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7.2 Disclosure. Purchaser is advised as follows: <br />SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL <br />OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED <br />FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITffiN <br />SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE <br />PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX <br />BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE <br />CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A <br />DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN <br />INCREASE IN MILL LEVIES. PURCHASERS SHOULD INVESTIGATE THE <br />DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL <br />OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL <br />LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE <br />POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES. <br />ARTICLE VIII. <br />DEFAULT/REMEDIES <br />8.1 Default. Time is of the essence hereof, and if any payment or any other condition <br />hereof is not made, tendered or performed as herein provided, the remedies as set forth in Section <br />8.2 shall apply. <br />8.2 Remedies. in the event Purchaser is in default, then Seller may terminate this <br />agreement. In the event that Seller is in default, then Purchaser may, at its election, treat this <br />Agreement as terminated or Purchaser may, at its election, treat this Agreement as being in full <br />force and effect with the right for specific performance. Neither party shall be deemed to be in <br />default hereunder unless and until such default remains uncured at the expiration of 10 days after <br />written notice is first delivered to the defaulting party specifically setting forth [he default. <br />8.3 Prior Lease. Upon Closing of the purchase and Sale of the Subject Property, the Prior <br />Lease shall automatically terminate. If this transaction fails to close due to failure of any <br />conditions to Purchaser's duty to close, Purchaser shall also have the right, at its option and in its <br />sole discretion, to terminate the Prior Lease. <br />ARTICLE IX. <br />1~'IISCELLANEOUS PROVISIONS <br />9.1 Risk of Loss. In. the event the Subject Property is substantially damaged by fire, <br />flood or other casualty between the Effective Date and the Closing Date, this Agreement may, at <br />the option of Purchaser, be declared null and void. <br />RECEIVED <br />l3- APR 1 7 1003 k'~ <br />Division •f Minerals and Geology <br />~~~ <br />