2007-320A - Laserfiche WebLink

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6 / 10 / 2007 6 . TITLE INSURANCE . Seller shall , at Seller's sole cost and expense and at least 35 days prior to the Option Expiration Date , furnish to Purchaser a marketable title insurance commitment for the Property to be followed by an owner's marketable title insurance policy (ALTA Form "B" ) from a title insurance company satisfactory to Purchaser, insuring marketable title of the Purchaser in and to the Conservation Easement on the Property in the amount of the Purchase Price . Seller shall require that the title insurance company 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 under this Agreement discloses any defects that are not acceptable to Purchaser ( herein "Title Defects") , Seller shall , within 90 days after notice from Purchaser, cure such defects, provided that the cost of curing shall not exceed two (2 ) percent of the Purchase Price . Purchaser acknowledges that a third party owns part of the mineral rights and has the right to access the property for exploration and development of the minerals . Purchaser shall , prior to closing , obtain the release of the third party right of access to the property for exploration and development of the minerals . Seller agrees to use diligent effort to correct the Title Defects within the time provided therefore ; however Seller shall not be obligated to bring suit to cure such Title Defects . If Seller is unsuccessful in removing the Title Defects within the allowed time or if Seller fails to make a diligent effort to correct the Title Defects , Purchaser shall have the option to : (a ) accept the title or Survey as it then is with no reduction in the Purchase Price ; (b ) extend the amount of time that Seller has to cure the Title Defects ; or (c) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. 8 . INTEREST CONVEYED . At closing , Seller shall execute and deliver to Purchaser the Conservation Easement in accordance with Florida Statutes Section 704 . 06 . Conveyance of the Conservation Easement from Seller to Purchaser will take place at the closing , in exchange for payment of the Purchase Price to Seller at closing as set forth herein . Seller shall convey title to the Conservation Easement over the Property free and clear of all liens , reservations , restrictions , easements , leases , tenancies , and other encumbrances except those of record and accepted by Purchaser. The grantee under the Conservation Easement shall be Indian River County, a political subdivision of the State of Florida . At least five (5 ) business days prior to closing , Seller shall provide all payment instructions to Purchaser and the closing agent as to the disbursement of the Purchase Price . 9 . SELLERS ' REPRESENTATIONS AND WARRANTIES . To induce Purchaser to enter into this Agreement , Seller represents and warrants to Purchaser as follows : ( 1 ) From and after the Effective Date of this Agreement, Seller shall maintain and operate the Property in a manner consistent with Seller's maintenance and operation during the 12-month period immediately preceding Seller's execution of this Agreement; (2 ) Seller is indefeasibly seized of marketable , fee simple title to the Property , and is the sole owner of and has good right, title , and authority to convey and transfer the Property which is the subject matter of this Agreement, free and clear of all liens and encumbrances except those of record and accepted by Purchaser; (3 ) there is legal ingress and egress for the Property 4