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•' •' -3 - <br /> 9. This Agreement is subject to the approval of the City of Decatur and <br /> the City's guarantee of the Buyer's obligations under this Agreement. If the <br /> City does not approve the contract and does not guarantee the Buyer's <br /> obligations, this contract is null and void. <br /> 10. If the improvements on the Premises are materially damaged by <br /> casualty on or before September 30, 1998, the Buyer may declare the contract <br /> void and receive a refund of the Four Hundred Thousand Dollars ($400,000) <br /> earnest money with interest at the rate of 7% per annum, or Buyer may <br /> complete the contract, accept the Premises as damaged, together with the <br /> proceeds of any insurance payable as a result of such damage. <br /> 11. Title Policy to Premises is accepted by Buyer as showing as of its <br /> effective date merchantable title to Premises in Seller. At the time Buyer is <br /> entitled to receive the deed, Seller shall have the Title Policy updated in the <br /> amount of the purchase price to show that there are no intervening liens or <br /> encumbrances caused by Seller. Any such liens or encumbrances shall be <br /> removed by Seller and Seller shall pay for said updated Title Policy except for <br /> charges for judgment search on Buyer. If there is no such lien or <br /> encumbrance, Buyer shall pay for the updated Title Policy. � <br /> 12. Seller hereby represents and warrants to Buyer that Seller has no <br /> actual knowledge of the existence of any underground storage tanks on the <br /> Premises; except for asbestos, the presence of any toxic, hazardous, or <br /> dangerous chemicals or other substances or conditions or the conduct of any <br /> activity on the Premises which would give rise to any action by the United <br /> States of America, the US Environmental Protection Agency, the Illinois <br /> Environmental Protection Agency, the Attorney General of the State of <br /> Illinois, or any federal, state, or local authority for the removal of such <br /> chemicals, substances, or conditions from the Premises or for the <br /> discontinuance of such activity; any pending or unremedied past actions by <br /> any governmental authority for the clean-up of the Premises. <br /> 13. Seller warrants that it has not received notice of, and does not �' <br /> know of any building code violations pertaining to the property. �'� <br /> 14. At any time prior to closing, Buyer may, at Buyer's expense, obtain <br /> a written professional report that the Premises are free of visible evidence of <br /> active termites. If active termites are found, Premises shall be treated at <br /> Seller's expense. If damage due to termites is found, Buyer shall give written <br /> notice to Seller and Seller shall corect the defects in accordance with Buyer's <br /> written inspection report. <br /> 15. Buyer, Seller and Escrow Agent shall receive an executed copy of <br /> this Agreement. Buyer shall deposit with Escrow Agent a quit claim deed <br /> conveying Premises to Seller which shall be delivered to Seller along with all <br />