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substantially 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 account thereof. Substantial damage is any <br />damage costing in excess of Ten Thousand Dollars ($10,000.00) to repair. <br />Within ten (10) days after receipt of notice of any such substantial damage or <br />destruction and the written statement of 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 shall be <br />refunded to Buyer and thereafter neither party shall have any further obligation or liabilities <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 />8. MARKETABLE TITLE. Seller shall convey to Buyer marketable title at the close <br />of escrow, free of all encumbrances, covenants, and restrictions except easements, <br />(including those previously granted to Mayfield Village), reservations of record, if any, <br />conditions of record, if any, and real estate taxes, both general and special, not yet due and <br />payable. It is further agreed between the parties hereto that_ at the time of delivery of the <br />Deed as herein provided, Seller shall furnish and deliver to Buyer evidence of Title showing <br />3