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12. DEFAULT BY BUYER <br />201700542 <br />Upon full payment of this Contract, Seller shall issue a General Warranty Deed <br />conveying to Buyer good and marketable title to the Property as evidenced by a title guarantee in <br />the full amount of the purchase price procured and paid for by Seller. <br />6. EVIDENCE OF TIME <br />LE <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 />riveter, right of reentry, or other riveter right that amounts to a qualification of the fee, and subject <br />also to applicable zoning ordinances and real estate taxes for the year in which the deed is delivered <br />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 $112.97 per month. This amount will be added to the <br />monthly mortgage payment. The amount will be reviewed at the end of each year and the <br />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. Buyer agrees to <br />keep 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 comprehensive <br />liability insurance coverage for the benefit of both Parties, as their interest may appear, and <br />provide a copy of said policy to Seller or to any mortgagee. All insurance proceeds shall be <br />payable to Seller. The cost of the insurance per month is $43.92. This amount is added to the <br />monthly mortgage payment and will be reviewed at the end of each year and changed accordingly. <br />The Buyer understands that personal property is not covered in the above insurance and that the <br />Buyer will need to insure their personal property. <br />8. UTILITIES <br />Buyer shall pay the cost of all utilities in connection with the Property, including, but not <br />limited to, telephone, gas, electric, water, sewage, and cable, that may become due or payable on <br />or after the Effective Date. Buyer shall at no time have any utility service disconnected without <br />written authorization from Seller. <br />9. POSSESSION OF PROPERTY <br />Upon execution of this Contract, Buyer shall take possession of the Property and shall <br />enjoy peaceful possession of the Property for as long as all payments due under this Contract are <br />made in a timely manner and all other terms and covenants are in compliance. <br />10. TIME IS OF'1'HE ESSENCE <br />Time is of the essence with respect to the terms and provisions of this Contract. The time of <br />each payment shall also be an essential part of this Contract. <br />11. DEFAULT BY SELLER <br />In the event of the failure of Seller to comply with the terms of this Contract or perform any <br />of 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 />In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be <br />paid by Buyer, for a period of 20 days after they become due, either as installments or on account <br />of interest, taxes, assessments, or procuring insurance, or should Buyer fail to comply with any <br />of 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 <br />Property to Buyer. <br />