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Agreement is signed by the Seller. Buyer agrees to pay before delinquency all taxes <br />and assessments that may hereafter become due on said premises. <br />5. HAZARDS. Buyer assumes all hazards of damage to or destruction of <br />any improvements now on said land or hereafter to be placed thereon from the date of <br />closing. However, if any building on the premises or any part thereof shall be <br />substantially damaged or destroyed by fire or other cause prior to the date of closing, <br />Sellers shall immediately notify Buyer thereof and furnish to Buyer a written statement <br />of the amount of insurance, if any, payable on account thereof: <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 <br />may elect to terminate this Agreement by written notice of termination to Sellers. 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 Sellers 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 Sellers' cost. Substantial damage is any damage <br />costing in excess of Ten Thousand Dollars ($10,000.00) to repair. <br />3 <br />