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•o 40 • commitment, to be followed by an owners marketable title insurance policy (ALTA Form "B") from a title insurance company, approved by the Purchaser, insuring marketable title of the Purchaser in and to the Property in the amount of the Total Purchase Price. Seller shall require that the title insurer delete the standard exceptions of such policy referring to: (a) all taxes, (b) unrecorded rights or claims of parties in possession, (c) survey matters, (d) unrecorded easements or claims of easements, and (e) unrecorded mechanics' liens. 7. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished to Purchaser pursuant to this Agreement discloses any defects in title which are not acceptable to Purchaser, Seller shall, within 120 days after notice from Purchaser, remove said defects in title, Seller agrees to use diligent effort to correct the defects in title within the time provided therefore; however, Seller shall not be obligated to bring suit or to expend any sums of money to cure said defects. If Seller is unsuccessful in removing the title defects within said time or if Seller fails to make a diligent effort to correct the title defects, Purchaser shall have the option to either (a) accept the title as it then is with no reduction in the Total Purchase Price, (b) extend the amount of time that Seller has to cure the defect in title, or (c) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. 8. INTEREST CONVEYED. At closing, seller shall execute and deliver to Purchaser a statutory warranty deed in accordance with Section 689.02, Florida Statutes, conveying marketable title to the Property in fee simple free and clear of all liens, reservations, restrictions, restrictions, easements, leases, tenancies and other encumbrances, except for those that are acceptable encumbrances in the opinion of Purchaser and do not impair the marketability of the title to the Property, nor its use as a fleet management complex. The grantee in Sellers Warranty Deed shall be Indian River Cour r a political subdivision of the State of Florida. 9. PREPARATION OF CLOSING DOCUMENTS. Upon execution of this Agreement, Seller shall submit to Purchaser a properly completed and executed beneficial interest affidavit and disclosure statement as required by Section 286.23, Florida Statutes. Seller shall prepare the deed described in paragraph 8 of the Agreement; Seller's closing statement; the title, possession and lien affidavit certified to Purchaser and title insurance in accordance with Section 627.7842, Florida Statutes; and, an environmental affidavit on forms provided by Purchaser. The Purchaser shall prepare the 1 illtllCllcl a closing 8t8telileii't. All pI`epaIeU documents SIl'dll be sIrDIIlitied to the County for review and approval at lease 30 days prior to the Option Expiration Date. 10, PURCHASE REVIEW FOR CLOSING. Purchaser will approve each item required to be provided by Seller under this Agreement within 30 days after receipt by Purchaser of all of the required items. Seller will have 30 days thereafter to cure and resubmit any rejected item to Purchaser. In the event Seller fails to timely deliver any item, or Purchaser rejects any item after delivery, Purchaser may in its discretion extend the Option Expiration Date, a commensurate amount of time. 11. EXPENSE. Seller will pay the documentary revenue stamp tax and all other taxes or costs associated with the conveyance, including the cost of recording the deed