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89= 101029 3. Clo fag. Closing of the sale shall take place at Vouthit Realty Co. ca; or before March 1, 1989. 4. Refinancing. Buyers agree that within five (5) years from the date of closing, they will pay off the unpaid balance of their Contract with, the Sellers. 5. Prepayment. The Buyers are given the option of paying tUe entire unpaid balance due hereunder with interest, at aa-y time upon th#rt�-. (30) =days. written notice to the Sellers, provided all required payment=s, have beet..made and all of the terms of this Contract tUly perfei med by the Buyers: 6. Title Insurance and Com wpauce. Sellere- and Buyers agree1:.to divxUk -:, equally the cost of title: insurance for the above described' property-. The Sellers agree to convey tl,,.e real'property by Warranty Deed °Lo the Buyers, free and clear of all liens:•.ad encumbrances, except easements, covenants and restrictions of record.. On or before the date of closing, Sellers will, at their expense, exile said Warranty Deed and deliver the same to the escrow agent, together with sufficient monies for the documentary transfer tax upon said geed, all to be held according to the terms of this agreement. 7. Condition of Premises. Buyers have inspected the real e4, e and accept the same in an "AS IS'' condition, and ire not relying upon any representation made by Sellers or anyone or, sellers' behalf. Sellers expressly disclaim all warranties, express or i- ".EpLted, as to the fitness of the real estate for the use of the real estate intended to be made by Buyers. It is further unders tood and agreed that Buyers are taking possession of the real estate being sold under this Contract on a rental basis prior to closing. Buyers have satisfied themselves that all heating, air conditioning and plumbing is in good and operating condition. Buyers further agree than any mechanical problem,a with heating, air conditioning or plumbing prior to the closing shall be the responsibility of the Buyers. 8. Termite Inspection. Buyers agree to have a qualified pest control professional inspect the improvements located upon the real estate at Buyer's expense. If there is evidence of termite's or other wood destroying insects, the improvements shall be treated at Sellers' expense. If visible evidence of previously treated infestation which , is now inactive is found, treatment shall not be required. If damage from termites or other wood destroying insects is found, the damage shall be repaired at Sellers' expense; provided, however, if the cost required for repair exceeds three percent (3) of the purchase price, Sellers have the right to elect not to have the damages repaired, and to declare this Contract null and void, and all aunts previously paid by Buyers towards the purchase of the residence shall be promptly refunded by Sellers. - 2- �-w R1�•�