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83-tKJ1478 7. Buyer shall be entitled to possession of the premises upon Closing of this transaction. The Closing shall be on or before l5n days after the date of this Agreement, provided that the contingencies stated in #5 above have been satisfied by the Buyer. The exact time and place of Closing shall be negotiated between the parties. 8. The parties agree that the Seller will provide at its expense a Policy of Title Insurance showing the Buyer as insured and showing the premises to be free and clear of all liens and encumbrances except easements and restrictions of record. The cost of a title insurance policy for any mortgage lender shall be paid by Buyer. 9. Seller agrees to pay the real estate taxes for 1982. All of the 1983 real estate taxes and subsequent years' taxes, if any, shall be paid by Buyer. 10. Buyer acknowledges that Buyer has inspected the premises and accepts the same in its present condition. Buyer acknowledges that Seller agents or employees have made on representation to the Buyer as to the condition of the premises pursuant to this Agreement and as stated in Exhibit "An. 11. Risk of loss to the premises shall be upon Seller until the time of Closing. After Closing, risk of loss shall be upon Buyer, and Buyer shall insure the premises against casualty loss for the reasonable value of the premises. 12. Upon Closing, Seller agrees to convey the premises to Buyer by Special Warranty Deed. free and clear of all liens, taxes, and encumbrances except easements and restrictions of record; provided that, said Deed shall convey to Buyer an estate in fee simple determinable, and in the event of breach of any of the covenants contained in this Agreement, the possibility of reverter shall vest in the Seller herein, the city of Grand Island, Nebraska. 13. Time is of the essence of this Agreement. All covenants and conditions contained herein shall be binding upon and insure to the benefit of the parties hereto, their respective heirs, personal representatives,.successors and assigns. Dated: 'hJ C0'Vt;.J..., /1 , 1983. THE CITY OF GRAND ISLAND, NEBRASKA, A Municipal Corporation, By ,;'2 L f2 ,- Mayor i. /:..'~'? .1'-- Title SELLER ~~ o rt.... "" ." BUYER STATE OF NEBRASKA) ss. COUNTY OF HALL .).",tJ The foregoing instrument was acknowledged before me this ~ - of ~ ' 1983, by Robert L. Krill, Mayorot City 0 Gran Island, Nebraska, a municipal corporation, on behalf of the corporation. day the . J f[...<.JI.C-yv/<.4/ y; ~/a.t-'l..'6-<<._:m::; " Notary Public ' t -"UIQUllNllItul~ JU8tHfj,~ c-~lq._Aj"