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E, <br />1 <br />1 <br />0 <br />1 <br />11 <br />1 <br />1 <br />0 <br />notice to pay the balance of the purchase price; and if the Buyer shall not do so within that <br />time, the Owner shall have the option of compelling the Buyer to do so or of terminating <br />this contract, and if the Owner shall elect to terminate this contract, the amount paid as <br />consideration for this contract shall not be refunded, but shall be retained as liquidated <br />damages, If the defects are not cured within that time, the Buyer shall have 30 days after <br />expiration of that time to pay the balance of the purchase price notwithstanding the defects; <br />and if the Buyer shall not do so within that time, the Owner will promptly refund the full <br />amount of the consideration paid for this contract, and this contract shall terminate. <br />4. Upon receipt of the balance of the purchase price within the time allowed, <br />the Owner will promptly execute and deliver to theBuyer a good and sufficient warranty deed, <br />containing all the usual common law covenants of title, conveying that property to the Buyer <br />in fee simple. <br />5. Either party failing to comply with the terms of this contract will pay all <br />expense, including a reasonable attorney's fee, incurred by the other party because of that <br />f allure. <br />6. Ad valorem taxes for the year in which the balance of the purchase price is <br />paid will be paid by the Buyer. The premium on,any hazard insurance policy in force covering <br />any improvements on the property will be prorated between the parties or the policy will be <br />cancelled, as the Buyer may elect. All prorating will be as of the date the balance of the <br />purchase price is paid. <br />7. Costs and charges incident to this transaction will be paid as follows: <br />Contract for sale Buyer <br />Deed Buyer <br />Note and mortgage None <br />Stamps on deed Buyer <br />Stamps on note None <br />Tax on mortgage None <br />Recording deed Buyer <br />Recording mortgage None <br />Abstract of title Seller <br />Examination of Abstract Buyer <br />Title insurance None <br />8. Possession of the property -shall be transferred from the Owner to the Buyer <br />simultaneously with delivery of the warranty deed and payment of the.balance of the purchase <br />price. <br />9. In the interpretation of this contract the singular shall be the plural and <br />vice versa whenever the context requires or common sense admits. <br />10. The Buyer may have the property surveyed and the corners thereof established <br />by a registered land surveyor, at the expense of the Buyer. Encroachments either way across <br />