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ArNk <br /> description attached hereto as Exhibit A, which exhibit is <br /> incorporated herein by reference as fully as if set forth word <br /> for word, together with all improvements, additions, fixtures, <br /> rights , and appurtenances thereunto belonging (hereinafter <br /> referred to as "property" ) . <br /> 2 . PURCHASE PRICE: Buyer agrees to pay and Seller agrees <br /> to accept as the total purchase price for the property the sum <br /> of $700,000, said purchase price to be paid by Buyer to Seller <br /> in the following manner and at the following times, to-wit : <br /> (a) Earnest Money: Contemporaneously with the <br /> execution of this instrument, Buyer shall deposit into an <br /> interest bearing account with Seller the sum of $50, 000, <br /> such sum to be applied against the purchase price at <br /> closing . Provided, in the event the sale contemplated <br /> herein shall not be completed on the terms and conditions <br /> hereof, other than as a result of the breach of any term or <br /> condition herein contained on the part of the Seller, then <br /> and in such event Seller shall be entitled to retain as its <br /> sole and separate property the entire $50 , 000 , as <br /> liquidated damages for Buyer ' s possessive failure to <br /> complete the sale contemplated hereby, which sum the <br /> parties agree is a fair and reasonable estimate of the <br /> damages Seller may sustain. <br /> (b) Balance of Purchase Price: The remaining portion <br /> of the purchase price in the sum of $650 , 000 shall be paid <br /> in cash or certified funds to Seller at closing . <br /> -2- <br />