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this Agreement. No waiver by Seller of any delinquency or default on <br /> the part of Buyer shall be construed as a waiver of any subsequent <br /> delinquency or default. <br /> <br /> 4.5 IN THE EVENT SELLER ELECTS TO TERMINATE THIS AGREEMENT AS A RESULT OF A <br /> DELINQUENCY OR DEFAULT BY BUYER AS PROVIDED IN PARAGRAPH 4.4 OR, IN THE <br /> ALTERNATIVE, IN THE EVENT BUYER FAILS TO PERFORM ANY COVENANT OR <br /> OBLIGATION PURSUANT TO THIS AGREEMENT, IT IS EXPRESSLY ACKNOWLEDGED <br /> THAT SELLER SHALL INCUR SUBSTANTIAL DAMAGES AS A RESULT OF SUCH <br /> DELINQUENCY, DEFAULT OR FAILURE OF PERFORMANCE, AND IT IS FURTHER <br /> ACKNOWLEDGED THAT SUCH DAMAGES SHALL BE EXPRESSLY DIFFICULT TO <br /> CALCULATE AND ASCERTAIN. THEREFORE, IT IS EXPRESSLY AGREED THAT BUYER <br /> SHALL PAY TO SELLER LIQUIDATED DAMAGES IN THE SUM OF $1,000, WHICH <br /> BUYER AND SELLER AGREE ARE REASONABLE IN LIGHT OF ALL THE FACTS KNOWN <br /> TO THEM ON THE DATE OF THIS AGREEMENT, AND SUCH DAMAGES SHALL BE <br /> RETAINED BY SELLER FROM THE DEPOSIT. <br /> <br /> BUYER'S INITIALS SELLER'S INITIALS <br />5. ESCROW <br /> <br /> 5.1 The purchase and sale of the Property shall be consummated by means of <br /> ' an escrow ("Escrow") to be opened at the office of North American Title <br /> Company, 3191 Corporate Place, Hayward, CA 94545, ("Escrow Holder"). <br /> <br /> S.2 Upon acceptance of this offer by Seller, Buyer shall request that <br /> ' Escrow Holder promptly prepare escrow instructions on its customary <br /> form for the purchase and sale of the Property upon the terms and <br /> provisions hereof. The Escrow instructions shall be promptly signed by <br /> Buyer and Seller. The Escrow shall be deemed "opened" as of the date <br /> fully executed counterparts of such instructions are delivered to the <br /> Escrow Holder by Buyer and Seller. The Escrow instructions shall not <br /> modify or amend the provisions of this Agreement, unless otherwise <br /> expressly set forth therein. At the option of Escrow Holder this <br /> document may be considered as its Escrow instructions, with such <br /> further instructions as Escrow Holder shall require in order to clarify <br /> the duties and responsibilities of the Escrow Holder. <br /> <br />6. PRELIMINARY TITLE REPORT AND DOCUMENTS <br /> <br /> Within a reaso'nable period of time after the opening of Escrow, Seller, at <br /> its expense, shall furnish Buyer with the following: <br /> <br /> A. A preliminary title report ("PTR") concerning the Property issued by <br /> North American Title Company, 3191 Corporate Place, Hayward, CA 94545, <br /> ("Title Company") together with copies of all documents referred to in <br /> such PTR. <br /> <br /> B. Copies of all currently effective tenant leases, rental agreements or <br /> other agreements, if'any, relating to the Property which are to remain <br /> in effect after Buyer takes title to the Property. <br /> <br /> Document 0044 <br /> Page 2 of 8 <br /> <br /> <br />