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SECTION FOUR <br />GENERAL <br /> <br /> Taxes an~ assessments for the current year, utility payments due but not delinquent, rentals <br />under existing ld~ases and tenancies, shall be prorated between the parties as of the date of the <br />closing date. <br /> <br /> In the e~ent Purchaser exercises this option, the closing of the purchase and sale <br />contemplated by ii, his Agreement, shall occur 60 days after the date on which Purchaser exercises <br />this option, or such earlier date as may be mutually agreed to by the parties (the "Closing Date"). <br />The closing shall take 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 exdrcise of this option, Seller shall be allowed 45 days within which to conduct an <br />environmental stirvey of the Subject Property. In the event said environmental survey reveals <br />hazardous substa~aces or wastes, pollutants or contaminates, which in Purchaser's sole discretion <br />affect the marke~tbility of the Subject Property, Purchaser shall be permitted to declare the sale <br />agreement null a~d void and all earnest money and option fees paid herein shall be returned to <br /> <br />Purchaser. <br /> <br /> SECTION FIVE <br /> POSSESSION AND RISK OF LOSS <br /> Seller shaiJ continue in possession of the Subject Property until the date of closing and shall <br />maintain the sate in its present condition, reasonable wear from ordinary use excepted. <br />Possession shall ~ transferred to Purchaser on the date of closing. <br /> Risk of I~ss from fire or other casualty to the property shall be Seller's until transfer of <br />possession as hei~in 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 /> NOTICES <br /> Any notic~ hereunder shall be given in writing to party for whom it is intended, in person, <br />or by registered ftnail at the following address, or such future address as may be designated in <br />writing: to the Sel!er, 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, <br /> <br />Minnesota 55303 <br /> <br />Page 3 of 5 <br /> <br /> <br />