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Seller at or before Closing. Any such matters other than the Permitted Exceptions are
<br />hereinafter referred to as "Title Defects." Survey defects concerning the Property shall be
<br />deemed as Title Defects pursuant to this Article. Buyer shall have ten (10) days from date of
<br />receiving evidence of title, in the form of a commitment to insure, to examine same. If Buyer
<br />objects to any exceptions or items contained therein, Buyer shall, within the above referenced
<br />ten (10) day period, notify Seller in writing specifying the objections or defects to which
<br />Buyer objects. Seller shall have thirty (30) days from receipt of such notice within which to use
<br />its best efforts to remove said defect(s), however, Seller shall have no obligation to institute
<br />legal proceedings in order to remove a title defect. If Seller is unsuccessful in removing them
<br />within said time, Buyer shall have the option of either (1) accepting the title as it then is, or (2)
<br />demanding a refund of the Deposit paid hereunder which shall forthwith be returned to Buyer
<br />and thereupon Buyer and Seller shall be released, as to one another, of all further obligations
<br />under the Agreement. At Closing the Buyer shall pay the necessary premium to the title agent
<br />selected by the Buyer, to procure issuance of the Owner's Title Insurance Policy as above set
<br />forth.
<br />6. RESTRICTIONS ON USE OF PROPERTY. It is the Buyer's intention to restrict
<br />development and use of the Property with no residential development being permitted, which
<br />shall be memorialized in a deed restriction. The exact language of such restrictions shall be
<br />agreed to by the Seller and Buyer prior to closing, failing such agreement, this Agreement may
<br />be terminated by either party and the Deposit returned to the Buyer.
<br />7. SURVEY AND ENVIRONMENTAL INSPECTION. Seller shall deliver to Buyer,
<br />within ten (10) days of the Execution Date, its existing survey of the Property and any
<br />environmental reports, if any. Buyer, within thirty (30) days of the Effective Date, may have
<br />the Property surveyed at Buyer's expense and may conduct an environment inspection or
<br />evaluation of the Property at Buyer's expense. If the Buyer's survey or the Seller's survey,
<br />certified by a Florida surveyor, shows any encroachment of said Property, or that improvements
<br />located on the Property in fact encroach on lands of others, or violate any of the covenants set
<br />forth in this Agreement, or contain any matters, other than the Permitted Exceptions, not
<br />approved or waived by Buyer, the same shall be treated as a Title Defect. Seller shall
<br />cooperate with Buyer in any re -certification of such surveys as Buyer may require. If the
<br />Buyer's environmental inspection or evaluation of the Property shows environmental
<br />contamination on the Property, or if Buyer's physical inspection of the Property shows that the
<br />Property is not reasonably acceptable to Buyer, then Buyer may accept the Property as -is as
<br />provided herein or may terminate this Agreement.
<br />8. UNDERTAKINGS OF SELLER. Seller shall, within ten (10) business days from the
<br />Execution Date, deliver to the Buyer the following documents (the "Submittals"): Copies of
<br />all engineering reports, traffic studies, plans, specifications, artist renderings, photographs,
<br />certificates of occupancy, permits, additional plans, renovation plans, if any, and other
<br />documentation pertaining to the construction, operation, maintenance and/or use of the
<br />Property as may be in the possession of Seller, or readily obtained from any consultant or
<br />agent of Seller.
<br />9. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby represents and
<br />warrants to Buyer as of the Execution Date and as of the Closing Date, as follows:
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