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200004452 12. Common Areas: Liability of Lakes: Those areas between Lots 7 and 71; and Lots 71 and 8 in Amick Acres West Subdivision, adjacent to Sonja Drive, as marked in yellow and initialed by the parties on Exhibit 1 will be dedicated forthwith as common areas of the Amick Acres West Subdivision. Both said subdivisions shall maintain liability coverage of their respective lakes in an equal coverage amount. No modification to lessen the amount of coverage shall be made without the mutual consent of both subdivision's homeowner's association board. 13. Essence of Time. Seller and Buyer each agree that time is an essential element of this agreement. 14. Default. In the event Buyer shall fail to consummate the closing of this transaction for any reason other than that provided herein, Seller may, at their option, retain the escrow money as liquidated damages for such failure which shall constitute their only remedy under such situations.' Should Seller fail to consummate the closing of this transaction, or otherwise fail to perform in accordance herewith, Buyer shall be entitled to utilize such legal and equitable remedies as are available to Buyer by reason of such failure. 15. Architectural Review; Fencing. The Amick Acres East Subdivision is hereby given final and binding review of any improvements constructed on Lots 71 and 8 in said subdivision. There shall be no multi- family or condominiums constructed on said lots. Said Lot 71 shall be limited to a single -story single family residence. A point of access, the construction of which shall be mutually agreed upon by both the Buyer and Seller, shall remain in place at the east boundary of Island Drive in Amick Acres West Subdivision. Said point of access shall be available only for utility easement purposes or emergency ingress or egress. A point of access, the 4