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is found to be obsolete, the Buyer shall not be required to <br />e0R purchase same. Prices shall be the lowest of cost or wholesale. <br />This transaction shall be completed on day of closing. <br />9. All utilities, taxes and licenses, where applicable, <br />shall be pro -rated as of the date of closing. <br />10. Seller covenants and warrants that all fixtures and <br />equipment on the premises are in good and operacing wnJi:_v <br />at the time of closing and will meet all ordinances and codes <br />of city, county, state and federal requirements, and Buyer, or <br />his agent, shall have the right to make reasonable inspection <br />of the premises prior to closing for this purpose. <br />11. The closing of this transaction shall be held on or <br />before April 1, 1986, or as close thereto as can be accomplished. <br />Seller agrees to deliver possession of the premises <br />on the closing date, or other mutually agreed upon date. <br />12. In the event this property is substantially damaged <br />or•destroyed prior to closing of the sale, it shall be the Buyer's <br />option to proceed or declare this sale null and void, with all <br />earnest monies paid to be retuned to Buyer. <br />'13. It is acknowleuged that James A. Loosen, as employee, <br />officer and director of Seller, has managed, operated and rendered <br />valuable and indispensable services in connection with the <br />operation of the on -sale liquor business known as "Loose Ends <br />On 10", at 2375 North Highway #10, Mounds View, Minnesota. As <br />part of the consideration of the sale herein, said James A. Loosen <br />covenants and agrees that he will not engage in the management, <br />operation or conduct of an on -sale liquor business of the same <br />type and character as the present on -sale liquor business being <br />-4- <br />