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' � r , ` <br /> ' reason other than Seller's default, the Deposit shall be retained by Seller as liquidated damages <br /> and shall be Seller's sole and exclusive remedy at law or in equity for Buyer's default under the � <br /> resulting contract of sale of the Premises. The parties hereto agree that such liquidated damages <br /> are to be the sole and exclusive remedy for Buyer's default since it would be extremely difficult <br /> to ascertain the actual damages that would result from Buyer's failure to purchase the Premises. <br /> 4. SELLER'S REPRFSENTATIONS. Seller represents to Buyer that Seller is the legal <br /> owner of the real estate or has a contractual right to become owner of the real estate and dtle <br /> can be conveyed to Buyer free and clear of all liens. <br /> 5. CLOSING DATE AND CLOSING. In the event of the exercise of the option <br /> hereunder by CICD, the parties agree that they sha11 both be bound to carry out the sale of the <br /> above real estate, prior to 7anuary 15, 1996, on the following terms: <br /> A. The Seller shall promptly furnish Buyer with a commitment for an�owner's tide <br /> insurance policy from a title company acceptable to Buyer insuring against defects in <br /> merchantability of title in the value of the purchase price. Title evidence shall show that there <br /> are no financing statements on file affecting the premises. Title may be subject to mineral rights <br /> if reserved or conveyed of record and to all easements and building and use restrictions now of <br /> record which do not restrict reasonable use. Buyer shall promptly advise the Seller of any <br /> claimed defects in title evidence to permit a resolution of the same before closing. the Seller <br /> shall pay the initial search charge and the title insurance premium charge and Buyer shall pay <br /> the search charge as to BUYER and the cost of any mortgage title insurance policy if any, and <br /> the cost of any endorsements which CICD may request by attached to said policy. <br /> B. At closing the Seller shall pay for transfer tax stamps and shall pay for or give <br /> 2 <br />