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(ii) deposit such insurance proceeds in escrow with a title insurance company selected by the Seller, whereupon Seller may contract with another party to perform the demolition and construction necessary to construct the Minimum Improvements. The escrowed funds shall be distributed to the party performing such demolition and construction work in such a manner and at such times as the Seller deems appropriate in payment for said demolition and construction work. The escrowed fund, monitoring payments, obtaining title insurance and lien waivers, making inspections and all other costs incurred by the Seller which are associated with the holding and administration of the escrowed funds and the disbursement thereof (collectively the "Administrative Costs"), the demolition of existing improvements and the construction of the Minimum Improvements. In the event that the escrowed funds are insufficient for the demolition, construction work necessary to pay for such demolition, construction and Administrative Costs, and if the Purchaser does not do so within five (5) day of such request the Seller may deposit with itself such amount and the amount paid shall become immediately due and payable with interest at a rate of equal to six percent (6%) per annum, whichever is lower, and shall be added to the purchase price of the Property. The balance of any funds remaining in escrow after payment of all costs of repair, rebuilding. restoration or replacement of any improvements on the Property or required to be demolished or constructed on the Property hereunder, together with the payment of all Administrative Costs, shall be applied first to any amount owing by the Purchaser to the Seller hereunder. whether then due or not, and the excess shall be paid to the Purchaser, 8. PURCHASER'S ELECTION TO REBUILD. Purchaser may elect to have the portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the repair work) deposited in escrow with a title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchaser. The election may only be made by written notice to Seller within sixty days after the damage occurs. Also, the election will only be permitted if the plans and specifications and contracts for the repair work are approved by Seller. If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. If such insurance proceeds are insufficient for the repair work, Purchaser shall, before the commencement of the repair work, deposit into such escrow or post a letter of credit, sufficient additional money to insure the full payment for the repair work. Even if the insurance proceeds are unavailable or are insufficient to pay the cost of the repair work, Purchaser shall at all times be responsible to pay the full cost of the repair work. All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of such escrow shall be deposited by Purchaser into such escrow before the commencement of the repair work. Purchaser shall complete the repair work as soon as reasonably possible and in a good and workmanlike manner, and in any event the repair work shall be completed by Purchaser within one year after the damage occurs. 9. INJURY 01{ DAMAGE OCCURING ON THE PROPERTY. (a) LIABILITY. Seller shall be free from liability and claims for damages by reason of injuries occurring on or after the date of this Contract to any person or persons or property while on or about the property. Purchaser shall defend and indemnify Seller from all liability, 4