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202404630
<br />5. DELIVERY OF DEED
<br />Upon full payment of this Contract, Seller shall issue a General Warranty Deed conveying to Buyer good
<br />and marketable title to the Property as evidenced by a title guarantee in the full amount of the purchase
<br />price procured and paid for by Seller. Grand Island Abstract will be the closing agent for this property.
<br />Buyer and Seller will have closing costs and will received a statement from the agent.
<br />6. EVIDENCE OF TITLE
<br />Seller shall be required to provide an abstract or guarantee of title, statement of title, title insurance, or
<br />any such other evidence of title at Seller's expense upon request from Buyer. Such evidence of title shall
<br />show marketable title of the Property conveyed free and clear of all encumbrances except those
<br />mortgages or liens, if any, mentioned herein, easements, restrictions, limitations, reservations, covenants
<br />and conditions of record not coupled with a possibility of reverter, right of reentry, or other reverter right
<br />that amounts to a qualification of the fee, and subject also to applicable zoning ordinances and real estate
<br />taxes for the year in which the deed is delivered and thereafter. Grand Island Abstract will be the closing
<br />agent for this property.
<br />7. TAXES AND ASSESSMENTS
<br />Buyer shall pay all general and special taxes, liens and charges including any and all assessments of
<br />every nature, levied, assessed, or accruing on the Property after the Effective Date. Real estate taxes
<br />shall be prorated to the date of closing using the short-term method of tax proration. The Real Estate
<br />Taxes shall be paid monthly in the amount of $336.61 per month along with the mortgage payment to
<br />J&B Rentals. The amount be reviewed at the end of each year and the amount will be changed
<br />accordingly.
<br />8. RISK OF LOSS AND INSURANCE
<br />Buyer shall be liable for risk of loss by negligence. fire, or other casualty. Buyer agrees to keep the
<br />Property insured, with at least content, liability, fire, casualty, hazard, and windstorm insurance with an
<br />insurance company and to an amount satisfactory to Seller and a comprehensive liability insurance
<br />coverage for the benefit of both Parties, as their interest may appear, and provide a copy of said policy
<br />to Seller or to any mortgagee. The Buyer is responsible for insuring the Seller's contents and
<br />furnishings in or about the Premises against both damage and loss and Buyer assumes liability for any
<br />such damage or loss on the property. Must list Five Points Bank as 1st mortgagee and J&B Rentals
<br />as 2°d Mortgagee.
<br />9. UTILITIES
<br />Buyer shall pay the cost of all utilities in connection with the Property, including, but not limited to,
<br />telephone, gas, electric, water, sewage, garbage, and cable, that may become due or payable on or after
<br />the Effective Date, Buyer shall at no time have any utility service disconnected without written
<br />authorization from Seller.
<br />10. POSSESSION OF PROPERTY
<br />Upon execution of this Contract, Buyer shall take possession of the Property and shall enjoy peaceful
<br />possession of the Property for as long as all payments due under this Contract are made in a timely
<br />manner and all other terms and covenants are in compliance.
<br />11. TIME OF THE ESSENCE
<br />Time is of the essence with respect to the terns and provisions of this Contract. The time of each
<br />payment shall also be an essential part of this Contract.
<br />12. DEFAULT BY SELLER
<br />In the event of the failure of Seller to comply with the terms of this Contract or perform any of the
<br />covenants hereby made and entered into, Buyer shall have the option to collect damages at law or
<br />demand specific performance costs, and reasonable attorney's fees from Seller.
<br />13. DEFAULT BY BUYER
<br />In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be paid by Buyer,
<br />for a period of 20 days after they become due, either as installments or on account of interest, taxes,
<br />assessments, or procuring insurance, or should Buyer fail to comply With any of the covenants or
<br />conditions of this Contract on its part to be performed, or if a receiver is appointed for Buyer (Buyer is
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