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<br />-3- <br /> <br />Buyer under paragraph 6; <br /> <br />(2) An Owner's Policy of Title Insurance (the "Title Policy") issued by the Title <br />Company in the full amount of the Sales Price, dated as of the Closing Date, <br />insuring Buyer's fee simple title to the Property subject to the permitted title <br />exceptions and the standard printed exceptions contained in the usual form <br />of the Title Policy in this state; <br /> <br />(3) Possession of the Property and any keys to it; and <br /> <br />(4) All other documents reasonably required by the Title Company or the Buyer <br />to carry out the terms of this Contract. <br /> <br />B. At the closing, the Buyer will deliver to the Seller: <br /> <br />(1) The Sales Price (less the Earnest Money) in the form of a check, and <br /> <br />(2) Any document reasonably required by the Title Company or the Seller to <br />carry out the terms of this Contract. <br /> <br />C. The costs for curing title matters, and all other costs and expenses to be paid by the <br />Seller under this Contract will be the Seller's obligations. The Buyer will pay the title <br />insurance premium, the escrow fee charged by the Title Company, and all costs <br />identified in this Contract to be the Buyer's obligations. <br /> <br />D. Rents, utility charges, ad valorem taxes and any other items of income or operational <br />expenses owing in connection with the Property for the current year shall be prorated <br />at the closing effective as of the Closing Date. <br /> <br />8. Casualty Loss. If any part of the Property is damaged or destroyed by flooding, earthquake <br />or other casualty loss prior to closing, the Buyer may terminate this Contract and have the <br />Earnest Money promptly refunded, or the Buyer may accept the Property in its then existing <br />condition. <br /> <br />9. Default. If the Buyer fails to comply with its obligation to purchase the Property, the Seller <br />may either enforce specific performance of this Contract, to the exclusion of its other <br />remedies, or the Seller may terminate this Contract and receive the Earnest Money as <br />liquidated damages. If the Seller fails to comply with its obligation to sell the Property, the <br />Buyer may terminate this Contract and receive the Earnest Money, thereby releasing the <br />Seller from this Contract, or the Buyer may enforce specific performance of this Contract, <br />to the exclusion of its other remedies. <br /> <br />10. Condemnation. If eminent domain proceedings are initiated by a third party as to all or any <br />