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• • IV. CLOSING AND POSSESSION (a) Delivery of the Deed and the first installment payment ($29,000.00) of the Purchase Price, and transfer of title of the Property shall take place at Closing. (b) Settlement will take place in the Office of the City Attorney in City Hall (605 E. Main Street, Charlottesville, Virginia) on November 17, 1998, or as soon thereafter as all conditions of Section III of this contract have been met to the Purchaser's satisfaction; and (c) Upon payment of the Purchase Price herein set forth, and upon satisfaction of all of the terms and conditions of this Contract, Seller shall deliver to Purchaser at Closing a General Warranty Deed conveying fee simple title to the Property to Purchaser with English Covenants of Title, free and clear of all liens, encumbrances and defects, except as set forth herein, and fully executed and signed by Seller and any other parties necessary to convey clear title. Seller shall convey to Purchaser good and marketable title to the Property. Seller will bear the cost of preparing the Deed and will bear the cost of the grantor's tax imposed by Virginia Code §58.1-802. (d) Possession shall be given on January 1, 1999, unless otherwise agreed in writing by the parties hereto. Seller shall maintain hazard insurance on the Property, naming the City as an additional insured. (e) In the event that it appears the conditions and contingencies set forth in this Contract cannot, or will not be met prior to Closing, the parties may either: agree, in writing, to extend the Closing date; or either parry may elect to void this Contract, without liability or penalty, by delivering written notice of this election to the other party on or prior to the Closing date. If Purchaser elects to void this Contract, Seller shall immediately return to the Purchaser all deposits received by it under this Contract. V. OTHER TERMS This Contract is further contingent upon the following: (a) Seller shall pay any and all real estate taxes accrued and/or due on the Property up to and through December 31, 1998. Prior to Closing, Seller shall pay all deferred taxes, penalties and interest, if any, existing, owed or outstanding with respect to the Property. (b) From the date of this Agreement through Closing, risk of loss or damage to the property by fire, windstorm, casualty or other cause is assumed by the Seller. From the date of this Agreement Seller shall not commit, or suffer any other person or entity to commit, any waste or damage to the Property or any appurtenances thereto. From the date of this Agreement, Seller shall not permit the manufacture, use, storage or disposal of hazardous Prepared by Charlottesville City Attorney's Office November 3, 1998 Page 3 of 5