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Rpr 17 03 01:18p Di'emert & Rssociates (440)442-0825 p.6 <br />and computed, if undetermined, on the basis of the last certifiied tax rate and valuation. <br />Seller shall also pay all assessments pro-rated to the date of closing which exist on the <br />property as of the date of closing. Buyer agrees to pay before definquency all taxes and <br />assessments that may thereafter became due on said premises. <br />5. HAZARDS. Buyer shalf assume a11 risk of damage to or destruction of any <br />improvements now on said land or hereafter to be placed thereon from the date of transfer <br />of possession. However, if any building on the premises or any part thereof shall be <br />substantialfy damaged or destroyed by fire or other cause prior to the date of closing, Seller <br />shall, immediately notify Buyer thereof and furnish to Buyer a written statement of the <br />amount of insurance, if any, payable on accounfi thereof. Substantial damage is any <br />damage costing in excess of Ten Thousand Dollars ($10,000.00) to repair. <br />Within ten (10) days aftsr receipt of notice of any such substantial damage or <br />destruction and the written statement ofi insurance payable on account thereof, Buyer may <br />elect to terminate this Agreement by written notice of termination to Seller. Upon such <br />termination, any part of the purchase price paid by Buyer or deposited in escrow shalf be <br />refunded to Buyer and thereaffier neither party shall have any further obligafiion or fiabilities <br />hereunder. In the event Buyer fails to make such election to terminate, this transaction <br />shall be completed in accordance with the terms hereof and Seller shall apply any and all <br />insurance proceeds payable by reason of such damage or destruction to the payment of <br />the purchase price and, if paid in full, shall pay any excess proceeds to Buyer. <br />If the premises are not substantially damaged, repairs shall be made only if Buyer <br />so elects. The Buyer shall have the, option of accepting insurance proceeds or having the <br />repairs completed at Seller's cost.' <br />6. MARKETABLE TtTLE. Seller shall convey to Buyer marketable title at the close <br />3