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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 in paragraph 4.B.). 4.13. HAZARDOUS MATERIALS. In the event that the environmental site assessment provided for in paragraph 4.A. confirms the presence (or significant risk of the presence, as determined in Purchaser's sole discretion) of Hazardous Materials on the Property, Purchaser, at its sole option, may either: (a) elect to terminate this Agreement and neither party shall have any further obligations under this Agreement, or (b) elect to obtain and pay for a phase II environmental assessment ("phase II") of the Property. If the Purchaser elects to obtain a phase II, the Option Exercise Date (and consequently the closing date and all other dated performance requirements of this Agreement) shall be extended for the time stated for phase II completion in Purchaser's contract to obtain the phase I6lus 30 days. In the event that the phase II confirms the presence (or significant risk of the presence, as determined in Purchaser's sole discretion) of Hazardous Materials on the Property, Purchaser, at its sole option, may either elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. The Purchaser shall use its best efforts to complete the phase II , and decide whether to terminate or exercise the option, as soon as possible. In the event that Hazardous Materials are discovered after closing, Seller's liability for assessment, clean up and monitoring necessary to comply 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") shall be as determiresuchu vonmental Law. * tJoF +o exp{ 4S �8lS I i 5. SURVEY. Purchaser shall at its sole cost and expense obtain a current boundary survey of the Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of the County, and the County's anticipated funding partner, the Florida Communities Trust. The Survey shall be certified to Purchaser, title insurer, closing agent and The Conservation Fund, 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 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 his sole cost and expense and at least 35 days prior to the Option Expiration Date, furnish to Purchaser a marketable title insurance commitment, to be followed by an owner's marketable title insurance policy (ALTA Form "B") from a title insurance company, approved by the Purchaser, insuring marketable title of the Purchaser in and to the Property in the amount of the Total Purchase Price. Seller shall require that the title insurer delete the standard exceptions of such policy referring to: (a) all taxes, (b) unrecorded rights or claims of parties in possession, (c) survey matters, (d) unrecorded easements or claims of easements, and (e) unrecorded mechanics' liens. 7. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished to Purchaser pursuant to this Agreement discloses any defects in title which are not acceptable to Purchaser, Seller shall, within 90 days after notice from Purchaser, remove said defects in title. Seller agrees to use diligent effort to correct the defects in title within the time provided therefore; however Seller shall not be obligated to bring suit to cure said defects. If Seller is unsuccessful in removing the title defects within said time or if Seller fails to make a diligent effort to correct the title defects, Purchaser shall have the option to either: (a) accept the title as it then 3/7/6 Page 2