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(2) If any variance or special use permit for which Purchaser shall have applied <br /> pursuant to subsection 5(a) has not been Validly Issued as of the Closing Date; or <br /> (3) H any applicable governmental approval relating to hazardous substances has <br /> not been Validly Issued as of the Closing Date; or <br /> (4) If any license, permit or approval referred to in subsection 5(c) has not been <br /> "Validly Issued" as of the Closing Date. <br /> (vii) If all or any portion of the Subject Premises has been taken by the exercise of the <br /> power of eminent domain or condemnation before the Closing Date. <br /> (b) If an Event of Cancellation occurs, Purchaser may either accept the Subject Premises <br /> subject to the Event of Cancellation or cancel this Contract by giving notice of cancellation to <br /> Seller, or Purchaser may exercise an applicable legal remedy. <br /> (c) If Purchaser cancels this Contract in accordance with subsection (b), Purchaser shall <br /> pay the sum of Fifty ($50.00) Dollars to Seller as consideration for cancellation and as complete <br /> liquidated damages for all of Purchaser's obligations under this Contract. Upon payment, <br /> Purchaser shall be relieved of all liability and responsibility under this Contract, and Seller shall <br /> return (or cause to be returned) to Purchaser any amount deposited by Purchaser pursuant to <br /> subsection 2(b). <br /> (d) If Purchaser cancels this Contract as a result of a Title Defect, Seller shall pay <br /> Purchaser the reasonable cost of title search promptly after the cancellation. <br /> 8. ADJUSTMENTS <br /> (a) Real Estate Taxes: <br /> (i) Real estate taxes shall be apportioned on an equitable basis as of the <br /> Closing Date. <br /> (ii) The following shall apply if the land described in Exhibit A and the improvements <br /> situated on the land described in Exhibit A are part of a larger tax lot as of the Closing Date and <br /> have not been separately assessed by the appropriate taxing authority before the Closing Date: <br /> (1) The following shall apply to the apportionment of real estate taxes at the <br /> closing conference. <br /> (aa) The parties shall allocate real estate taxes imposed on the larger tax lot on <br /> an equitable basis between the land described in Exhibit A and the improvements to the land <br /> described in Exhibit A on the one hand and the balance of the larger tax lot on the other hand. <br /> (bb) The apportionment of real estate taxes at the closing conference shall <br /> reflect the allocation. <br /> (2) The following shall apply with respect to installments of real estate taxes that <br /> come due after the Closing Date and before the land described in Exhibit A and the improvements <br /> to the land described in Exhibit A are assessed separately from the balance of the larger tax lot. <br /> (aa) Each installment shall be allocated on an equitable basis between the land <br /> described in Exhibit A and the improvements to the land described in Exhibit A on the one hand <br /> and the balance of the larger tax lot on the other hand <br /> (bb) Purchaser shall bear the portion of any such installment of real estate taxes <br /> that is allocable to the land described in Exhibit A and the improvements to the land described in <br /> Exhibit A. The balance of any such installment shall be home by Seller. <br /> (cc) On or before the twentieth day before the date on which any such <br /> installment of real estate taxes is past due, Seller shall deposit with Purchaser the portion of the <br /> installment to be borne by Seller pursuant to sub-subpart (bb). Purchaser shall pay the entire <br /> installment of real estate taxes for the larger tax lot after Seller deposits that amount with <br /> Purchaser and before the date on which interest or a penalty is payable with respect to the <br /> 7 <br />