2007-026A - Laserfiche WebLink

Home Browse Search

acre or portion thereof (the " Per Acre Price") in accordance with the actual acreage shown on the Survey. 4 .A. ENVIRONMENTAL SITE ASSESSMENT. Seller shall , at its sole cost and expense and not less than 35 days prior to the Option Expiration Date , obtain an environmental site assessment of the Property which meets the standard of practice of the American Society of Testing Materials ("ASTM") . The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM , Practice E 1527 . For purposes of this Agreement " Hazardous Materials" shall mean any hazardous or toxic substance , material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined) . 4 . B . HAZARDOUS MATERIALS . In the event that the environmental site assessment provided for in paragraph 4 .A. confirms the presence (orsignificant risk of the presence , as determined in Purchaser's sole discretion) of Hazardous Materials on the Property, Purchaser, at its sole option , may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. Should Purchaser elect not to terminate this Agreement, Seller shall , at his sole cost and expense and prior to the exercise of the option and closing , promptly commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with any and all applicable federal , state or local laws , statutes , ordinances , rules , regulations or other governmental restrictions regulating , relating to , or imposing liability or standards of conduct concerning Hazardous Materials (" Environmental Law" ) . However, should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal to 5% of the Purchase Price , Seller may elect to terminate this Agreement and no party shall have any further obligations under this Agreement . 5 . SURVEY . Seller shall , at its sole cost and expense and at least 35 days prior to the Option Expiration Date , obtain a current boundary surrey of the Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of the Florida Communities Trust program attached to this Agreement as Exhibit "C" . ("Survey") . The Survey shall be certified to Purchaser, title insurer, and the Title Agent (as herein defined ) , and the date of certification shall be within 90 days before the date of closing , unless this 90 day time period is waived by Purchaser and by the title insurer for purposes of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy. If the Survey shows any defect, or any encroachment on the Property, or that improvements intended to be located on the Property encroach on the land of others , the same shall be treated as a title defect under this Agreement. 6 . TITLE INSURANCE . Seller shall , at its sole cost and expense and at least 35 days prior to the Option Expiration Date , furnish to Purchaser a marketable title insurance commitment, together with copies of all instruments described in Schedule B of the Commitment, and , upon closing , an owner's marketable title insurance policy (ALTA Form " B") from a title insurance company, approved by the Purchaser, insuring marketable title 2