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of the option, Purchaser may clear title to the extent so required and charge the cost of clearing to <br />Seller or, at its optipn, may terminate the contract by giving 30 days notice to Seller. <br /> Title to be ~onveyed as herein provided shall be marketable rifle, free and clear of all liens, <br />encumbrances, special assessments pending and certified, restrictions, and easements and by Seller <br />delivering to Purch~tser a general Warranty Deed. <br /> <br /> SECTION FOUR <br /> GENERAL <br /> Taxes and assessments for the current year, utility payments due but not delinquent, rentals <br />under existing lease, s and tenancies, shall be prorated between the parties as of the closing date. <br /> In the evei~t Purchaser exercises this option, the closing of the purchase and sale <br />contemplated by tti~s Agreement, shall occur 60 days after the date on which Purchaser exercises <br />this option, or suc~ earlier date as may be mutually agreed to by the parties (the "Closing Date"). <br />The closing shall t~e place at the Ramsey Municipal Center, 15153 Nowthen Boulevard NW, <br />Ramsey, Minnesota, or at such other place as may be agreed to by the parties. <br /> Upon exercise of this option, Seller shall be allowed 45 days within which to conduct an <br />environmental sur~ey of the Subject Property. In the event said environmental survey reveals <br />hazardous substand[es or wastes, pollutants or contaminates, which in Purchaser's sole discretion <br />affect the marketaljility of the Subject Property, Purchaser shall be permitted to declare the sale <br />agreement null and void and all earnest money and option fees paid herein shall be returned to <br />Purchaser. ~ <br /> <br /> SECTION FIVE <br /> POSSESSION AND RISK OF LOSS <br /> [ <br /> Seller shall Continue in possession of the Subject Property until the date of closing and shall <br />maintain the sama in its present condition, reasonable wear from ordinary use excepted. <br />Possession shall be ~ansferred to Purchaser on the date of closing. <br /> Risk of loss from fire or other casualty to the property shall be Seller's until transfer of <br />possession as herei~ provided. Seller shall maintain adequate insurance against loss, <br /> including <br />extended coverage! during such period. All policies of insurance on the property shall be <br />transferred to Purcl~ser at cIose of escrow, at its option. <br /> <br />Page 3 of 5 <br /> <br /> <br />