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1212/17/99 11:38 RYAN COMPANIES ~ 612491212931 612 631 5969 NO.46121 P12I12I6/12I11 e2/17/1999 18:139 b12-GJl-5%9 PAGE as CONVEYANCE 4. Seller shall convey or caused to be conveyed, all of Seller's right, title and interest in the pt'openy, if any, to Buyer by Quitclaim Deed subject to the exceptions and reservatiOrLS. whether or not of record and in accordance with the other tenns, conditions and reservations contained h.erein. Buyer shan, as soon as possible after acceptance of this offer. advise the Seller of Buyer's intent to have the propeny swveyed. Cn the event the SeHer's description of the property used in the: Deed and the use of an Exhibit map for reference in the. Deed is not acceptable to the Buyer, the Buyer shall so advise the Seller of their objections of said descriprion and within fifteen (15) days thereof, the Buyer shaH, at their expense, arrange for a survey of the property to be furnished to the Seller. ACCEPTANCE CONSTITUTES AGREEMENT 5. TIUs oifel" of the Buyer to purchase the property when duly accepted and signed by the Seller shall constitute the entire agreermmt between the parties for the sale and purchase of the propeny and shall bind and inure to the benefit of the Seller. the Buyer, and their hei.n, executors, administrators, successors and 3SilgD.S. LIQUIDATED DAMAGES AND SP~C1FIC PERFORMANCE 6. Tjme is of the essence of this contra.ct. If the Buyer shall fail to perform this contract wirhin the time limits herein specified. Seller may retain the deposit as liquidated damages, not as a penalty or forfeiture. and declare this contract terminared, or SelleI' may proceed to have this conb'act specifically enforced. SUCCESSORS IN INTEREST 7. When:vcr referred to herein, the term Buyer shan imply, mean and apply to the Buyer. its successors. assigns, heirs, executors. administrators, or designees, who shall be severally and collectively liable for any and all performance hereunder. Wherever refcn-ed to herein the term Seller shall imply, mean and apply to the Seller, its successors, assigns, hcirs, cxcc:utors. administrators, or designees. who shall be sevenl1y and collectively liable for any and all performance hereundel". THIS OFFER IS AND THE CONVEYANCE OF THE PROPERTY SHALL BE SUBJECT TO THE FOLLOWING TERMS, CONDITIONS AND RESERVATIONS. 8. Easements-A reservation DC Ute necessary right of way, to be detennincd by Seller, for the continued maintenance. operation and use of all existing drivewa~, roads. utilities, tracks. wires and easements of any kind whatsoever on the Property whethc:r owned, operated, used or maintained by the Seiter, Seller's Lic::eJ\9~es or other third parties and whether or not of records, and for the install.ation, constnlction and situation offaci1ities necessary to or beneficial for, the opention of Seller's railroad, with reasonable right of entty for the repair, reconstruction and rep1acement thereof, witllout limitation as a result of any further enumeration herein. In addition, reservation of a non-exclusive easement for the construction. maintenance and operation of one Or more pipelines or fiber optic lines as presently Jocated or may be located in the future on Property, 2 ~~