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authorizes Buyer's mortgage broker and lender to disclose such status to Seller, If Buyer timely <br /> cancels this Agreement pursuant to this Section 5(c),the Deposit paid shall be returned to Buyer, <br /> thereupon,Buyer and Seller shall be released of all further obligations under this Agreement. <br /> 7. Deed/Title: The Property shall be conveyed to Buyer by Special Warranty Deed. At least (if <br /> blank,then 15)days after the Effective Date,Buyer shall obtain a title insurance commitment from the <br /> Closing Agent and provide Seller with the title insurance commitment and legible copies of instruments <br /> listed as exceptions attached thereto(the"Title Commitment"). The owner's title policy premium,lender's <br /> title policy and endorsements,title search,municipal lien search and closing services shall be paid by <br /> Buyer. Within the Inspection Period,Buyer may,at Buyer's expense,have the Property surveyed by a <br /> registered Florida surveyor(the"Survey"). If the Title Commitment or Survey reveals any matters or <br /> defects other than the Permitted Exceptions which render title of the Property unmarketable,Buyer shall <br /> notify Seller in writing of any such defects prior to the end of the Investigation Period("Buyer's Title <br /> Notice"),and a failure to so notify Seller within the aforesaid time period shall be deemed as notice to <br /> Seller that Buyer has elected to waive such defects,if any,and to proceed with the transaction <br /> contemplated hereby. "Permitted Exceptions"shall mean(i)standard title exceptions and other matters <br /> customarily contained in an ALTA owner's title insurance policy,(ii)recorded easements,covenants,and <br /> restrictions affecting the Property,(iii)building restrictions,(iv)matters described in the Prior Deed,(v) <br /> impairments,impediments,barriers,obstacles,easements,or encroachments otherwise of record or visible <br /> upon the Property,(vi)comprehensive land use plans,zoning,and other land use restrictions,prohibitions and <br /> requirements imposed by government authority,(vii)restrictions and matters appearing on the Plat or <br /> otherwise common to the subdivision,(viii)outstanding oil,gas and mineral rights or record without right of <br /> entry,(ix)taxes for year of Closing and subsequent years,(x)assumed mortgages or <br /> mortgages,(xi)unplotted public utility easements,(xii)other nonmonetary matters of record that do not <br /> impair the marketability of the Property,and(xiii)other matters approved or waived by Buyer. Upon receipt <br /> of a Buyer's Title Notice,Seller may either:(1)cure such title defect in a reasonable time,and the Closing <br /> Date shall be extended accordingly,or(2)notify Buyer in writing that Seller will not cure the title defect,in <br /> which case the Deposit shall be returned to Buyer,and Buyer and Seller shall be released of all further <br /> obligations under this Agreement;provided,however,Buyer may within 5 days after receipt of Seller's <br /> notice that Seller will not cure the title defect,notify Seller that Buyer will purchase the Property,subject to <br /> such uninsurability or defect,for the full Purchase Price,in which case the Closing will occur on the Closing <br /> Date(or if the Closing Date has passed,within ten(10)days of Seller's receipt of such written request). <br /> 8. Real Estate,Transfer Taxes,and Other Closing Costs:Any and all unpaid real estate taxes,assessments, <br /> and/or sewer user fees shall be prorated as of the day prior to the Closing Date. All proration are final the <br /> date of settlement. Buyer shall pay for(i)documentary stamp taxes,transfer taxes,and surtax on deed,if any, <br /> (ii)HOA/Condominium Association estoppel fees,application,and transfer fees,(iii)taxes(not limited to <br /> documentary stamp taxes and intangible taxes) and recording fees on notes,mortgages,and financing <br /> statements,(iv)loan expenses and fees,(v)appraisal fees,(vi)Buyer's inspections,(vii)Buyer's attorneys' <br /> Page 3 of 10 (� <br /> FL \ l <br /> Confidential �\ <br />