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The Purchase Price shall be paid to Seller on the Closing Date. The Effective Date of this Agreement shall be the date upon which the County shall have approved the execution of this Agreement, either by approval by the Indian River County Board of County Commissioners at a formal meeting of such Board or by the County Administrator pursuant to his delegated authority and the duly authorized representative of the County executes the Agreement. The Parties hereby acknowledge and agree that the Seller has executed the Agreement prior to the County's counter execution in order to accommodate the County's approval process. The Parties further agree that in the event that the County fails to deliver this Agreement fully executed to Seller via certified mail with signature receipt confirmation within 30 days from the date Seller executed the Agreement, that this Agreement shall be null and void, the Parties be released from the Agreement and neither Party shall have any further obligation to the other. 3. Title. Seller shall convey marketable title to the Property by special warranty deed free of claims, liens, easements and encumbrances of record or known to Seller; but subject to property taxes for the year of Closing and covenants, restrictions and public utility easements of record provided (a) there exists at Closing no violation of any of the foregoing; and (b) none of the foregoing prevents County's intended use and development of the Property ("Permitted Exceptions"). 3.1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Property. County shall within fifteen (15) days following the Effective Date of this Agreement deliver written notice to Seller of title defects. Title shall be deemed acceptable to County if(a) County fails to deliver notice of defects within the time specified, or (b) County delivers notice and Seller cures the defects within thirty (30)days from receipt of notice from County of title defects ("Curative Period"). Seller shall use commercially reasonable best efforts to cure the defects within the Curative Period and if the title defects are not cured within the Curative Period, County shall have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon shall be of no further force and effect, or(ii) accept title subject to existing defects and proceed to closing. Notwithstanding the foregoing, in no event shall Seller be required to incur costs greater than $1,000 related to Seller's best efforts to cure title defects. 4. Representations of the Seller. 4.1 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. 4.2 From and after the Effective Date of this Agreement, Seller shall take no action which would impair or otherwise affect title to any portion of the Property, and shall record no documents in the Public Records which would affect title to the Property, without the prior written consent of the County. 4.3.1 To the best of Seller's knowledge, there are no existing or pending special assessments affecting the Property, which are or may be assessed by any governmental authority, water or sewer authority, school district, drainage district or any other special taxing district.