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r r 88=- 141029 9. Taxes. Sellers agree to pay the 1988 and all prior years' real estate taxes. The 1989 real estate taxes shall be prorated between the parties to the date of closing based upon the 198R ras rate. 10. Risk of Loss. Risk of loss shall rest with Sellers until closing. From and after closing, Buyers shall be responsible to maintain hazard and flood insurance on said premises in a sum not less than the original contract purehase price of $57,500.00, such policy of insurance to be payable as the parties' interests appear hereunder. Buyers shall furnish to Sellers a.I -,certificate of proof of insurance throughout the term of this Contract. 11. Disclosure. Sellers and Buyers acknowledge that all real estate agents involved is this transaction are acting as agents of the Sellers. TV Buyers further acknowledge that one of the Sellers Is a lirc:aed real estate broker. 12. Loan. Buyers acknowledge that Sellers currently have a mortgage against the premises in favor of The Equitable Building and Loan Association. Sellers warrant that said indebtedness wi11,•be: paid off at the time of Buyers obtaining refinancing or at the time-6,f final payment under the terms of this Contract, whichever comes firsts. 13. Escrow Agent and Payments. The parties hereby designate the Overland Bank as escrow agent under this Contract. An executed copy of this Contract, Warranty Deed conveying said property, and Commitment of Title Insurance and all other documents, including insurance policies, shall be deposited with said Escrow Agent. Upon payment of all principal and interest due herunder by the Buyers, and up'cm their performance of all the terms of this Contract of Sale, said Escrow Agent is authorized to deliver said Warranty Deed, Title Insurance Commi.tmect and other documents to the Buyers. AI1•payments made under this Contract shall be paid directly to the Sellers. It is agreed between the parties that the duties and obligations of the .Escrow Agent are as depository only and to hold the above referred to documents and deliver them upon notice of completion of said Contract by'Buyers. The Escrow Agent shall not be called upon'to construe any Contract or instrument and in the event of any dispute between the parties, the Escrow Agent shall have the.right to hold the Tarranty Deed and other documents until a mutual agreemr_nt has been reached by the parties or until the matter has been settled" by.a final judgement or decree of a court of competent jurisdiction. The $150.00 fee will be split between Buyers and Sellers. 14. Default and Remedies. Should the Buyers Ca:_il to matte any payment 'hereunder or perform any of the terms of thir Contract as required-for more than thirty (30) days after the same is due or to be performed, then the Sellers shall have the option of declaring a forfeiture and declaring the entire amount then due and owing to be immediately due and payable. In addition, Sellers shall be entitled, upon default of Buyers, to foreclose `this Agreement as provided by law, and each of the parties are entitled to any other and further remedies either at law or in equity. - 3 - W 7 t