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40 unrecorded easements or claims of easements, and (e) unrecorded mechanics' liens. Purchaser shall reimburse seller for that portion of the Seiler'n cost for the owner's title insurance policy which is equal to 50% of the minimum promulgated rage with applicable re -issue credit being given for prior owner's title insurance policies to the extent permitted by the Florida Insurance Commissioners' rules and regulations. Purchaser shall not be required to reimburse Seller until Seller has submitted the necessary documentation to DSL which evidences payment in full of the title insurance cost by Seller and until the final owner's title insurance policy has been received and approved by DSL. This reimbursement is contingent upon a sale of the Property to Purchaser. 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 90 days after notice from Purchaser, remove ,aid defects in title. Seller agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits. If Seller is unsuccessful in removing the title defects within said time Purchaser shall have the option to either: fat accept the title as it then is with a reduction in the Purchase Price by an amount determined by DSL, (b) accept the title as it then is with no reduction in the Purchase Price, (c) extend the amount of time that Seller has to cure the defects in title, or (d) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. If Seller fails to make a diligent effort to remove the title defects, Seller shall be in default and the provisions of paragraph 17. of this Agreement shall apply. B. INTEREST CONVEYED. At Closing, Seller shall execute and deliver to Purchaser a deed in accordance with Section 125.411, Florida Statutes, conveying marketable title to the Property in fee simple free and clear of all liens, reservations, 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. The Purchaser, by way of this Agreement, hereby petitions the Seller for the release of the mineral rights reserved by the Seller pursuant to Section 270.11, Florida Statutes. The basis: for the release is that the Purchaser requires these rights for more effective management in the preservation of the Property and the Purchaser is also governed by Section 270.1.1, Florida Statutes. 'these mineral rights are to be conveyed at closing to the Purchaser at no additional cost by deed in accordance with Section 125.111, Florida Statutes. Said deed shall contain the following reservation in favor of the Seller: The Grantor herein reserves the right of re-entry upon breach of condition as to an undivided 1/2 interest in the lands conveyed herein, which right of re- entry is an interest in real property. The right of re-entry may be enforced by the Grantor only through legal or equitable action in a court of competent jurisdiction in the event that either of the following events occur without the consent of the Grantor: 1) Sale or conveyance of an interest in all or any 08/04/00 10:38AM SHR.TFRM.GH Page 4