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may accrue because of this transaction shall be paid when due equally by Buyer and Seller. 10. PROBATIONS. General taxes for the year of closing, based on the taxt::s for the calendar year immediately preceding closing, rents, water and sewer charges, and all lease payments including without limitation those leases listed on Exhibit "A" hereto shall be prorated to date of closing. l 1. POSSESSION. Possession of the Property shall be delivered to Buyer at closing subject to the lease(s) or tetuutcy(s) shown on Exhibit A hereto. [f Seller, after closing, fat Is to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be additionally liable to Buyer for payment of $10.00 per day from the date of agreed possession until possession is delivered. 12. TjME OF ESSENCElREMEDiES. Time is of the essence hereof. if any note or check received as earnest money hereunder or any other paymrnt due hereunder is no t paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: (a) [f Buver is in Default: Liquidated Damages All paymrnts and things of value received hereunder shall be forfeited by Buyer and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are liquidated damages and (except as provided in subsection (c)) are Seller's sole and only remedy for Buyer's failure to perform the obligations of this contract. Seller expressly waives the remedies of specific performance and additional damages. (b) If Seller is in Default: Buycr tray elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be returned and Buyer may recover such damages as tray be proper, or Buyer may elect to treat this contract as being in frill force and effect and Buyer shall have the right to specific performance or damages, or both. (c) Costs and Expenses. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation arising out of this contract, the arbinator or court shall award to the prevailing party all reasonable costs and expenses, including attorney fees. (d) )`(price of Default and Rim to Cure. Notwithstanding the remedies stated above, upon default, notice and athree-day right to cure shall be given to the defaulting parry by the nondefaulting party, before the applicable remedy shall be enforceable. Said three-da:y period shall begin the day after notice of default is received by the defaulting parry. 13. At.T . NA . DI P iT . F. OL.LiTION: MEDIATION. If a dispute arises between the parties relating to this contract, the parties agree to submit the dispute to mediation. The parties will jointly appoint an acceptable mediator and will share equally in the „~.,. ~.