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SECTION FIVE <br /> POSSESSION AND RISK OF LOSS <br /> Seller shall continue in possession of the Subject Property until the date of closing and shall <br />maintain the ss~ame in its present condition, reasonable wear from ordinary use excepted. <br />Possession shall be transferred to Purchaser on the date of closing. <br /> Risk of floss from fire or other casualty to the property shall be Seller's until transfer of <br />possession as h~rein provided. Seller shall maintain adequate insurance against loss, including <br />extended cove~ge, during such period. All policies of insurance on the property shall be <br />transferred to P~rchaser at close of escrow, at its option. <br /> <br /> SECTION SIX <br /> NOTICES <br /> Any notre hereunder shall be given in writing to party for whom it is intended, in person, <br />or by registeredl mail at the following address, or such future address as may be designated in <br />writing: to the S~ller, at the address set forth above; to the Purchaser as follows: <br /> <br />City Administrator <br />Ramsey Municipal Center <br />15153 Nowthen Boulevard NW Ramsey, Minnesota 55303 <br /> <br />to any successo~ <br />assignment. <br /> <br />or assignee of either party, at the address stated in the notice of succession or <br /> <br /> SECTION SEVEN <br />ASSIGNMENT AND SUCCESSION <br /> <br /> This option and the contract resulting from the exercise thereof shall bind and inure to the <br />benefit of the helrs, administrators, executors, successors, and assigns of the respective parties. <br />All rights of Purchaser hereunder may be assigned without restriction, but notice of each <br />assignment shall be given to Seller. <br /> <br /> SECTION EIGHT <br /> CONTROLLING LAW <br /> This Agre~,~ ment has been made under the laws of the State of Minnesota, and such laws <br />will control its interpretation: <br /> <br /> Executed ih duplicate on . . , 1994. <br /> <br />Page 3 of 4 <br /> <br /> <br />