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I L ~2--~~~a39'94 4. As. of the data of possession herein, Buyer agrees to insure and keep insured the improvements on the real estate in a~minimum of Four Thousand t$4,000.~JO) Dollars against S-ire, wind, storm`hal, and extended coverage payable to Seller and Buver as their interests may :appear. A11. insurance pavments shall be made by Buyer directly and:-suehinsurance shall be obtained from a cnmYany acceptable *_o Seller hereunder and Buyer shall furnish Seller with-paid receipts showing proof of coverage'`at least 14 days prior to the expiration date. in the event that BuyeY'fails to make the payments as set forth previously„,then Seller may pay such amounts a~ the; shall become 3n~ and advance the>same on behalf`,of Euyer. Zn the event of such advance, all such monies shall draw interest at 'the rare of 16' per annum ^nti-1 paid. Se13er agrees that in the event of loss, ;proceeds to be divided between Buyer and Seller as their respective interests appear. This paragraph sha'.l act as-an assignment'of same upon presentation to an insurer of said premises. 5. Possession. It is agreed that Buyer shall have possession of the real estaE'e on <ws~ ;%o. (~~ ,v, the date of closing and Buyer shall be entitled;t retain possession so long`as they complc with the terms of this Agreement. 6. Warranty L'eed - Escrow.. Seller and Buyer agree that licllermott, Depue, McDermott ~ McDermott Law Offices shall serve'as escrow agent under this Agreement, upon the following terms and conditions: a. Seller agrees to execute a Warranty Deed canveyng its interest in'and-to the above described real estate to :Buyer free and clear af,all liens and encumbrances except easements and restrictions. of record, if any, and to deliver said deed_to the escrow agent and to`direct-said escrow agent to deliver said. Warranty Deed to Buyer upon performance of the-terms of this Agreement by tha Buyer. b. Seller agrees that the escrow'agenb;shal2 deliver the Warranty Deed to Buyer at such time as the outstanding balance doe hereunder has been paid in full by Bpyer to Seller. c. Seller and Buyer agree that all state documentary stamps assessed in 'connection with the filing of the deed shall be paid by Seller. -filing,fees-for recording of the deed shall be paid by Buyer. Buyer will be given credit for the documentary stamp at the time d€ closing. 7. Seller's t?emedies on Buvers' Deiault. Zn the event Buver shall default under the term_G and conditions of this Agreement, Seller shall have the followirg remedies: a. Default as used in this 6greement shall mean the breach by the Buyer of any of the terms, covenants and conditions of this Agreement imposed upon it. Default shall not occur until. 3p days have expired from the date upon wh'_ch Buyer should have performed and then in that event, the Seller shall giae the Buyer written notice or". such default, and if the same shall not have been remedied within li days after the date of such written notice, then the Seiler ma} at its option declare all amounts due and owing by virtue of this Agreement, togett:er with any advancements by Seller hereunder immediately due and payable, In that event, Seller or its successor in interest. may proceed~to foreclose Buyer of all rheir interes*_s, right -rte title in and tothe above described real estatc- or at its option elect to request;specifi.c performance or e~;em ise any other remedy at law of equity~whichma~~ be applicable to this Agreement. Upon default, the Sel-ler:shall~be entitled tc re-enter and take possession of the premises. ~2_