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07/11/2000 16:20 2225341 VK ARRIGONI R 48 COMMERCIA ANDUSTRIAL PURCHASE AGREEMENT • 2,654 Kenzie Terrace Page 3 of 5 assumed by Buyer, shall be prorated as of the date of closing. It shall be assumed that the Buyer will own the property for the entire date of the closing. 5. DAMAGES TO REAL PROPERTY. If there is any loss or damage to the property ty the between party e hurcuf and the date of closing, for any reason, the risk of loss shall be destroyed or substantially damaged before the closing, this Purchase Agreement shall become null and void, at Buyer's option_ Buyer shall have the right to terminate this Purchase Agreement within 30 days after Seller notifies Buyer of such damage. Upon said termination, the earnest money shall be refunded to Buyer and Buyer and Seller agree to sign a cancellation of Purchase Agreement. 6. EXAMINATION OF TITLE. Within a reasonable time after acceptance of this Agreement, Seller shall furnish Buyer with an Abstract of Title or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and Federal judgments, liens and levied and pending special wscsslllents. Duyer shall have 10 business days after receipt of the Abstract of Title or Registered Property Abstract either to have Buyer's attorney examine the title and provide Seller with written objections or, at Buyers own expense, to make an application for a title insurance policy and notify Seller of the application. Buyer shall have 10 business days after receipt of the commitment for title insurance to provide seller with a copy of the commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10-day period set forth above, except that this shall not operate as a waiver of Seller's covenant to deliver a Warranty Deed, ® unless a Warranty Deed is not specified above. If any objection is so made, Seller shall have 10 business days from receipt of Buyer's w.citten title objections to notify Buyer of Seller's intention to make title marketable within 120 d4ys Ervin Seller's receipt of such written objection. If notice is given,payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement According t.n its terms. If no such notice is given or if notice is given but title is not corrected within the time provided forth, this Purchase Agreement shall be null and void, at option of Buyer; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property to be found marketable or be so made within said time, and Buyer shall default in any of the agreements and continue in default for a period of 10 days. Then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall be retained by Seller as liquiddtW aauiagoN, tinge being of the essence. This provision shall not deprive either party of the right to enforce the specific performance of this contract provided this contract has not been terminated and provided action to enforce such specific performance shall be commenced within six months after such right of action shall arise. 7. POSSESSION.Seller shall deliver possession of the property on the date of closing. 8. REPRESENTATIONS AND WARRANTIES. See attached addendum. 9. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 10. WELL DISCLOSURE STATEMENT. There are no wells. BUYER AND SELLER INITIAL: Buyer(s). Seller(s) 11. ADDENDA.Attached are(2)addenda,which are made a part of this Agreement.