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(c) First Parties further will retire any mortgage now outstanding on the <br />premises within one (1) year following the execution of this Contract, <br />and forward to Second Party a copy of the release of such mortgage, <br />First Parties to file and pay for such release. <br />IV. <br />Possession of the premises shall be delivered to Second Party on or before <br />March 15, 1960. <br />(a) The Second Party shall have the privilege of removing the improvements <br />now on the premises, at its own expense. After possession is delivered <br />to Second Party and during the time that such building is on the premises, <br />the Second Party will carry fire insurance and extended coverage on the <br />building in the amount of Forty Thousand Dollars ($40, 000. 00), in com- <br />panies to be approved by First Parties. The policies of insurance in <br />the amount herein mentioned shall be for the benefit of First Parties; <br />however, any sums realized thereunder, after payment of damage to <br />the improvements, shall be placed in escrow under terms agreeable to <br />the parties hereto, such funds to be held and .maintained as additional <br />security for the performance of the terms of this Contract. In event <br />the recovery under the policies is not used for the repair of the improve - <br />ments, the entire recovery shall be held and maintained by Second Party <br />as additional security in the manner above set out. <br />(b) The Second Party will carry public liability on the premises in a <br />minimum amount of One Hundred Thousand Dollars ($100, 000. 00), on <br />which policy or policies First Parties shall be a co- assured. First <br />Parties shall be entitled to approve the type of coverage and the company, <br />and have possession of the policy or a copy thereof. <br />j� <br />(c) To clarify the situation of question of risk, pending possession being <br />delivered to Second Party, it is agreed between the parties that any <br />recovery on the two fire and extended coverage insurance policies now <br />carried by the First Parties, in a gross amount of Twenty Thousand <br />Dollars ($20, 000.00), shall be placed in escrow under terms agreeable <br />to the parties hereto, such funds to be held and maintained as additional <br />security for the performance of the terms of this Contract. All other <br />risk is to be assumed by Second Party, the First Parties not being <br />required to repair the building in event of loss of any kind, <br />(d) The Second Party specifically agrees to hold First Parties harmless <br />on all claims arising out of any operation, contract, or activity of the <br />Second Party on this property. <br />V. <br />The Second Party shall not and will not suffer or permit any mechanic's lien <br />or other lien to attach to or be against or upon the property aforesaid, which shall <br />or may be superior to the rights of the First Parties. <br />VI <br />Each and every contract for repairs and improvements on the premises <br />aforesaid, or any part thereof, shall contain an express, full and complete waiver <br />and release of any and all liens or claims or right of lien against the property <br />- 3 - <br />