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9. Insurance. Purchaser is to procure and
carry at Purchaser’s expense fire and casualty insur-
ance on improvements to the property in an amount not
less than the replacement value with such policies
naming Seller as first loss payee and Purchaser as
second loss payee. Purchaser shall also procure and
carry out at its expense liability insurance in favor
of the Seller affording protection to the limit of
$500,000.00 * * *. Purchaser shall provide the Seller
with a copy of such policies and agree to maintain same
during the term of this contract.
* * * * * * *
12. Possession of Property. The Purchaser may
enter into possession of such property as of August 1,
1993, and continue in such possession for and during
the life of this agreement. The Purchaser shall main-
tain such premises and all improvements thereon in good
repair, shall permit no waste thereof, and shall take
the same care thereof that a prudent owner would take.
During the life of this agreement Purchaser may not
improve such property without the Seller’s consent in
writing. * * *
13. Assignment. No transfer or assignment of
any rights hereunder shall be made by anyone having an
interest herein, unless made in writing and in such
manner and on such terms and conditions required by the
Seller.
* * * * * * *
16. Loans. Notwithstanding anything contained
herein to the contrary, the Purchaser may mortgage the
property to pay off the purchase price, with the con-
sent of Seller.
* * * * * * *
20. Construction. This agreement shall be
interpreted under the laws of the Commonwealth of
Virginia and shall not be construed against either
party as drafter.
As made clear in paragraph 4 of the 1993 global agreement, the
term “present indebtedness” referred to in paragraph 3 of the
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