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laws, statutes , ordinances, rules, regulations or other governmental restrictions regulating , relating to, or imposing liability or standards of conduct concerning Hazardous Materials (herein "Environmental Laws" ) . Purchaser shall provide Seller with a copy of the Environmental Site Assessment. 4 . 2. HAZARDOUS MATERIALS . In the event that the Phase I 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 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 Seller's 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 Environmental Laws . 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. In the event that Hazardous Materials placed on the Property prior to closing are discovered after closing , Seller shall remain obligated hereunder, with such obligation to survive the closing , delivery, and recording of the Conservation Easements, diligently to pursue and accomplish the clean up of Hazardous Materials in a manner consistent with all applicable Environmental Laws and at Seller's sole cost and expense . 5 . 1 . SURVEY. Seller shall obtain a current boundary survey of the Property prepared by a professional land surveyor licensed by the State of Florida , satisfactory to Purchaser that meets both the minimum technical requirements and standards promulgated by the Florida Board of Professional Land Surveyors and the procedures set forth in Exhibit " E" ("Survey"). The Survey shall be certified to Purchaser, title insurer, and the closing agent, 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 encroachment on the Property, the same shall be treated as a "title defect" under this Agreement. Upon receipt of the Survey, Seller shall promptly provide Purchaser with a copy of the Survey. Purchaser shall reimburse Seller for the cost of the Survey at closing . 5 . 2 . BASELINE DOCUMENTATION . The Baseline Documentation shall be obtained and prepared by Purchaser and agreed to by Purchaser and Seller. Seller agrees to pay one half ( 1 /2) of the cost of the Baseline Documentation . Seller agrees to cooperate with Purchaser, and Purchaser's agents, to allow Purchaser, and Purchaser's agents, to obtain the information necessary to compile the Baseline Documentation , including access to the Property upon reasonable prior notice to Seller for photodocumentary and other data gathering purposes . 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 3