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5. TAXES AND SPECIAL ASSESSMENTS. Seller shall pay all general real estate <br />taxes and installments of special assessments due and payable in the year prior to the <br />year in which the Closing occurs and in all years prior thereto. Seller and Buyer shall <br />prorate to the Closing all general real estate taxes due and payable in 2001. Buyer <br />assumes and shall pay all general real estate taxes in all years subsequent to Closing. <br /> <br /> Seller SHALL PAY ON DATE OF CLOSING any deferred or delinquent real estate <br />taxes or special assessments. <br /> <br />6. CLOSING. The Closing (herein the "Closing" or "Date of Closing") shall take <br />place within five (5) days of the preliminary plat approval of Seller's proposed <br />development immediately adjacent to the subject property, or such earlier date as the <br />parties shall agree to at a location to be determined by the parties. <br /> <br />7. SELLER'S BOUNDARY LINE, ACCESS, RESTRICTIONS AND LIEN <br />WARRANTIES. Seller warrants that buildings, if any, are entirely within the boundary <br />lines of the property. Seller warrants that there is a right of access to the real property <br />from a public right of way. These warranties shall survive the delivery of the Deed. <br /> <br />8. CONDITION OF PROPERTY. Seller warrants that the property is not connected <br />to: city sewer; city water; cable TV. Seller shall remove all debris and all personal <br />property not included in this sale from the property before possession date. Seller has <br />not received any notice from any governmental authority as to the existence of any <br />dutch elm disease, oak wilt, or other disease of any trees on the property. <br /> <br /> Seller's warranties and representations contained in this paragraph 8 shall <br />survive the delivery of the Deed, provided that any notice of a defect or claim of <br />breach of warranty must be in writing and given by Buyer to Seller within one year of <br />the Date of Closing or be deemed waived, <br /> <br /> Buyer shall have the right to have inspections of the property conducted prior <br />to closing. <br /> <br />9. DISCLOSURE OF NOTICES. Seller has not received any notice from any <br />governmental authority as to violation of any law, ordinance or regulation. If the <br />property is subject to restrictive covenants, Seller has not received any notice from any <br />person as to a breach of the covenants. <br /> <br />10. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. <br /> <br />11. POSSESSION. Seller shall deliver possession of the property not later than the <br />Date of Closing. <br /> <br />2 F:~-'~DATA~,MU-TWR. pA <br /> <br /> <br />