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properties, encroachments by improvements on the-~roperty onto adjacent properties, and rights of way of any nature, not disclosed by the public record. (b) Seller has no knowledge of any pending litigation involving the Property. (c) Seller has no knowledge of any violations of, or notices concerning defects or noncompliance with, any applicable building code or other code, statute, regulation, ordinance, judicial order, or judicial holding pertaining to the Property. (d) Seller is not in default under any Agreement, note, or encumbrance relating to the Property. (e) Seller has no knowledge of any material defects in the Property and the improvements on the Property other than those listed in Schedule "A", and, except for those defects, the Property and improvements are in good condition, reasonable wear and tear excepted. ARTICLE 5. MISCELLANEOUS PROVISIONS Liquidated Damages Section 5.02. If Buyer defaults in the performance of this Agreement, the parties agree that Seller shall be released from any obligation to sell the Property to Buyer and may retain, as liquidated damages, the lesser of the deposit paid by Bayer on execution of this Agreement pursuant to Sectio?, 1.01(a) or 3 percent of the purchase price. Seller shall refund to Buyer the remainder of the deposit, if any. The parties further agree that the amount of liquidated damages established by this provision is a reasonable estimate, under the circumstances existing on the da te of execution of this Agreement, of what Seller's damages would be in the event of a default by Buyer. Initialed by Buyer: ~ Initialed by Seller: Insurance Section 5.03. Seller shall cancel all policies of insurance on the Property as of the close of escrow. Buyer shall be responsible for obtaining insurance on the Property as of the close of escrow. Agmt-1 4 FXS:lrn