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.._. . � � <br /> 4 <br /> � ��-�- �oo��� <br /> D. All ather expenses charq�d to Buver c�n�istent <br /> with �ji� terms of �his Option for Purchase ot Real Estate. <br /> 13. Real Estate Taxes. The parties acknowledge that no <br /> real estate taxes are beinq levied against the real prAperty <br /> : because the real property is owned by the School District of • <br /> Grand Island. Any real estate �axes levied after the exercise of <br /> ; this option shall be paid by Buyer. <br /> ; 14, Possesaion. Buyer shall be entitled to full possession <br /> , of the real property on the Clasing Date. Huyer will accept the <br /> real property in such condition as it naw is, without reliance <br /> ; upon any representations by the Seller, its officers, agents or <br /> � employees. � <br /> � 15. Insurance. If this option is exercised by Huyer, Buyer <br /> � � agrees to procure on or before the Closing Date and maintain <br /> � camprehensive general liability insurance cav�ring the real <br /> ! propert�r and protecting the Sell�r and Huyer, their respective <br /> officers� agents, and employees from all claims, demands, <br /> � lawsuits, and judgments aris3ng out of injury or death to persons <br /> � or damage to property occurring on the premises. The coverage <br /> shall be in an amount not less than On� Million Dollars <br /> � ($1,000,000.00) for bodily injury, death or property damage. The � , <br /> i policy of liability insurance shall name Seller as an additional <br /> � 7 .: <br /> � insured, and Buyer shall provide Seller with a Certificate of �� <br /> Snsurance and premium a � --_�= <br /> f p yment receipts evidencing that the ! -= <br /> , insurance is in fnit f���� �r� �t€��t a� aIi zimes aiter Closing - - - - - <br /> ' Date and before final payment under paragraph 2 hereof. <br /> f.~ <br /> � 16• Appropriate Authoritv. Seller represents and warrants ` - <br /> � . <br /> . to Huyer that the executio nan d performance of this Option for <br /> � Purchase of Real Estate by Seller has been duly authorized and � <br /> ;� approved consistent with the applicable laws of the State of <br /> Nebraska. <br /> ; <br /> ? 17. Use of Real Pro ertv bv Seller. <br /> Seller shall not make <br /> f any improvements in the real property or change or alter the use <br /> � of the real property at any time before the Expiration Date <br /> � without the written consent of the Buyer. - <br /> � <br /> �� <br /> ' 18. Guarantv of Com letion of Proposed Improvements. Buyer ��'"'� <br /> ; agrees that the real property shall be used exclusively for � <br /> purposes of the construction of a center for higher education, t - <br /> where educational institutions such as the IIniversity of � <br /> Nebraska-Lincoln, Rearney State College, Hastings College and � � <br /> Central Community College will provide educational opportunities <br /> � to individuals. If Buyer does not commence construction of a <br /> center for higher education within one (1) year from the date of <br /> . exercise di this option, Buyer shail reconvey the real property <br /> � to Seller free and clear of all li.ens and encumbrances except <br /> � ! easements and restricicions of record and Seller shall refund to <br /> " Huyer all payments made by Buyer under paragraph 2 hereof. <br /> ; <br /> . 19. Suitabilitv Studies. Seller will permit BuyEr at any <br /> time after the date of the execution of this Option for Purchase <br /> -4- <br /> �_-._==__ <br /> � <br /> ) . <br /> . _ . . � 1 <br /> t . <br /> � • � � <br /> . h <br /> � <br /> ri . <br /> {�� .r' <br /> � � <br />