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~- ~ <br />Y. <br />~~-~ fi(l~~tS <br />H. To pay all mortgage and insurance payments before the <br />the same become delinquent. <br />7. Buyer shall be entitled to possession of the premises upon the <br />Closl:ng of this transaction. The Closing shall be on or befbre ~_ days <br />after the date of this Agreement, provided that the contingencies stated in <br />~5-above have-been satisfied by the Buyer. The exact time and place of <br />Closing shall be negotiated between the parties. <br />8. The parties agree that the Seller will provide at its expense <br />a Policy of Title Insurance showing the Buyer as insured and showing the -- <br />premises to be free and clear of all liens and encumbrances except easements <br />and restrictions of record. The cost of a title insurance loan policy. for <br />any mortgage lender shall be paid by Buyer. <br />9. Seller agrees to pay the real- estate taxes for 1981 All <br />of the 1982 real estate taxes and subsequent years' taxes shall be paid by <br />Buyer. <br />10. Buyer acknowledges that Buyer has inspected the premises and accepts <br />Che same in its present condition. Buyer acknowledges that Sellers agents er <br />employees have made no representations to the Buyer as to the condition of <br />the premises pursuant to this Agreement and as stated in F,xhibit "A". <br />11. Risk of loss to the premises shall be upon Seller until the time <br />of Closing. After Closing, risk of loss shall be upon Buyer, and Buyer shall <br />insure the premises against casualty loss for the reasonable value of the <br />premises. <br />12. Upon Closing, Seller agrees to convey the premises to Buyer by <br />Special Warranty Deed, flee-and clear of all liens, taxes, and encumbrances <br />except easements and restrictions of record; provided that, said Deed shall <br />convey to Buyer an estate in fee simple determinable, and in the event <br />of breach of any of the covenants contained in this Agreement, the possibility <br />of reverter shall vest in the Seller herein, the City of Crand Island, Nebraska. <br />13. Time is of t:he essence of this Agreement. All covenants and <br />conditions contained herein shall be binding upon and inure to the benefit <br />of the parties hereto, their respective heirs, personal representatives, <br />successors and assigns. <br />Dated; 7V+V;' ~~ 198'l <br />THE CITY OF GRAND ISLAND, NEBRASKA <br />A Municipal. Corporation <br />r~ yor Title <br />Y SELLER <br />I~rry/ L ce <br />f .,~ G'Lkd./ <br />Barbara J. ce <br />BUYER <br />-2- <br />