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200212310 C. The Lessee may exercise this option at any time within fifteen (15) years after the date the Lessee takes possession, but only if the Lessee is not in default under the terms of this Lease Agreement. No part of the option price or monthly payments will be refunded if the Lessee fails to exercise the option to purchase. D. The Lessee shall receive a further credit against the purchase price for all principal amounts paid under the amortization schedule attached hereto as Exhibit A. E. At the time of purchase, when the purchase price is paid in full, the Lessor shall deliver to the Lessee a warranty deed with title free and clear of all liens and encumbrances. In all other respects, prevailing terms of a residential purchase agreement shall apply, with the parties bearing expenses in accordance with local custom. 21. INDEBTEDNESS. The real property is currently subject to a first deed of trust in favor of Wells Fargo Home Mortgage, Inc. The Lessor agrees to make all monthly payments upon the note secured by said deed of trust, and will fully satisfy said note and deed of trust at or p rior to the time that the deed to the Lessee is delivered to the Lessee as a buyer under the terms of the option to purchase described hereinabove. The Lessor covenants and warrants that it will make all scheduled payments upon the note to Wells Fargo Home Mortgage, Inc.; the amount due upon the note to Wells Fargo Home Mortgage, I i purchase Inc. is less than the amount of the option pu ase rice set forth hereinabove• and that the p c o Lessor shall, from time to time, make payments to Wells Fargo Home Mortgage, Inc., as and when necessary, so that the amount owed by the Lessor to Wells Fargo Home Mortgage, Inc. is always less than the option purchase price set forth above. 22. SECURITY FOR PAYMENT OF INDEBTEDNESS. The Lessor agrees that as additional assurance and security for the Lessor's promise to service the Wells Fargo Home Mortgage, Inc. debt, the Lessor will establish an escrow account with the instructions that all payments by the Lessee shall be paid into that escrow account, and the monthly payment owed by the Lessor to Wells Fargo shall be paid by the Escrow Agent as and when due out of said account. The Lessor shall provide the Lessee with a copy of the amortization schedule on said debt, and give the Lessee written authorization to confirm the payoff balance on said debt at any time. The Lessor also agrees to obtain, at or prior to time of closing, the personal guaranty of Wendell Fairbanks and Sarah Fairbanks that they will assure and guaranty the Lessor's performance of the terms of this Agreement, and the execution of the said Wendell Fairbanks and Sarah Fairbanks of a copy of this Agreement shall constitute such Guaranty. 23. TITLE INSURANCE. The parties agree to obtain title insurance for this transaction and to share the cost thereof equally between them. 24. BINDING EFFECT. The covenants and conditions herein contained shall HELMANN & SULLIVAN, P.C. ATTORNEYS AT LAW 747 N. BURLINGTON AVENUE SUITE 305 HASTINGS, NE 5B901