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I -4- 84 - OtJI5.~' $ , which policy of insurance shall show and the parties' interests as they appear hereunder. shall be entitled to a copy of the casualty policy or a of Insurance showing the policy as being current at all the term of this Agreement. In the event of damage or ii;i:f to the premises between this date and closing percent of the improvements untenable, either Party may, 15 days after the $1,000.00 option consideration previously made funded. After Second Party takes possession after and in the event of any damage or improvements, all insurance proceeds arising from casualty 105$ be payable to First Party, Second Party and any mortgagee of the First Party as their interests may appea1- pursuant to this Agree~ ment. 13. Second Party, at its option and expense, may have the premises termite inspected to determine the existence of live ter- mites or termite damage. Such inspection shall be made before closin~ date. In the event of the discovery of live ter- mites or termite damage based upon a written report of the pest- control operator, First Party shall, at their expense, cause the termites to be eradicated and to make repairs of any structural damage to the improvements caused by termite infestation. If the , -. cost of eradication and repair exceeds $ ~~~" - , First Party Day elect not to treat or repair the improvements and may immediately rescind this Agreement and promptly refund Second Party's option consideration. 14. All damage deposits held by First Party from tenants shall be transferred to Second Party on Closing Date. First Party shall also assign all leases to Second Party on Closing Date. All Tents and uti 1 it.y payments from tpnantc:; due .qnd payable before January 2, 1981, shall be the property of First Party. All rents and utility payments from tenants due after January 2, 1981, shall ~ be the property of Second Party.