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In the event this Agreement is consumlnated, the earnest money shall be applied to and credited against the purchase price on the date of closing with the remaining balance to be paid in cash at that time. If this Agreement terminates for failure of satisfaction of a contingency, all earnest n10ney shall be returned promptly to Purchaser. 10. REAL ESTATE TAXES, ASSESSMENTS AND TRANSFER FEES: Seller agrees to pay, at or prior to closing, all real property taxes on the Property due and payable in 2002 and prior years and a pro-rated share of the real and personal property taxes due in 2003. The proration shall be made on a daily basis using the actual real and personal property taxes levied for the current year, if known, otherwise on the net taxes for the preceding year. Seller shall pay any and all special assessments that are levied or pending as of the date of this Agreement, or in respect to all or any part of the Property and/or any building improvements thereon, including but not limited to, any assessments relating to sewer and water and any streets or highways. Seller shall not be responsible for any assessments which arise as a result of the United Properties project. 11. EVIDENCE OF TITLE: Within ten (10) days from the last execution of this Agreement, Seller shall furnish and deliver to the Purchaser for examination a commitment for title insurance with extended coverage in the amount of the purchase price set out herein, naming the Purchaser as the insured, as its interest may appear, written by a responsible title insurance company licensed to do business in the State of Minnesota, which policy shall guarantee the Seller's title to be in the condition called for by this Agreement. In addition, Seller will also within thirty (30) days deliver to Purchaser any prior title evidence it may have, such as a current abstract or title policy, to expedite further examination of title. If the report on title, binder or commitment discloses any objections to title, Seller shall have sixty (60) days from the date of Purchaser's notice of such objections to make a good faith effort to cure such objections and to furnish a later report showing the objections cured or removed. If such objections cannot be cured within sixty (60) days after the date of Purchaser's notice of such objection, Purchaser may declare this Agreement null and void, and in such event receive a refund from Seller of all earnest monies paid, or may, at its election, take the title as it then is (without a right to deduct from the purchase price). All costs relating to the issuance of the title policy, including, but not limited to, policy premiums and the cost for the required endorsements shall be paid for by Purchaser. 12. POSSESSION: Legal possession of the Property shall be delivered to Purchaser on the date of closing, except as herein provided. 13. CLOSING: Unless otherwise agreed to by the parties, this transaction shall be closed at the offices of the title company insuring the Property. Closing of the transaction contemplated hereby shall be held thirty (30) days after last execution df this Agreement (unless extended pursuant to Section 4), or in the event the thirtieth (30th) day falls on a weekend or holiday the next business day thereafter. Closing may be held prior to such time at the agreement of the parties. Closing costs and escrow fees, if any, 5