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20029 200303031 (2) Delinquency Charge. Any payment not made by the of any month shall be considered delinquent and shall draw interest at the rate of ten per cent (10 %) per annum from and after date of default. (3) Improvements. This Contract specifically includes any personal property set forth herein, and Buyer has inspected said personal property and accepts the same in its present condition. (4) Taxes and Assessments. Seller agrees to pay the 44-PAX and all prior years' personal property taxes in full, with taxes for the year$oe4 to be prorated to the date of possession, such proration to be based on the RA Miftax, with the Seller paying to the date of possession and the Buyer paying all taxes and special assessments after tlye date of possession. The Buyer agrees to pay the prorated LAW taxes and all subsequent years' taxes before the same become delinquent. In the event that the Buyer permits said taxes to become delinquent, the Seller is given the option of paying such taxes, and the amount of such payments shall be considered advancements and shall draw interest at the rate of ten per cent (10 %) per annum until paid. (5) Insurance. The Buyer agrees to obtain at his /her cost personal liability insurance covering liability arising out of the ownership, use apd Wupancy of said premises in an amount not less than $ �9T, with the Seller being named as an additional insured. Buyer shall provide Seller with copies of said insurance policies or certificates of insurance at all times during the term of this Contract. (6) Possession. Buyer shall have possession of said real property upon closing. (7) Risk of Loss. The Buyer has inspected the real property and the improvements thereon and accepts the same in its present condition, with all risk of loss to any improvements resting with the Seller until possession of the same is given to the Buyer. Buyer has inspected said premises and accepts the same without any representation or warranties on the part of the Seller or his agent. (8) Payments. All payments due hereunder shall be paid to the Seller at such address as he shall provide the Buyer in writing from time to time. (9) Default and Remedy. If the Buyer fails to make any payment due hereunder or perform any of the covenants required of them by the terms of this Contract for a period of ten (10) days -2-