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ft7r Down., *row , � ' e Lr rest rmw • 124% row ! 2 22 tom+ +"P s tW L ■ diligent afloat to correct the title defect,,. Purchaser shall have the option to either: (a) A"opi cite title wi it Oml+stithnoreduction in the Tonal Ptuchase Pri�.c. (ht extend the amount of time that Seller has la cure the defects in title, or fc) terminate this Agivemem. cher-_^upon releasing Purchaser and Seller from all further obligation under this Agreemcm. 8. L ZFREST,.t','{}:sa'Elef3, At closing. Seller shill e!cocute and deliver to Local (lovertunem a statutory warranty deed in accordance with Section 689,02, Florida Statutes. convoiiq marketable title to the Property in The shnple free and-tcarof ali stens. rescrvations, restrictions. easements, leases, tenancies and other rMumbrarim-- eccepi tot those that are acceptable encumbrances in the opinion of Purchaser and do not irapair the marketability of the title to the Property. The grantee in Seller's Warranty Dccd shall be Indian River Counts', a political subdivision of the State of Florida. 9. PRFP.4241j01 OF-CWSIN(l nnC1MEMI - Upon execution of this Agreement, Seller shall submit to Purchaser a properly completed and executed beneficial interest affidavit and disclosure+iatement as rWquired by Sections 296.23. and 380.08{2). Florida Sia[utes. Seller shall prepare the deed described in paragraph R oftlus Agreement, Seller's chasing statement and the title. prx:ession mud Iica affidavit certified to Purzhaser and title insurer in accordance with Section 627.7842, Florida Statutes. and an environmental affidavit on Acquiring Agency forms provided by Acquiring ,agency. .Acquiring Agency shall prcpams Purhaset•'sclosing statement. Al prepared dectunents shall be submitted to local Govemment and acquiring .agency for review and approval at least 30 days prior to the Option Expiration Date. 10. EMCHARER HPUEWFOR, Purchaser will approve or reject each item required to be. prinidod by Seller under this Agmcment within 10 dams after receipt by Purchaser of all of the required iicma. Seller mill have 30 days thcreafterto cure and resubmit any rejected item to Purchaser. In tho event Seller falls to timely deliver any item. or Purehawr rejects arty item after delivery. Purchaser may in its discretion extend the Option Expiration Date to permit delimn or the curing of any defects. 11.F-�>tisu. Sellcrwill pay the documentary revenue stamp tax associated Leith the com•eyance and the cost of recording the decd described in paragraph S. of this Agrccrncnt and any other recordable instruments which Purchaser deems necessary to assure good and marketable title to the Property. 12, I ISMS AM ASaE— ,S INT , All real estate taxes and assessments which are or which may become a lien against thePngwM- shall be salisfied of rtxord by Seller al :.losing. In [he event dtt< Local Government acquires fcc title to the Property between January I and November 1, Seller shall, in accordance with Sc:,tion 196.295, Florida Statutes, place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer, based upon the current assessment and millage rates on the Property. In the event. the local Government acquires fee title to the Properly on or after'November 1. Seller shall pay to the county tax collector an amount equal to the taxes that are determined to be legally due and payable by the county tax cotle ctur. 13. Cl OSMPLACF AND. -iTE, The closing slmall be on or before 30 days after Purchaser exorcises the option,; provided. however, that if a defect exists in the title to the Property, title commitment. Survey. emironmental site assessment, or any' other documents required to be provided or completed and executed by Seller, the closing shall occur either on rhe original closing date or within 60 days allcr receipt of documentation curing the defects, whichever is later. The date, time and place of closing shall be set by Purchaser in Indian River County. 13. ttd',S& ()1• LUM, ANty L (�t tF Ri a7 IrRtt > u n'. Seller assures all risk of leas or damage to the Property prior to the date of closing and warrants that the Property shall be transferred and conveyed F9br1Jar7 2., 1991 Q5 -J34 -P55