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sold here.n, either directly or indirectly, within a three (3) <br />mile radius of 2375 North Highway t10, Mounds View, Minnesota, ' <br />fuc a per:cd of thr- (3) years, w;t.`.out first obtaining Buyer's <br />written consent thereto. <br />14. All employees' accrued vacation pay and other accrued <br />benefits are the property of and the responsibility of the Seller. <br />Employment contracts, if any, are the property of and the <br />responsibility of the Seller. All accounts payable are the <br />responsibility of Seller as of the date of closing. All cash <br />on hand, bank accounts and accounts receivable on the books as <br />of the date of closing shall remain the property of the Seller. <br />The Seller shall be responsible for all federal. state and local <br />taxes, including social security, unemployment and state and <br />federal withholding deductions and taxes as of the date of closing. <br />15. Buyer agrees to maintain fire and extended insurance ' <br />coverage in a specific amount including liabilities, where <br />applicable, at least in the interest of the Seller as the Seller's <br />interest shall appear. Buyer shall, at Buyer's option assume <br />the Seller's insurance coverage at the time of closing, in which <br />even. the premium payments for insurance will be pro -rated as <br />of the date of closing. <br />16. This Purchase Agreement is subject to and contingent <br />on Buyer securing all licenses necessary to operate this business <br />in the same manner as the business is now operated. Buyer shall <br />use eery effort to expedite all license applications required, <br />if any, and to procure said license as soon after this Agrement <br />has beer, signed and executed. In the event Buyer cannot obtain <br />saiu licenses, this Agreement shall become void and of no effect, <br />-5- <br />