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<br /> 5. DELIVERY OF DEED
<br /> Upon full payment of this Contract, Seller shall issue a General Warranty Deed conveying to
<br /> Buyer good and marketable title to the Property as evidenced by a title guarantee in the full
<br /> amount of the purchase price procured and paid for by Seller.
<br /> 6. EVIDENCE OF TITLE
<br /> Seller shall be required to provide an abstract or guarantee of title, statement of title, title
<br /> insurance, or any such other evidence of title at Seller's expense upon request from Buyer. Such
<br /> evidence of title shall show marketable title of the Property conveyed free and clear of all
<br /> encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions,
<br /> limitations, reservations, covenants and conditions of record not coupled with a possibility of
<br /> reverter, right of reentry, or other reverter right that amounts to a qualification of the fee, and
<br /> subject also to applicable zoning ordinances and real estate taxes for the year in which the deed
<br /> is delivered and thereafter.
<br /> 7. TAXES AND ASSESSMENTS
<br /> Buyer shall pay all general and special taxes, liens, and charges including any and all
<br /> assessments of every nature, levied, assessed, or accruing on the Property after the Effective
<br /> Date. Real estate taxes shall be prorated to the date of closing using the short-term method of tax
<br /> proration. The Real Estate Taxes shall be paid monthly in the amount of $ 119.53 per month
<br /> along with the mortgage payment to J&B Rentals. The amount will be reviewed at the end of
<br /> each year and the amount will be changed accordingly.
<br /> RISK OF LOSS AND INSURANCE
<br /> Buyer shall be liable for risk of loss by negligence fire, or other casualty. Seller agrees to keep
<br /> the Property insured, with at least content, liability, fire, casualty, hazard, and windstorm
<br /> insurance with an insurance company and to an amount satisfactory to Seller and a
<br /> comprehensive liability insurance coverage for the benefit of both Parties, as their interest may
<br /> appear, and provide a copy of said policy to Seller or to any mortgagee. All insurance proceeds
<br /> shall be payable to Seller. The cost of this insurance paid by the seller shall be reimbursed by the
<br /> Buyer in the amount of $46.42 per month and added to the monthly mortgage payment. The
<br /> insurance will be reviewed at the end of each year and changed accordingly. The Buyer
<br /> understands that their personal property is not covered in the above insurance and that the Buyer
<br /> will need to insure their own personal property.
<br /> 9. UTILITIES
<br /> Buyer shall pay the cost of all utilities in connection with the Property, including, but not limited
<br /> to, telephone, gas, electric, water, sewage,and cable,that may become due or payable on or after
<br /> the Effective Date. Buyer shall at no time have any utility service disconnected without written
<br /> authorization from Seller.
<br /> 10. POSSESSION OF PROPERTY
<br /> Upon execution of this Contract, Buyer shall take possession of the Property and shall enjoy
<br /> peaceful possession of the Property for as long as all payments due under this Contract are made
<br /> in a timely manner and all other terms and covenants are in compliance.
<br /> 11. TIME IS OF THE ESSENCE
<br /> Time is of the essence with respect to the terms and provisions of this Contract. The time of each
<br /> payment shall also be an essential part of this Contract.
<br /> 12. DEFAULT BY SELLER
<br /> In the event of the failure of Seller to comply with the terms of this Contract or perform any of
<br /> the covenants hereby made and entered into, Buyer shall have the option to collect damages at
<br /> law or demand specific performance,costs, and reasonable attorney's fees from Seller.
<br /> 13. DEFAULT BY BUYER
<br /> In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be paid by
<br /> Buyer, for a period of 20 days after they become due, either as installments or on account of
<br /> interest, taxes, assessments, or procuring insurance, or should Buyer fail to comply with any of
<br /> the covenants or conditions of this Contract on its part to be performed, or if a receiver is
<br /> appointed for Buyer(Buyer is prohibited from assigning its interest in the Property Y for benefit of
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