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hereof, if any, and that Seller is otherwise in exclusive, peaceable and undisputed possession of the <br /> Property, and (v) testifying that there are no actions or proceedings now pending in any state or federal <br /> court to which Seller is a party including, but not limited to, proceedings in bankruptcy, receivership <br /> or insolvency, which would affect the Property, the title to the Property or Seller's ability to close on <br /> the sale of the Property to Buyer except as disclosed in the Title Commitment. Seller shall also <br /> furnish such other evidence, affidavits or information required by the Title Insurance Company so that <br /> the Title Insurance Company will be able to eliminate all standard exceptions from the Title <br /> Commitment at Closing, except for taxes for the year of Closing which are not yet due or payable. <br /> 4 .5 . Place of Closing. Closing shall be held by express courier or at the offices of Brown, <br /> Garganese, Weiss & D ' Agresta, P. A. or such other location as is mutually agreed upon by Buyer and <br /> Seller. <br /> 4.6. Documents for Closing. Buyer's attorney shall prepare the Deed, Seller's affidavit, <br /> closing statement, and any corrective instruments that may be required in connection with perfecting <br /> title. <br /> 4.7. Expenses . State documentary tax for the Deed and the cost of recording all corrective <br /> documents needed to complete the transaction shall be borne by Buyer. Buyer shall pay for the title <br /> insurance premium, recording the Deed and all fees and expenses arising from or associated with the <br /> simultaneous issuance of a lender 's title insurance commitment and policy, if any , and any and all <br /> endorsements to such policy required by its lender. <br /> 4.8 . Prorations and Escrow Balance . Taxes and other expenses and all revenue of the <br /> Property shall be prorated as of the date of Closing. <br /> 4. 9. Intentionally omitted. <br /> 4 . 10. 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 Seller <br /> at Closing. Special assessment liens pending as of the date of Closing shall be assumed by Buyer; <br /> provided, however, that if the improvements which form the basis for such special assessment are <br /> substantially completed as of the date of Closing they shall be deemed to have been certified, <br /> confirmed or ratified and Buyer shall, at Closing, be credited with an amount equal to the last estimate <br /> of the assessment for the improvement made by the appropriate public body. <br /> 4. 11 . 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 /> 3 <br />