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201607376
<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. When the real estate taxes become due and payable, Buyer shall pay same directly to
<br />J &B Rentals monthly in the amount of $58.68 per month. This amount is added to the mortgage
<br />payment. This amount will be reviewed at the end of each year and the amount will be changed
<br />accordingly
<br />8. RISK OF LOSS AND INSURANCE
<br />Buyer shall be liable for risk of loss by negligence, fire, or other casualty. Buyer 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 the insurance is $35.91 per month. This amount will be
<br />added to the monthly mortgage payment. And will be reviewed at the end of each year and
<br />changed accordingly. The Buyer understands that any personal property is not covered in the
<br />above insurance and that the Buyer will need to insure their 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 5 ays 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 for benefit of
<br />creditors due to bankruptcy or otherwise), or should any action or proceeding be filed in any
<br />court to enforce any lien on or claim against the Property seeking to reach the interest of Buyer,
<br />then:
<br />A .Seller shall be released from all obligations in law or equity to convey the Property to Buyer.
<br />B .Buyer agrees to forfeit all rights to the Property, improvements made to property, fixtures
<br />added to the Property, including, but not limited to, lighting, carpet, ceiling fans, etc,, any monies
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