Real Estate Purchase Sale Agreement

In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Seller shall not be obligated to restore the Property nor pay damages to Buyer by reason of such loss or damage, and Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit shall be refunded ten (10) days thereafter provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date and provided further that Buyer may elect to purchase the Property in the condition existing on the date of closing and on closing Seller shall assign to Buyer the proceeds of any policy of insurance carried by or for the benefit of Seller covering any loss or damage to the Property occurring after the date hereof and prior to the closing date.. In addition to other representations herein, Seller represents and warrants to Buyer as of the date of closing that: 3.1 Seller, and the person signing on behalf of Seller, has full power and authority to execute this Agreement and perform Seller s obligations hereunder, and if Seller is a corporation, all necessary corporate action to authorize this transaction has been taken 3.2 The Property is not subject to any leases, tenancies or rights of persons in possession, and any personal property is owned by Seller free and clear of any liens or encumbrances 3.3 Neither the Property nor the sale of the Property violates any applicable statute, ordinance or regulation, nor any order of any court or any governmental authority or agency, pertaining to the Property or the use occupancy or condition thereof 3.4 Seller is unaware of any material defect in the Property 3.5 All persons and corporations supplying labor, materials and equipment to the Property have been paid and there are no claims of liens 3.6 T