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II $4 -- ijv0875 (' TAXES, ASSESSMENTS AND INSURANCE 1. Taxes. Buyer shall be responsible for the general taxes ' on the Real Estate from the 15th da_y of February, 1984. The 1984 realty taxes will be prorated to February 15, 1984. 2. Assessments. Buyer agrees to personally pay all assessments and special taxes for municipal or other public improvements completed after the date of execution of this contract. 3. Insurance. Buyer shall be responsible for any insurance premiums oar Tiazard, theft, malicious destruction, liability and mortgage insurance and all policy coverage shall be approved by the Seller. Buyer shall immediately furnish to Seller an insurance policy paid in full for insurance for the period of the 15th day of February, 1984 to the 15th day of February, 1986. III TITLE Seller has furnished Buyer evidence of marketable title to the Real Estate at the date thereof by providing and paying for a policy of title insurance on the premises satisfactory to Buyer's attorney, naming the Buyer as the insured party under this land contract and by placing a general warranty deed on the premises in escrow under the attached escrow agreement, which is specifically incorporated by reference herein. Seller shall pay all escrow fees. IV IMPROVEMENT Buyer agrees that no improvements or alterations shall be made to the property without first receiving the written consent of the Seller. If improvements are made and the Buyer defaults on this contract, Buyer agrees to waive any right or credit to such improvements. V DEFAULT Time is of the essence of this contract. Buyer further agrees that if he shall fail to pay any taxes or assessments levied or assessed against the Real Estate, or fails to pay the premium of insurance, Seller may pay said taxes, assessments or premiums and the amount so paid shall become due and payable forthwith by Buyer to Seller without notice or demand and shall become a part of the principal balance due under this contract. If Buyer defaults on any installment due under this contract for a period of ninety days after said installment is due, the Seller shall have the right to rescind this agreement, and all monies paid hereunder shall be retained by the Seller as agreed liquidated damages and rent of said property, and Seller will be entitled to immediate possession of said property with improvements thereon; and it is further agreed that each default in the payment of any subsequent installment shall be a fresh breach of this contract, and that a failure of the Seller to exercise its option at the time of any one default shall not operate to bar its right to exercise its option upon any subsequent default of the Buyer. _~_