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<br />Page 4 <br />this Agreement and on such termination all the payments made under this Agreement shall be <br />retained by Seller as liquidated damages, time being of the essence hereof. This provision shall <br />not deprive either party of the right of enforcing the specific performance of this Agreement <br />provided this Agreement shall not be terminated as aforesaid, and provided action to enforce <br />such specific performance shall be commenced within six months after such right of action <br />shall arise. <br /> <br />10. CLOSING DATE. The closing of the sale of the Property shall take place on or <br />before, October 31, 2000, or at such earlier or later date as may be mutually agreed upon by the <br />Seller and Buyer. <br /> <br />11. POSSESSION. The Seller shall deliver possession of the Property to Buyer at 11:59 <br />a.m. on the date of closing, in substantially the same condition as the Property exists on the date <br />of this Purchase Agreement, reasonable wear and tear excepted. <br /> <br />12. DAMAGES TO REAL PROPERTY. As Seller is presently in possession of the <br />Property, if there is any loss or damage to the Property between the date hereof and the date of <br />closing, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of <br />loss shall be on Seller. Seller warrants that Seller presently has the Property properly insured <br />against any risk of loss. If the Property is destroyed or substantially damaged prior to closing, <br />or if the Property is damaged materially but less than substantially prior to closing, Buyer may <br />rescind this Purchase Agreement by notice to Seller within twenty-one (21) days after Seller <br />notifies Buyer of such damage, during which 21-day period Buyer may inspect the real <br />property, and in the event of such rescission, the Earnest Money shall be refunded to Buyer. If <br />such an event occurs, Buyer and Seller agree to sign a Cancellation of Purchase Agreement <br />within a reasonable time after such event takes place. <br /> <br />13. CONDITION OF PROPERTY. Seller warrants that all appliances, fixtures, heating <br />and air conditioning equipment, wiring, and plumbing used and located on the property are in <br />working order on the date of closing. Seller HAS had a wet basement or water in the basement. <br /> Seller discloses that the roof HAS leaked. Seller shall remove all debris and all personal <br />property not included in this sale from the Property before possession date. Seller has not <br />received any notice from any governmental authority as to the existence of any dutch elm <br />disease, oak wilt, or other disease of any trees on the Property. <br /> <br /> Seller's warranties and representations contained in this paragraph 13 shall survive the <br />closing of this transaction. <br /> <br /> Buyer shall have the right to have inspections of the Property conducted prior to <br />Closing. Unless required by local ordinance or lending regulations, Seller does not plan to have <br />the Property inspected. Other than the representations made in this Purchase Agreement, the <br />property is being sold "AS IS" with no express or implied representations or warranties by <br />Seller as to physical conditions, quality of construction, workmanship, or fitness for any <br />particular purpose. (This paragraph is not intended to waive or modify any provisions of Minn. <br />Stat., Chapter 327A.)