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6. TITLE INSURANCE. Seller shall, at its sole cost and expense and at least 35 days <br />prior to the Option Expiration Date, furnish to Purchaser a marketable title insurance <br />commitment, to be followed by an owner's marketable title insurance policy (ALTA <br />Form "B") from a title insurance company, approved by the Purchaser, insuring <br />marketable title of the Purchaser in and to the Property in the amount of the Total <br />Purchase Price. Seller shall require that the title insurer delete the standard exceptions <br />of such policy referring to. (a) all taxes, (b) unrecorded rights or claims of parties in <br />possession, (c) survey matters, (d) unrecorded easements or claims of easements, and (e) <br />unrecorded mechanics' liens. <br />7. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished to <br />Purchaser pursuant to this Agreement discloses any defects in title which are not <br />acceptable to Purchaser, Seller shall, within 120 days after notice from Purchaser, <br />remove said defects in title, Seller agrees to use diligent effort to correct the defects in <br />title within the time provided therefore; however, Seller shall not be obligated to bring <br />suit or to expend any sums of money to cure said defects. If Seller is unsuccessful in <br />removing the title defects within said time or if Seller fails to make a diligent effort to <br />correct the title defects, Purchaser shall have the option to either (a) accept the title as it <br />then is with no reduction in the 'Total Purchase Price, (b) extend the amount of time that <br />Seller has to cure the defect in title, or (c) terminate this Agreement, thereupon releasing <br />Purchaser and Seller from all further obligations under this Agreement. <br />S. INTEREST CONVEYED. At closing, seller shall execute and deliver to Purchaser <br />a statutory warranty deed in accordance with Section 689.02, Florida Statutes, conveying <br />marketable title to the Property in fee simple free and dear of all liens, reservations, <br />restrictions, restrictions, easements, Ieases, tenancies and other encumbrances, except <br />for those that are acceptable encumbrances in the opinion of Purchaser and do not <br />impair the marketability of the title to the Property, nor its use as a fleet management <br />complex. The grantee in Seller's Warranty Deed shall be Indian River County, a <br />political subdivision of the State of Florida. <br />9. PREPARATION OF CLOSING DOCUMENTS. Upon execution of this <br />Agreement, Seller shall submit to Purchaser a properly completed and executed <br />beneficial interest affidavit and disclosure statement as required by Section 286.23, <br />Florida Statutes. Seller shall prepare the deed described in paragraph 8 of the <br />Agreement; Seller's closing statement; the title, possession and lien affidavit certified to <br />Purchaser and title insurance in accordance with Section 627.7842, Florida Statutes; and, <br />an environmental affidavit on forms provided by Purchaser. The Purchaser shall <br />prepare the Purchaser's closing statement. All prepared documents shall be submitted <br />to the County for review and approval at lease 30 days prior to the Option Expiration <br />Date. <br />10. PURCHASE. REVIEW FOR CLOSING. Purchaser will approve each item <br />required to be provided by Seller under this Agreement within 30 days after receipt by <br />Purchaser of all of tate required items. Seller will have 30 days thereafter to cure and <br />resubmit any rejected item to Purchaser. In the event Seller fails to timely deliver any <br />item, or Purchaser rejects any item :after delivery, Purchaser may ;n its discretion extend <br />the Option Expiration Date, a commensurate amount of time. <br />3 <br />