K-2 - Purchase Agreement for Lot 1, Park Place City Center - Part Three

become delinquent during the calendar year this offer is accepted, and all prior installments thereof. C. All charges for solid waste removal, sewage and maintenance that are attributable to SELLER’S possession, including those for which assessments arise after closing, shall be paid by SELLER. D. Any preliminary or deficiency assessment which cannot be discharged by payment shall be paid by SELLER through an escrow account with sufficient funds to pay such liens when payable, with any unused funds returned to SELLER. E. BUYER shall pay all other special assessments or installments not payable by SELLER. 4. RISK OF LOSS AND INSURANCE. SELLER shall bear the risk of loss or damage to the Property prior to closing or possession, whichever first occurs. SELLER agrees to maintain existing insurance and BUYER may purchase additional insurance. In the event of substantial damage or destruction prior to closing, this Agreement shall be null and void; provided, however, BUYER shall have the option to complete the closing and receive insurance proceeds regardless of the extent of damages. The property shall be deemed substantially damaged or destroyed if it cannot be restored to its present condition on or before the closing date. 5. POSSESSION AND CLOSING. If BUYER timely performs all obligations, possession of the Property shall be delivered to Buyer on March 31, 2022, and any adjustments of rent, insurance, interest and all charges attributable to the SELLER’S possession shall be made as of the date of possession. Closing shall occur after the approval of title by BUYER and vacation of the Property by SELLER, but prior to possession by BUYER. SELLER agrees to permit BUYER to inspect the Property within 24 hours prior to closing to assure that the premises are in the condition required by this Agreement. If possession is given on a day other than closing, the parties shall make a separate agreement with adjustments as of the date of possession. This transaction shall be considered closed: A. Upon the delivery of the title transfer documents to BUYER and receipt of all funds then due at closing from BUYER under the Agreement. B. (If "A" is stricken) Upon the filing of the title transfer documents and receipt of all funds due at closing from BUYER under the Agreement. 6. FIXTURES. Included with the Property shall be all fixtures that integrally belong to, are specifically adapted to or are a part of the real estate, whether attached or detached. Also included shall be the following: N/A. The following items shall not be included: N/A 7. CONDITION OF PROPERTY. The property as of the date of this Agreement, including buildings, grounds, and all improvements, will be preserved by the SELLER in its present condition until possession, ordinary wear and tear excepted. SELLER makes no warranties, expressed or implied, as to the condition of the property. A. BUYER acknowledges that it has made a satisfactory inspection of the Property and are purchasing the Property in its existing condition. B. (If "A" is stricken) Within N/A days after the acceptance of this Agreement, BUYER may, at its sole expense, have the property inspected by a person or persons of its choice to determine if there are any structural, mechanical, plumbing, electrical, environmental, or other deficiencies. Within