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99 111459 3 . Title Conditions . Seller shall convey and First Commerce agrees to accept the Property subject to: zoning and building restrictions; regulations of any political subdivision in effect at the date of closing; property taxes not delinquent at the date of closing; any statement of facts an accurate survey may show; and easements, encroachments and restrictions of record, if any, which do not render title unmarketable . 4 . Evidence of Title. First Commerce has ordered a title commitment from Grand Island Abstract Escrow & Title Company. If title is found to be defective Seller shall have thirty days following receipt of notice from First Commerce identifying the defect in which to correct the defect, or if the defect can not reasonably be cured within thirty days, Seller iClllSt COiTtIT'i°T"iC2 5t2j�S tC cure �1i2 Ci2ic�C� Wii.�'iiTl '-i,ii11�.y ucay� following receipt of notice from First Commerce . The cost of the title policy issued hereunder shall be divided equally between the parties . 5 . A��ortionments . Seller shall pay all real property taxes for the year 1998 and all prior years . Taxes for 1999 shall be pro rated to closing. Any rents, premiums for insurance assigned to First Commerce, if any, and water and sewer charges shall all be prorated to the date of closing. Each party shall be responsible to pay its own attorney' s fees . 6 . Possession and Closing Date . Possession of the Property shall be given to First Commerce forty-five days following the receipt by Seller of the check identified in paragraph 2 b. hereof . Following approval of the title commitment by First Commerce, Seller shall have the right to set a closing date earlier than the closing date set forth above on five business days' notice to First Commerce . 7 . Assessments . All assessments for local improvements that are a lien at or prior to closing shall be paid by Seller. 8 . Destruction of Pro�ertv. The risk of loss or damage to the Property prior to the date of closing, shall rest with the Seller. In the event of a material loss or damage, either party shall have the right to cancel this Agreement by written notice to the other, and upon such cancellation, both parties shall be released of their liabilities hereunder and all sums paid by First Commerce shall be returned. 9 . Eminent Domain. If any or all of the Property is taken by eminent domain, either party may cancel this Agreement by written notice to the other and, upon such cancellation, both parties shall be relieved of their liability hereunder and Seller shall return to First Commerce all sums paid. 10 . Deed. Seller shall deliver to First Commerce at closing, a Warranty Deed, properly executed, conveying to First 2