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is the sole owner of and has good right, title, and authority to convey and transfer the Properties which is the subject matter of this Agreement, free and clear of all liens and encumbrances. 6.2 From and after the Effective Date of this Agreement, Seller shall take no action which would impair or otherwise affect title to the Property, and shall record no documents in the Public Records which would affect title to the Property, without the prior written consent of the Buyer. 6.3 There are no existing or pending special assessments affecting the Property, which are or may be assessed by any governmental authority, water or sewer authority, school district, drainage district or any other special taxing district. 7. Default. 7.1 In the event Buyer shall fail to perform any of its obligations hereunder, Seller shall, at its sole option, be entitled to: (i) terminate this Agreement by written notice delivered to Buyer at or prior to the Closing Date and receive the Contract Deposit from Escrow Agent, and thereupon neither Seller nor any other person or party shall have any claim for specific performance, damages, or otherwise against Buyer; or (ii) waive Buyer's default and proceed to Closing. 7.2 In the event Seller shall fail to perform any of its obligations hereunder, Buyer shall, at its sole option, be entitled to: (i) terminate this Agreement by written notice delivered to Seller at or prior to the Closing Date and receive the Contract Deposit from Escrow Agent, and thereupon neither Buyer nor any other person or party shall have any claim for specific performance, damages or otherwise against Seller; or (ii) obtain specific performance of the terms and conditions hereof; or (iii) waive Seller's default and proceed to Closing: 8. Closing. 8.1 The closing of the transaction contemplated herein ("Closing" and "Closing Date") shall take place within sixty (60) days following the expiration of the Inspection Period. If the Closing has not been completed on or before said date, and Seller and Buyer have not otherwise agreed in writing to extend the Closing Date, this Agreement shall automatically terminate. The parties agree that the Closing shall be as follows: (a) Seller shall execute and deliver to Buyer a special warranty deed conveying marketable title to the Properties, free and clear of all liens and encumbrances, subject only to Permitted Exceptions, and in the condition required by paragraph 3. (b) Intentionally deleted. (c) If Seller is a non-resident alien or foreign entity, Seller shall deliver to Buyer an