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<br />Closing shall take place within ten (10) business days or on the scheduled date of <br />Closing, whichever is later. <br /> <br />b. If notice of Objections is given and Seller proceeds in good faith to cure said <br />Objections, but the 60-day period expires without Objections being cured, Buyer <br />shall have the option to do any of the following: <br /> <br />(i) Declare this Agreement null and void by notice to Seller, and neither <br />party shall be liable for damages hereunder to the other. In such event, <br />Buyer and Seller agree to sign a Cancellation of Land Sale and Purchase <br />Agreement, and Buyer shall be refunded its earnest money payment plus <br />interest accrued. <br /> <br />(ii) Waive the Objections and proceed to Closing. <br /> <br />SECTION 11- TAXES AND ASSESSMENTS <br /> <br />11.01 Seller shall payor credit against the Purchase Price all real estate taxes, and all installments <br />of special assessments certified for payment with real estate taxes due and payable in the <br />years prior to the year of Closing. <br /> <br />11.02 Real estate taxes and all installments of special assessments certified for payment due and <br />payable in the year of Closing shall be prorated between Seller and Buyer on a calendar <br />year basis to the date of Closing. <br /> <br />SECTION 12 - RISK OF LOSS <br /> <br />The risk of loss, damage or destruction to the Property and any improvements thereon through <br />condemnation, fire or otherwise shall be borne by Seller until the Closing. In the event of a <br />condemnation of all or part of the Property, Buyer shall have the right to terminate this Agreement. <br /> <br />SECTION 13 - CONDITIONS TO CLOSING <br /> <br />Buyer's obligation to close this transaction is subject to Seller having performed all terms, <br />covenants and obligations required of Seller hereunder. <br /> <br />SECTION 14 - BROKER <br /> <br />Buyer and Seller represent and warrant that ail brokerage charges incurred, if any, in connection <br />with this transaction shall be paid by the party authorizing such broker to act in its behalf. <br /> <br />SECTION 15 - NOTICES <br /> <br />Unless otherwise provided herein, ail notices shall be in writing and shall be delivered in person, by <br />third party courier (including overnight courier such as Federal Express) or by certified mail, return <br />receipt requested, postage prepaid, addressed to the party or person to whom notice is to be given at <br />the following addresses: <br /> <br />H:\Property Purchase-Disposal\PaJk Property\Purchase and Sale of vacant lot _I 2-20-05v3. doc <br /> <br />59~ <br />