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of repair or restoration exceeds three (3) percent of the purchase <br />price of the improvements so damaged, Buyer shall have the option <br />iof either taking the property as is, together with the.said three i <br />�(3) percent or of cancelling the contract and receiving return of <br />!deposits made hereunder. <br />V. DEFAULT <br />t• <br />.If Buyer fails to perform this contract within the time speci- <br />fied, the deposits paid by the Buyer aforesaid may be retained by <br />or for the account of Seller as liquidated damages, consideration <br />for the execution of this contract and in full settlement of -any <br />iclaims; whereupon all parties shall be relieved of all obligations <br />:under the contract; or Seller, at its option, may proceed at law <br />. i <br />for in equity to enforce its legal rights under this contract. If,• <br />;'for any reason other than failure of Seller to render its title <br />;;insurable after diligent effort, Seller fails, neglects.or refuses <br />f <br />i to perform this contract, the Buyer may seek specific performance <br />for elect to receive the return of its deposits without thereby <br />waiving any action for damages resulting from Seller's breach. <br />:XVI. EXPENSES <br />Buyer and Seller shall each bear their respective expenses <br />Mand attorney's fees; however, the cost of recording any corrective <br />11instruments shall be borne by the Seller and the cost of recording <br />I <br />;deeds from Seller to Buyer shall be borne by the Buyer. <br />,XVII.ESCROW <br />Any escrow agent receiving funds is authorized and agrees by <br />acceptance thereof to promptly deposit and to hold same in escrow <br />,hand to disburse same, subject to clearance thereof, in accordance <br />iwith the terms and conditions of this contract. Failure of clear- <br />iance of funds shall not excuse performance by the Buyer. In the <br />Vevent of doubt as to its duties or liabilities under the provisions <br />of this contract, the escrow agent may in its sole discretion, con- <br />tinue to hold the monies which are the subject of this escrow <br />t � <br />!!until the parties mutually agree to the disbursement thereof, or <br />i • <br />1 <br />�� JUN 2 11978 � _�_ • <br />i <br />