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rate shall be 18% per annum. The deed of trust shall be subject to the same matters identified in ¶12 <br />below. <br />Buyer may prepay without a penalty. <br />4. FINANCING CONDITIONS AND OBLIGATIONS. <br />(a) Loan Application(s). (OMITTED -INAPPLICABLE] <br />(b) Loan Approval. [OMITTED -- INAPPLICABLE] <br />(c) Existing Loan Review. [OMITTED -INAPPLICABLE] <br />(d) Assumption Balance. [OMITTED -- INAPPLICABLE] <br />(e) Credit Information. [OMITTED -INAPPLICABLE] <br />5. , APPRAISAL PROVISION. (Check one box only.) This Section 5 ~ shall ^ shall . <br />not apply. <br />If this Section 5 applies, as indicated above, Buyer shall have the right to terminate this <br />contract if the purchase price exceeds the Property's valuation determined by an appraiser engaged <br />by N/A. If Seller receives a copy of such appraisal or written notice from lender which confines the <br />Property's valuation is less than the purchase price, on or before N/A (Appraisal Deadline), this <br />contract shall terminate. Buyer shall have the privilege and option of proceeding with <br />consummation of this contract without regard to the amount of the appraised valuation. Upon <br />closing, Buyer waives any objection to the Property's valuation. <br />6. COST OF APPRAISAL. Cost of any appraisal to be obtained after the date of this <br />contract shall be timely paid by Buyer. <br />7. NOT ASSIGNABLE. This contract shall not be assignable by $uyer without <br />Seller's prior written consent, except to an entity owned or controlled by Buyer. In the event of such <br />assignment, Buyer shall remain personally liable on the debt owed to Seller. Except as so restricted, <br />this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, <br />successors and assigns of the parties. <br />8. EVIDENCE OF TITLE. Seller shall famish to Buyer, at Seller's expense, a current <br />commitment for owner's title insurance policy in an amount equal to the purchase price, on or before <br />February 15, 2002 (Title Deadline). Such title insurance commitment shall include copies of all <br />instruments (or abstracts of instruments) listed in the schedule of exceptions (Exceptions) in the title <br />insurance commitment. This requirement shall pertain only to instruments shown of record in the <br />office of the clerk and recorder of the designated county or counties. The title insurance <br />commitment, together with any copies or abstracts of instruments famished pursuant to this Section <br />8, constitute the title documents (Title Documents). Seller will pay the premium for the title <br />insurance policy at closing and have the title insurance policy delivered to Buyer as soon as <br />practicable after closing. <br />K:\LIV\SCHIOH\Tipping-2\VACANT-CON.wpd 4 <br />