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in its sole discretion, to either restore the premises to a <br /> condition substantially equivalent to that which existed prior <br /> to the casualty, and proceed with this transaction or in the <br /> alternative, to declare this contract null and void and retain <br /> all insurance proceeds . In the event Seller exercises the <br /> latter option, Buyer shall be entitled to a return of its <br /> $50, 000 earnest money deposit, but shall not otherwise be <br /> entitled to any reimbursement or recovery for any sums, costs , <br /> or expenses it may have incurred or advanced in connection with <br /> this transaction. <br /> 8 . In the event Buyer ' s activities pursuant to any <br /> provision hereof authorizing Buyer to enter upon the property <br /> prior to closing shall result in the creation or existence of <br /> any lien or encumbrance of any kind on the property, Buyer shall <br /> promptly obtain the removal and release of any such lien, and <br /> shall save, defend, indemnify, and hold harmless Seller of and <br /> from any liability, responsibility, cost of defense, or the <br /> like, in connection with any proceedings to enforce such lien or <br /> which may otherwise result from the existence of such lien. <br /> 9 . In the event this transaction shall fail to close, for <br /> any reason, Buyer agrees to execute any instruments which may be <br /> necessary to release, relinquish, and convey to Seller any <br /> right, title, or interest it may have in and to the property, <br /> immediately following the failure of this transaction to close <br /> as provided herein. <br /> -11- <br />