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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 same in its present condition, reasonable wear from ordinary use excepted. <br />Possession shall be transferred to Purchaser on the date of closing. <br /> <br /> Risk of loss from fire 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 />extended coverage, during such period. All policies of insurance on the property shall be <br />transferred to Purchaser at close of escrow, at its option. <br /> <br /> SECTION SIX <br /> <br /> NOTICES <br /> Any notice hereunder shall be given in writing to party for whom it is intended, in person, <br />or by registered mail at the following address, or such future address as may be designated in <br />writing: 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 <br /> <br />NW Ramsey, Minnesota 55303 <br /> <br />to any successor or assignee of either party, at the address stated in the notice of succession or <br />assignment. <br /> <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 />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 Agreement has been made under the laws of the State of Minnesota, and such laws <br /> <br />will control its interpretatio~n. Executed in duplicate on , 1994. <br /> <br />Page 4 of 5 <br /> <br /> <br />