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County Commissioners at a formal meeting of such Board. 3. Contingencies. This Agreement shall be contingent upon approval by the Indian River County Board of County Commissioners at a formal meeting of the Board. 3.1 This Agreement shall also be contingent upon receipt by the County of satisfactory soil tests, surveys, wildlife studies and reports as to the suitability of the Property to be used for water retention, storage and/or nutrient treatment purposes. It shall also be contingent on receipt of a Phase I environmental assessment. It shall be the sole discretion and determination of the County as to the suitability of the Property for water retention, storage and/or nutrient treatment purposes. The County shall have one hundred (100) days from the Effective Date to make the suitability determination. If the County determines that the Property is not suitable for any of the above retention purposes, it shall inform the Seller in writing and this Agreement shall become null and void. See Exhibit "B" attached and incorporated by reference herein. 4. Title. Seller shall convey marketable title to the Property by 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"). 4.1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Property. County shall within thirty (30) 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 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) terminate this Agreement, whereupon this Agreement shall be of no further force and effect; (ii) extend the Curative Period for up to an additional 90 days; or (iii) accept title subject to existing defects and proceed to closing. 5. Rearesentations of the Seller. 5.1 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. 5.2 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 2-