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Pos~sion shall be transferred to Purchaser on the date of closing. <br /> Risk of loss from ftre or other casualty to the property shall be Seller's until transfer of <br />possession as herein provided. Seller shall maintain adequate insurance against loss, including <br />extefided coverage, during such period. All policies of insurance on the property shall be <br />tran~erred to Purchaser at close of escrow, at its option. <br /> <br /> SECTION SIX <br /> NOTICES <br /> ;: Any notice hereunder shall be given in writing, to party for whom it is intended, in person <br />or ~ registered mail at the following address, or such future address as may be designated in <br />wring: to the Seller, at the address set forth above; to the Purchaser as follows: <br /> <br /> City Administrator <br /> Ramsey Municipal Center <br /> 15153 Nowthen Boulevard NW <br /> Ramsey, Minnesota 55303 <br /> <br />to ~y successor or assignee of either party, at the address stated in the notice of succession or <br />ass~enu <br /> SECTION SEVEN <br /> ASSIGNMENT AND SUCCESSION <br /> ~ This option, and the contract resulting from the exercise thereof, shall bind and inure to the <br />benefit of the heirs, administrators, executors, successors, and assigns of the respective parties. <br />AI~ rights of Purchaser hereunder may be assigned without restriction, but notice of each <br />as~gnment shall be given to Seller. <br /> SECTION EIGHT <br /> CONTROLLING LAW <br /> This Agreement has been made under the laws of the State of Minnesota, and such laws <br /> <br />w~l control its interpretation. <br /> <br /> ~ Executed in duplicate on <br /> <br />SgLLER: <br /> <br />I99_. <br /> <br />PURCHASER: CITY OF RAMSEY <br /> <br />Page <br /> <br />By' <br />Its: Mayor <br /> <br />3 of 4 <br /> <br /> <br />