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Land Title Surveys adopted in 2005. Buyer shall have the option of (i) accepting the condition of <br />the Property as disclosed in the Survey in an "as is" condition, or (ii) terminating the Contract, <br />thereupon Buyer and Seller shall each be released from all further liabilities and obligations to each <br />other with respect to all matters arising from this Contract. <br />4.3. Conveyance. Seller shall convey title to the Property to Buyer by Quit Claim Deed <br />(the "Deed"), subject only to: (i) taxes for the year of Closing; and (ii) matters disclosed in the title <br />evidence provided to and accepted or deemed accepted by Buyer. <br />4.4. Place of Closing. Closing shall be held at the office of Aloma Title Co., or such <br />other location as is mutually agreed upon by Buyer and Seller. <br />4.5. Documents for Closing. Buyer's attorney shall prepare the Deed, closing statement, <br />and any corrective instruments that may be required in connection with perfecting title. <br />4.6. Expenses. State documentary tax for the Deed and the cost of recording all <br />corrective documents needed to complete the transaction shall be borne by Buyer. Buyer shall pay <br />for recording the Deed and all fees and expenses arising from or associated with the simultaneous <br />issuance of a lender's title insurance commitment and policy, if any, and any and all endorsements to <br />such policy required by its lender. Additionally, Buyer agrees to pay Seller's attorneys' fees. <br />4.7. Proration of Taxes; Real and Personal. The Seller is exempt from property taxes, <br />therefore the taxes will not be prorated, and Buyer is responsible for payment of any taxes due for <br />the current year . <br />4.8. Special Assessment Liens. Special assessment liens which are certified, confirmed <br />and ratified as of the date of Closing are to be paid by Seller. Special assessment liens which are <br />certified, confirmed and ratified but payable in installments post Closing shall be paid in full by <br />Seller at Closing. Special assessment liens pending as of the date of Closing shall be assumed by <br />Buyer; provided, however, that if the improvements which form the basis for such special <br />assessment are substantially completed as of the date of Closing they shall be deemed to have been <br />certified, confirmed or ratified and Buyer shall, at Closing, be credited with an amount equal to the <br />last estimate of the assessment for the improvement made by the appropriate public body. <br />4.9. Default. If Buyer fails to perform any of Buyer's covenants set forth in this Contract, <br />the Deposit, if any, shall be paid to and retained by and for the account of Seller as agreed upon <br />liquidated damages and in full settlement of any claims whatsoever. If Seller fails to perform any of <br />Seller's covenants set forth in this Contract or fails to convey the Property when Seller is obligated to <br />do so in accordance with the terms hereof, Buyer shall have, as its sole and exclusive remedies, the <br />election of either (i) demanding and receiving a refund of the Deposit, if any, immediately or (ii) the <br />right of specific performance against Seller. <br />4.10. Severability. If any one or more of the provisions of this Contract is held invalid, <br />illegal or unenforceable, the remaining provisions of this Contract shall be unimpaired, and the <br />remaining provisions of this Contract shall be construed to best carry out the original intent of the <br />parties hereto. <br />