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During the term of this lease Lessor agrees not to in any way • <br /> encumber the property. <br /> 5. Prorations and adjustments . The following <br /> items shall be prorated and adjusted between the parties or <br /> paid at the closing of the sale of the property on or about <br /> July 1, 1989: <br /> (a) Ad valorem taxes on the property for the year <br /> 1989 shall be prorated on a calendar year basis to the date <br /> • of closing. <br /> (b) Ad valorem taxes on the property and on <br /> • personal property of the Lessor for all of the years prior to <br /> 1989 and as to personal property for the entire year of 1989 <br /> • shall be paid by the Lessor. <br /> (c) All late listing penalties and interest, if <br /> • any, shall be paid by the Lessor. <br /> 6. Termites, etc. Lessor shall provide at the <br /> • expense of Lessor a statement showing the absence of <br /> termites, wood-destroying insects , and organisms and <br /> ▪ structural damage therefrom on Standard Form No. 1 in <br /> accordance with the regulations of the North Carolina <br /> Structural Pest Control Committee. All extermination <br /> required and repair of damage therefrom shall be done by <br /> Lessor or at its direction and the cost therefore paid by <br /> • Lessor the same to be completed prior to July 1, 1985, unless <br /> otherwise agreed in writing by the parties. <br /> 4 <br />