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<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 ofa 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, the title insurance premium, and all other costs and <br />expenses to be paid by the Seller under this Contract will be the Seller's obligations. <br />The Seller and the Buyer will each pay one-half of the escrow fee charged by the <br />Title Company. The Buyer will pay all costs identified in this Contract to be the <br />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 cunent year shall be prorated <br />at the closing effective as of the Closing Date. <br /> <br />8. CASUAL TY LOSS. If any part of the Property is damaged or destroyed by f1ooding, <br />earthquake or other casualty loss prior to closing, the Buyer may tenninate this Contract and <br />have the Earnest Money promptly refunded, or the Buyer may accept the Property in its then <br />existing condition. <br /> <br />9. DEFAUL T. If the Buyer fails to comply with its obligation to purchase the Property, the <br />Seller may either enforce specific perfonnance 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. NOTICES. Except as otherwise expressly provided in this Contract, any notice or <br />communication under this Contract will be deemed to be delivered, whether actually received <br />or not, when either hand delivered, or deposited in the United States mail, postage fully <br />prepaid, registered or certified mail, and addressed to the intended recipient at the address <br />set forth below: <br /> <br />Buyer: <br /> <br />City Manager <br />City of San Marcos <br /> <br />3 <br />