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<br />MBT Draft 8-31-00 <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 carry <br />out the terms of this Contract. <br /> <br />C. The costs for curing title matters, attorney fees incurred by the Seller, and all other <br />costs and expenses to be paid by the Seller under this Contract will be the Seller's <br />obligations. The Buyer will pay the title insurance premium, the escrow fee charged <br />by the Title Company, and all costs identified in this Contract to be the Buyer's <br />obligations. <br /> <br />D. Rents, water, wastewater and utility charges, and any other items of income or <br />operational expenses owing in connection with the Property for the current year will <br />be prorated at the closing effective as of the Closing Date. If this sale or the Buyer's <br />use of the Property after closing results in the assessment of additional property taxes <br />for prior years, the additional taxes will be the obligation of the Seller, which will <br />survive the closing. <br /> <br />8. CASUAL TY LOSS. If any part of the Property is damaged or destroyed by fire or other <br />casualty loss prior to closing, the Buyer may terminate this Contract and have the Earnest <br />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 <br />Seller 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. <br /> <br />If eminent domain proceedings are initiated by a third party as to all or any part of the <br />Property before the Closing Date, the Seller will promptly give the Buyer 'written notice, and <br />the Buyer will have the option of either applying the proceeds of any condemnation award <br />to reduce the Sales Price, or the Buyer may terminate this Contract by delivering written <br /> <br />-5- <br />