06-1651 Sale of Real Estate to Unicorp National Developments, Inc.

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8. Prorations: Real property taxes shall be prorated as of 12:01 A.M. of the day of delivery of possession, the same being the closing date. 9. Applications of Deposit Upon Default: In the event of a dispute between the Buyer and the Seller with regard to whether or not a default has occurred by either party, or to whom the deposit should be transmitted, the escrow agent shall interplead the deposit into the registry of the Circuit Court. 10. Default bv Buver: Should Buyer be in default pursuant to the terms of this Contract, upon written notice of default by Seller, Buyer shall have thirty (30) days to cure said default. If the conditions precedent to Buyer's obligation to purchase have been fulfilled in the time required herein above, and thereafter Buyer defaults on its obligations to purchase under this Contract, then and in that event this Contract shall terminate, and all sums paid hereunder shall be retained by Seller as liquidated damages or Seller may seek specifiC performance. In addition, Seller may re-enter and remove Buyer as trespasser without liability for damages, or dispossess Buyer by summary proceeding, if Buyer shall have occupied the property in any manner not permitted hereunder prior to the date of closing. In the event litigation is necessary to enforce the provisions of this paragraph, Buyer shall pay Seller's cost and reasonable attorney fees, including all appeals. 11. Default of Seller: Provided the Buyer shall not be in default, should Seller, after good faith and due diligence, be unable to comply with and perform in accordance with the title status provisions of this Contract, Buyer shall have the option of either accepting the title as it then is or demanding a refund of the deposit(s) referenced in Paragraph 1 above, which shall immediately by returned to Buyer; thereupon, Buyer and Seller shall release each other of all further obligations under the Contract. In the event litigation is necessary to enforce the provisions of this Contract, the prevailing party shall be entitled to attorney's fees, including all appeals. No default as to any provisions of this Contract, on the part of either Buyer or Seller shall be claimed or charged by either party against the other until notice thereof has been given to the defaulting party in writing, and such default remains uncured for a period of ten (10) days after the defaulting party's receipt of such notice. 12. Survev: Seller shall, within five days of execution of this Contract, provide Buyer with a copy of an existing survey in its possession prepared by a licensed surveyor. Buyer may, at its option and sole expense, obtain a new survey for closing. If the survey shows any encroachments, overlaps, rights-of-way or easements on the land herein described, other than the permitted exceptions, or that any improvements located on the land herein described encroach on other land, written notice to that effect shall be given to Buyer and Seller shall have the same time to remove such defects as the Contract allows to cure other defects of title. If the Seller shall fail to remove said defects within the period of time then at the option of the Buyer, the Seller shall return the deposit(s) referred to in Paragraph 1, above, to the Buyer and this Contract shall be terminated, whereupon the Seller and the Buyer shall be relieved of all obligations to each other under this Contract. 13. Intended Purposes and Continaencies: Seller acknowledges and recognizes that Buyer is purchasing the property with the intent to use and develop the property for mixed use and retail development. To the extent Buyer is unable to use property in such manner, because Buyer cannot obtain site plan approval or permits as required from the appropriate 3