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� , � � <br /> ' and shall be Seller's sole and exclusive remedy at law or in equity for Buyer's default under the <br /> resuldng 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 REPRESENTATIONS. Seller represents and warrants to Buyer that <br /> Seller is the legal owner of the real estate or has a contractual right to become owner of the real <br /> estate and title can be conveyed to Buyer free and clear of all liens. <br /> 5. CLUSING DATE AND CLOSING. In the event of the exercise of the option <br /> hereunder by CICD, the parties agree that they shall both be bound to carry out the sale of the <br /> above real estate on the following terms: <br /> A. The Seller shall promptly furnish Buyer with a commitment for an owner's title <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 restricdons 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 prernium 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 /> BUYER credit for general real estate ta�ces for all prior years and for the Sellers prorata share <br /> of such taxes for the year in which the closing occurs. The Seller shall further pay or give <br />