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BYBuyer <br />4.02 Should Buyer fail to consummate the purchase of the Property, the conditions to <br />Buyer's obligations set forth above in this Agreement having been satisfied and Buyer being in <br />default, and Seller not being in default hereunder, Seller may: <br />(1) Bring suit for specific performance of this Agreement and/or damages against <br />Buyer; or <br />(2) Rescind the transaction. <br />ARTICLE 5 - MISCELLANEOUS <br />Salvage Rights <br />5.01 Seller acknowledges and agrees that it shall have no salvage rights to any of the <br />building or fixtures on the Property, or to any tangible personal property which may be located <br />within any of the said buildings,.or which is otherwise located upon or attached to the Property. It <br />is anticipated by Buyer, and understood by Seller, that Buyer may grant salvage rights to Seller's <br />tenant, namely, JAMES LUMBER COMPANY, under the new lease which Buyer expects to enter <br />' into with the said tenant at or after Closing. <br />Buyer to Purchase Propertv "As Is" <br />5.02 Except as otherwise specified herein, Buyer acknowledges that the Property is being <br />purchased for purposes of the construction of a new library building. All structures will be removed <br />from the Property. Consequently, the City waives any disclosure requirements relating to the <br />condition of the buildings upon the Property and agrees to take the Properiy in an "as is" condition. <br />7n9ioi (#1) <br />-6-