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22. Time is of the essence hereof, and if any payment or any other condition <br />hereof is not made, tendered or performed by either the Seller or Purchaser as herein <br />provided, then this contract, at the option of the party who is not in default, may be <br />terminated by such party, in which case the non - defaulting party may recover such <br />damages as may be proper. In the event of such default by the Seller, and the Purchaser <br />elects to treat the contract as terminated, then all payments made hereon shall be returned <br />to the Purchaser. In the event of such default by the Purchaser, and the Seller elects to <br />treat the contract as terminated, then all payments made hereunder shall be forfeited and <br />retained on behalf of the Seller. In the event, however, the non - defaulting party elects to <br />treat this contract as being in full force and effect, the non - defaulting party shall have the <br />right to an action for specific performance and damages. <br />23. Except as stated in paragraph 17, if title is not merchantable and written <br />notice of defect(s) is given by the Purchaser or Purchaser's agent to Seller or Seller's <br />agent within the time herein provided for delivery of deed and shall not be rendered <br />merchantable within 30 days after such written notice, then this contract, at the <br />Purchaser's option, shall be void and of no effect and each party hereto shall be released <br />from all obligations hereunder and the payments made hereunder shall be returned <br />forthwith to Purchaser upon return of the abstract, if any, to Seller; provided, however, <br />that in lieu of correcting such defect(s), Seller may, within 30 days, obtain a commitment <br />for owner's title insurance policy in the amount of the purchase price reflecting title <br />insurance protection in regard to such defect(s) and the Purchaser shall have the option of <br />accepting the then existing insured title in lieu of such merchantable title. The Seller <br />shall pay the full premium for such owner's title insurance policy, and the abstract, if any, <br />shall be returned by the Purchaser. <br />24. The parties may elect to execute a new Agreement to Purchase the property <br />reflecting the terms of this agreement prior to submitting the contract to the title <br />company. <br />Murp4 Mining & Exploration, LLC <br />David R. `Cullity, General Manager <br />Tenant /Purchaser <br />P.O. Box 661 <br />Cripple Creek, CO 8813 <br />lobert M. Denis <br />Landlord /Seller <br />1201 Doyle Place <br />Colorado Springs, CO 80915 <br />Verna A. Gotto ` fka Verna A. <br />Bauserman <br />Landlord/Seller <br />1201 Doyle Place <br />Colorado Springs, CO 80915 <br />