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12/09/2004 13:59 612+305+1414 4 2#262 N0.615 9004 In the event the closing date is changed, the real estate taxes paid shall be adjusted to the new closing date. Seller warrants taxes due and payable in the year 2004 will be homestead classification. Proration of real estate taxes shall be based on the relative value of the land and the improvements on Seller's larger parcel, with the proration calculated based solely on the portion of taxes which are attributable to land. Seller understands, acknowledges and agrees that, upon approval of a subdivision of Seller's larger parcel,the entire year's real estate taxes on Seller's larger parcel must be paid, and Seller agrees to pay the same not later than the date of closing. SPECIAL ASSESSMENTS shall be paid as follows: Seller shall pay on date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. Seller shall pay on date of closing all other special assessments levied as of the date of closing. Buyer shall provide for payment of special assessments pending as of the date of closing for improvements that have been ordered by the City Council or other assessing authorities. (Seller's provision for payment shall be by payment into escrow of two (2) times the estimated amount of the assessments,or less as required by Buyer's lender). Seller shall pay on date of closing any deferred real estate taxes (i.e., Green Acres, etc.) or special assessments payment of which is required as a result of the closing of this sale. Buyer shall pay real estate taxes due and payable in the year following the closing and thereafter and any unpaid special assessments payable therewith and thereafter, the payment of which is not otherwise provided. INSPECTION: Buyer has the right to inspect the property prior to closing. SELLER WARRANTS THAT PRIOR TO THE CLOSING DATE PAYMENT IN FULL WILL HAVE BEEN MADE FOR ALL LABOR, MATERIALS, MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAY'S IMMEDIATELY PRECEDING THE CLOSING DATE IN CONNECTION WITH CONSTRUCTION, ALTERATION OR REPAIR OF ANY STRUCTURE ON OR IMPROVEMENT TO THE PROPERTY. SELLER WARRANTS THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY GOVERNMENTAL ,AUTHORITY AS TO VIOLATION OF ANY 'LAW, ORDINANCE OR REGULATION. IF THE PROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS, SELLER WARRANTS THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR AUTHORITY AS TO A BREACH OF THE COVENANTS. ANY NOTICES RECEIVED BY SELLER WILL BE PROVIDED TO BUYER IMMEDIATELY. RISK OF LOSS: If there is any loss or damage to the property between the date hereof and the date of closing, for any reason including fire, vandalism, flood earthquake or act of God,the risk of loss shall be on Seller. If-the property is destroyed or substantially damaged before the closing date,this Purchase Agreement shall become null and void, at Buyer's option, and earnest 3