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r 83-- 001750 per annum after the maturity date thereof, whether it becomes due by lapse of time or by reason of default in the payment of any of the annual installments as herein provided for. General taxes for the year 1982 and all prior years shall be paid by Vendors, and Purchasers shall pay the general taxes for the years 1983 and all subsequent years. If Purchasers fail to pay such taxes, Vendors may pay such taxes and any sums paid by Vendors for any such taxes or assessments, together with interest thereon at ~ % per annum from the date of such payment, may be added to the purchase price of the real estate remaining due and unpaid, and in such case the annual install- ments thereafter paid by Purchasers pursuant to the terms of this Contract shall be first applied to the satisfaction of the sums so paid by the Vendors on account of any such taxes or assessments. Vendors agree to furnish a merchantable abstract of title of record as soon as possible after execution hereof and submit the same to the Purchasers for examination and approval; upon notice of defect, the Vendors shall have a reasonable time to remedy any defects in the title; provided, however, that if in the opinion of Vendors the cost to remedy any such defects is excessive, then Vendors may at their option elect to rescind this agreement and refund all sums paid by Purchasers hereunder to Purchaser and this agreement shall be of no further force and effect; provided, however, further that Purchasers may waive any such defects and elect to proceed to purchase this property pursuant to the terms hereof. Vendors agree to convey by warranty deed, including homestead rights, free and clear of all encumbrances except as stated herein, and subject to reser- vations, restrictions and easements of record. Said warranty deed is to be placed in escrow as hereinafter provided for delivery to Purchasers upon final payment as set forth above. Possession of said property shall be given to Purchasers at closing on or before April I, 1983. The following is hereby designated as escrow agent herein: Cunningham, Blackburn, VonSeggern, Livingston, Francis & Riley, 222 North Cedar Street, P. O. Box 2280, Grand Island, Nebraska and it is agreed by and between the parties hereto that when the purchase price and the interest thereon together with any amounts paid by the Vendors for taxes or assessments, with interest thereon as above provided for, shall have been fully paid by the Purchasers, the escrow agent will deliver to the Purchasers the warranty deed or deeds deposited with said escrow agent conveying the real estate to the Purchasers as aforesaid, free and clear of liens or encum- brances, except as above provided for, subject, however, to any liens or encumbrances created by or arising by reason of any acts of the Purchasrs. The Purchasers on satisfaction of the financial obligations hereunder, shall give notice of such satisfaction to the escrow agent, a copy of which shall be sent to the Vendors by -3- L ~ L