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4 4 <br /> now or hereafter belonging thereto (collectively, the " Property") . <br /> 2 . 1 Purchase Price , Effective Date . The purchase price (" Purchase Price ") for the <br /> Property shall be $40 , 800 . 00 (Forty Thousand Eight Hundred Dollars) . The Purchase <br /> Price shall be paid on the Closing Date . The Effective Date of this Agreement shall be the <br /> date upon which the County shall have approved the execution of this Agreement, either by <br /> approval by the Indian River County Board of County Commissioners at a formal meeting <br /> of such Board or by the County Administrator pursuant to his delegated authority. <br /> 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of <br /> claims , liens , easements and encumbrances of record or known to Seller, but subject to <br /> property taxes for the year of Closing and covenants , restrictions and public utility <br /> easements of record provided (a) there exists at Closing no violation of any of the <br /> foregoing ; and (b) none of the foregoing prevents County's intended use and development <br /> of the Property (" Permitted Exceptions") . <br /> 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance <br /> Commitment with respect to the Property . County shall within fifteen ( 15) days following <br /> the Effective Date of this Agreement deliver written notice to Seller of title defects . Title <br /> shall be deemed acceptable to County if (a) County fails to deliver notice of defects within <br /> the time specified , or (b ) County delivers notice and Seller cures the defects within thirty <br /> ( 30) days from receipt of notice from County of title defects ("Curative Period ") . Seller shall <br /> use best efforts to cure the defects within the Curative Period and if the title defects are not <br /> cured within the Curative Period , County shall have thirty (30) days from the end of the <br /> Curative Period to elect, by written notice to Seller, to : (i) to terminate this Agreement , <br /> whereupon shall be of no further force and effect, or ( ii) extend the Curative Period for up <br /> to an additional 90 days ; or (iii) accept title subject to existing defects and proceed to <br /> closing . <br /> 4 . Representations of the Seller. <br /> 4 . 1 Seller's property is encumbered by mortgages with Wachovia Bank n/k/a Wells <br /> Fargo Bank and Bank of America , NA . The Seller shall permit County to contact these <br /> banks and consent to County negotiating a partial release and satisfaction of mortgage on <br /> the Property. After the partial release is obtained from the banks Seller will be indefeasibly <br /> seized of marketable , fee simple title to the Property, and is the sole owner of and has <br /> good right, title , and authority to convey and transfer the Property which is the subject <br /> matter of this Agreement, free and clear of all liens and encumbrances . <br /> 4 . 2 From and after the Effective Date of this Agreement , Seller shall take no action <br /> which would impair or otherwise affect title to any portion of the Property, and shall record <br /> no documents in the Public Records which would affect title to the Property , without the <br /> prior written consent of the County. <br /> 4 . 3 There are no existing or pending special assessments affecting the Property, which <br /> are or may be assessed by any governmental authority , water or sewer authority, school <br /> 2 <br />