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.ry event Buyer and Seller shall immedi n 0 rchase Agreement and all 7. SELLER REPRESENTATIONS: Seller has received infonnation ITom the City of Roseville Department of Community Development that the Property is currently zoned R-I. Seller does not know of any wells on the Property. Seller agrees to seek to resolve the encroachment of the fence and deck on the south line of the Property at its sole expense prior the Closing Date. Seller has compl~t.ed and received approval ITom the City ofRoseville allowing the southerly three feet of the property contained in PID No. 01-29-23-32-0016 to be split ITom said tax parcel and added to PID No. 01-29-23-32-0015. Seller has negotiated with Mark B. Foreman and Daphne R. Foreman for a quit claim deed releasing any and all interest in t~e Property t? be ~onveyed pursuant to this Purchase Agreement. l1J. Ilr 6', 1998, Seller may terminate this Purchase Agreemen , uyer and Seller shali 7JJ (l 6 immediately sign a ase greement and all Earnest Money shall be refunded ' . n addition the Foremans may remove a portion of the fences located on the Property prior to the Date of Closing. Buyer agrees to accept the Property "As Is" with whatever fences the Foremans have not removed ITom the Property. 8. IMPROVEMENTS TO PROPERTY: Buyer shall incur any and all charges to improve the Property including but not limited to: hook-up and/or access charges, municipal charges, costs for sewer access, stubbing access, water access, park dedication, road access, utility connection and connecting fees, curb cuts and three planting charges. 9. TITLE EXAMINATION: Seller shall, at Seller's option, within a reasonable time after acceptance of the Purchase Agreement, furnish an Abstract of Title certified to date to include proper searches covering bankruptcies, state and federal judgments and liens and levied and pending special assessments, or, a commitment for an owner's policy oftitle insurance in the full amount of the purchase price. If an Abstract of Title is provided, Seller shall pay all costs of providing the abstract. If a commitment for an owner's policy of title insurance is provided, Seller shall pay the costs of abstracting to include searches and Buyer shall pay the examination fee, the premium for the policy and any other fees required to issue the policy. Buyer shall be allowed 10 business days after receipt of the abstract or the commitment for examination of title. Any objections by Buyer shall be made in writing or deemed waived. If any objections are so made, Seller shall be allowed 120 days to make title marketable. Pending correction of title, payments hereunder required shall be postponed, but upon correction of title and within 10. days after written notice to Buyer, the parties shall perfonn this Purchase Agreement according to its tenns. If title is not corrected with 120 days ITom the date of written objection, this Purchase Agreement shall be null and void, at option of Buyer, neither party shall be liable for damages hereunder to the other and Earnest Money shall be refunded to Buyer. Buyer and Seller shall immediately sign a cancellation of Purchase Agreement. 10. SURVEY: Seller shall provide an updated survey of the Property certified to the Buyer and Buyer's title insurance company, if any. 11. RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the Closing Date, for any reason including fire, vandalism, flood, earthquake or act of God, the risk ofloss shall be on the Seller. If the Property is destroyed or substantially damaged before the Closing Date, this Purchase Agreement shall become null and void, at Buyer's option, and all Earnest Money shall be refunded to Buyer. Buyer and Seller shall immediately sign a cancellation of Purchase Agreement. 12. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may terminate this Purchase Agreement, and all payments made hereunder shall be retained by Seller as liquidated damages. This provision shall not deprive either party of the right of enforcing the specific perfonnance of this Purchase Agreement, provided this Purchase Agreement is not terminated, and action to enforce specific perfonnance is commenced within six months after such right of action arises. In the event Buyer defaults in any of the agreements herein, and notice of 1137423.01 2