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i i, Knox, convey said property to Kenneth B. Knox or Kenneth B. Knox may refuse to accept the eases and this Agreement shall be void. (h) The risk of loss of David E. Philippi's interest in the property shall be upon him until the sale and purchase is actually closed and Kenneth B. Knox has accepted title. (i) David E. Philippi and Kenneth 8. Rnox and The Overland National Bank of Grand Island, Nebraska, each specifically agree that time is an essential element of this Agreement. 9. Within 45 days after valid service of a notice pursuant to the terms of paragraph 7, immediately preceding, the sale from Renneth B. Knox to The Overland National Bank shall be closed and consummated upon the following terms and conditions: (a- The closing date shall be within 45 days after the date of the mailing of the notice. (b) Upon closing, The Overland National Bank shall be entitled to possession of the property. (c} Upon closing, The Overland National Bank shalt pay to Kenneth B. Knox the purchase price in full in the amount of $122,500.00. {d) Kenneth B. Knox and Marilyn M. Knox, husband and wife, each in his and her own right and as spouse of the ether, do hereby agree that upon the closing of the purchase by The Overland National Bank the property will be transferred to The Overland National Bank free and clear of all liens and encumbrances excepting those which The Overland National Bank agrees to assume. The Overland National Bank will assume, up to a maximum of $122,500.00, one-half of the unpaid principal balance of the existing Home Federal Savings and Loan Association first mortgage against said real estate. (e) Within 10 days after the notice of sale has been given by the appropriate party, Kenneth B. Knox sha31 at his expanse, furnish a legible abstract of title extended to date by a registered abstracter, which abstract shall show marketable title to an undivided one-half {~) interest in the premises to be vested in Kenneth B. Knox, subject only to encumbrances which The Overland National Bank will be assuming under the terms of the sale as provided herein. (f) At closing, Kenneth B. Knox and Marilyn M. Knox, husband and wife, each in his and her own right and as spouse of the other, shall convey the undivided one-half (~,) interest in the real estate to The Overland National Bank by Warranty Deed, free and clear of all special assessments, liens, taxes, and other encumbrances whatsoever which are net specifically being assumed by The Overland National Bank according to the terms of this Agreement. (g) In the event that the abstract class not show marketable title of the one-half (~> interest to be vested in Kenneth B. Knox, either free and clear of all liens and encumbrances, or subject to liens and encumbrances which The Overland National Bank agrees to assume and which can be paid off at closing, but the aggregate of which do net exceed the purchase price hereunder, then Kenneth 8. Knox and Marilyn M. Knox shall, nevertheless, at the option of The Overland National Bank, convey said property to The Overland National Bank or The Overland National Bank may refuse ko accept the same and this Agreement shall be void. _~_