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202100852 representations or warranties of condition to the Buyer other than as specifically set forth herein and that the Buyer shall accept conveyance of the Real Estate and all improvements thereon in "As Is" condition. 9. Closing Procedures. Buyer(s) and Seller(s) acknowledge and understand that the closing of the sale may be handled by an escrow agent and that the listing broker is authorized to transfer the earnest deposit, or any other funds received to the escrow agent. After the transfer, the listing broker shall have no further responsibility or liability to Buyer(s) or Seller(s) to account for the funds. Escrow agent's charges shall be equally divided between Buyer and Seller. 10. Conveyances at Time of Closing. Upon the closing, the Seller shall convey the Real Estate by Warranty Deed, and any irrigation equipment and personal property by Bill of Sale, free and clear of all liens and encumbrances, except easements and restrictions of record; and the Grantees in such instruments shall thereupon be entitled to full possession of the Real Estate, subject only to the existing rights of tenants, if any. Additionally, the parties shall also execute the necessary Notice of change of Ownership/Water Resources Update Notice required by the Nebraska Department of Natural Resources in respect to a transfer of the registered wells or other water rights allocable to the Real Estate. 11. Disclosure Statement. The Buyer acknowledges that Buyer is not entitle to receipt of a Seller Property Condition Disclosure Statement as otherwise required by Neb.Rev.Stat. Section 76-2,120 because the Real Estate is being used primarily for agricultural purposes. 12. Risk of Loss. Risk of loss to the Real Estate shall be upon the Seller until the time of closing and thereafter shall be upon the Buyer. The Seller shall continue in farce until closing all insurance now in force on the real estate. 13. Essence of Time. The Seller and the Buyer each agree that time is an essential element of this Agreement. 14. Default. In the event that the Buyer shall fail to consummate the closing of this transaction for any reason other than that provided herein, the Seller may, at Seller's option, retain the earnest money deposit as liquidated damages for such failure or utilize such other legal and equitable remedies as are available to the Seller by reason of such failure. Should the Seller fail to consummate the closing of this transaction or otherwise fail to perform in accordance herewith, the Buyer shall be entitled to utilize such legal and equitable remedies as are available to the Buyer by reason of such failure. Page 14