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of <br />paragraph 3.A. because of a reduction in the final County approved appraised value in <br />the Property, Seller shall, in his sole discretion, have the right to terminate this <br />Agreement and neither party shall have any further obligations under this Agreement. <br />If Seller elects to terminate this Agreement, Seller shall provide written notice to <br />Purchaser of Seller's election to terminate this Agreement within 10 days after Seller's <br />receipt of written notice from Purchaser of the fiscal County approval appraised value.. <br />In the event Seller fails to give Purchaser a written notice of termination within the <br />aforesaid time period from receipt of Purchaser's written notice, then Seller shall be <br />deemed to have waived any right to terminate this Agreement based upon a reduction <br />in the Total Purchase Price stated in paragraph 3,A. <br />4.A, ENVIRONMENTAL SITE ASSESSMENT. The County shall, at its expense and <br />prior to the Option Expiration Bate, conduct an environmental site assessment of the <br />Property which meets the standard of practice of the American Society of Testing <br />Materials ("ASTM"), to determine the existence and extent, if any, of Hazardous <br />Materials on the Property. The examination of hazardous materials contamination shall <br />be performed to the standard of practice of the ASTM, Practice E 1527. For purposes of <br />this Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, <br />material or waste of any kind or any other substance which is regulated by any <br />Environmental Law (as hereinafter defined in paragraph 4.13.) <br />4.13. HAZARDOUS MATERIAL. In the event that the environmental site assessment <br />provided for in paragraph 4.A. confirms the presence (or significant risk of the presence, <br />as determined in Purchase's sole discretion) of Hazardous Materials on the Property, <br />Purchaser, at its sole option, may elect to terminate this Agreement and neither party <br />shall have any further obligations under this Agreement. Should Purchaser elect not to <br />terminate this Agreement, Seller shall, at his sole cost and expense and prior to the <br />exercise of the option and closing promptly commence and diligently pursue any <br />assessment, clean up and taaodtorueg of the Property necessary to bring the Property <br />into full compliance with any and all applicable federal, sate or local laws statutes <br />ordinances rules regulations or other governmental restrictions regulating, relating to, <br />or imposing liability or standards of conduct concerning Hazardous Materials <br />("Environmental Law"). However, should the estimated cost of clean up of Hazardous <br />Materials exceed a sum which is equal to 5% of the Total Purchase Price as stated in <br />paragraph 3.A., Seller may elect to terminate this Agreement and no party shall have <br />any further obligations under this Agreement. h1 the event that Hazardous Materials <br />placed on the Property prior to closing are discovered after closing. <br />Seller shall not remain obligated hereunder and shall have no obligation or liability after <br />the closing and delivery and recording of the deed described in paragraph 8 of this <br />Agreement and Purchasers possession of the property, Upon closing the Purchaser has <br />accepted the property in its as -is condition as of the date of closing. <br />5. SURVEY. The 'seller shall have the Property surveyed (or existing survey <br />updated), at the Seller's expense, prior to exercise of the Option ("Survey"). If the <br />Survey shows any encroachment of the Property or that improvements intended to be <br />located on the Property encroach on the land of others, the same shall be treated as a <br />title defeat. <br />2 <br />