made by either party other than what is contafned In thls document. <br />Any representatlans herein shall survive the fiil)ng of the deed for record. No <br />modification af this Agreement may be made unless In writing and signed by baxh <br />partlas. <br />8. gSCROII.II pROCEpURE. All documents and funds and/or financfal <br />comm(tments far funds necessary fip complete this transactlon shall be pla4ed in <br />escraw with the Suraty Tltle Campany in sufflalant tima to permlt transfer of titla on <br />the date set forth for closing. Thls Agreement shall be aonsidered by the escr4w <br />agent as escrqw instructiQns, but shall be subJect.to the escrow agent's standard <br />conditions of escraw acceptance where not incQnslskent herewith, and wMich <br />06/10/2005 FRI 14:43 [JOB N0. 50501 Z004