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4. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without <br />Sellers prior written consent, except that Buyer may assign this contract to an affiliate of Buyer. <br />Except as so restricted, this contract shall inure to the benefit of and be binding upon the heirs, <br />personal representatives, successors and assigns of the parties. <br />5. FVIDF.NCE OF TITLE. Buyer acknowledges receipt by its counsel on <br />Mazch 3, ] 994, of Seller's abstracts on the Property. Seller has furnished to Buyer, at Seller's <br />expense, a current commitment for owners title insurance policy for the "surface only" portion of <br />the Property in an amount equal to the purchase price. Seller will pay the premium for such title <br />insurance at closing and have the title insurance policy for the "surface only" portion of the <br />Property delivered to Buyer as soon as practicable after closing showing no other exceptions than <br />those shown on the commitment to Buyer dated effective May 16, 1994, at 7:30 a. m. <br />If Seller receives notice of unmerohantability of title or any other unsatisfactory title <br />condition{s) not shown on the previously delivered coaunitment, Seller shall use reasonable <br />efforts to correct said unsatisfactory title condition(s) prior to the date of closing. If Seller fails <br />to correct said uruatisfactory tide condition(s) on or before the date of the closing, this contract <br />shall then terminate; provided, however, Buyer may, by written notice received by Seller, on or <br />before closing, waive objection to said unsatisfactory tide condition(s). <br />6. DATE OF CLOSING. The date of closing shall be ten (10) days after <br />bankruptcy court approval (as described in paragraph 15) but no later than August 10, 1994. The <br />hour and place of closing shall be designated by mutual agreement of the parties. <br />7. TRANSFER OF TITLE. Subject to tender or payment at closing as required <br />herein and compliance by Buyer with the other terms and provisions hereof, Seller shall execute <br />and deliver a good and sufficient bazgain and sale deed to Buyer, on closing, conveying the <br />Property free and clear of all taxes except the general taxes fot the year of closing, and except as <br />shown on Exhibit "A" hereto. Tide shall be conveyed free and cleaz of all liens for special <br />improvements installed as of the date of Buyer's signature hereon, whether assessed or not; <br />except (i) distribution utility easements (including cable T V), (ii) those matters shown in the tide <br />commitment delivered to Buyer, (iii) those rights, if any, of third parties in the Property <br />referenced in paragraph 11, (v) inclusion of the Property within any special taxing district, and <br />(iv) subject to building and zoning regulations. <br />8. PAYMENTS OF ENCUMBRANCES. Any encumbrance required to be paid <br />shall be paid at or before closing from the proceeds of this rras~M~on or from any other source. <br />9. CLOSIN = CO TS. DOCitMF.NT SERVICES. Buyer and Seller shall <br />pay, in Good Funds, their respective closing costs and all other items required to be paid at <br />closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all <br />customary or required documents at or before closing. Each party shall bear its own fees. Any <br />local transfer tax shall be paid at closing equally by Buyer and Sellet. Any sales and use tax that <br />,...-,. d,~., 2 <br />