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w 1 _ neither party shall have any further obligations under this Agreement. If Purchaser elects to terminate this Agreement, it shall provide written notice to Seller of such election within 10 days after Purchaser ' s receipt of written notice from Purchaser' s appraisers of the final County approved appraised value . 4 .A. ENVIRONMENTAL SITE ASSESSMENT. The County may, at its expense and prior to the Option Expiration Date, conduct an environmental site assessment of the EL Property which meets the standard of practice of the American Society of Testing Materials ("ASTM") . The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM, Practice E 1527 . For purposes of this Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined in paragraph 4 .13 .) . County agrees to deliver to Seller a complete copy of all reports of the results of tests or inspections obtained by County pursuant to this Paragraph 4 .A . To the extent permitted by law, County agrees to that its shall be responsible for any and all losses, damages, costs and expenses arising out of the presence of County, or County's employees or agents, upon the EL Property and/or the performance of such tests and investigations by or on behalf of County. The provisions of this Paragraph 4 .A will survive Closing and delivery of the deed of conveyance. . 4.13 . HAZARDOUS MATERIALS . In the event that the environmental site assessment provided for in paragraph 4 .A. confirms the presence (or significant risk of the presence, as determined in Purchaser' s sole discretion) of Hazardous Materials on the EL Property, Purchaser, at its sole option, may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. 5 , SURVEY. Purchaser shall, at its sole cost and expense and not less than 60 days after the effective date of this Agreement prepare or obtain a current boundary survey of the EL Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of the County, and the County' s anticipated funding partner, the Florida Communities Trust. Copies of such survey shall be provided to Seller. The Survey shall be certified to Purchaser, title insurer, closing agent and FloridAffmity, Inc ., and the date of certification shall be within 90 days before the date of closing, unless this 90 day time period is waived by Purchaser and by the title insurer for purposes of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy. If the Survey shows any encroachment on the EL Property or that improvements intended to be located on the EL Property encroach on the land of others, the same shall be treated as a title defect. 6 . TITLE INSURANCE . Seller shall, at his sole cost and expense and at least 35 days prior to the Option Expiration Date, furnish to Purchaser a marketable title insurance commitment, to be followed by an owner's marketable title insurance policy (ALTA Form "B " ) from Attorney' s Title Insurance Fund, issued by Seller' s attorney, insuring marketable title of the Purchaser in and to the EL 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 30 days after notice from Purchaser, undertake a good faith effort, but without any obligation to spend in excess of $ 1 ,000 in total, to remove said defects in title . Seller shall not be obligated to bring suit to cure said defects. If Seller is unsuccessful in removing the title defects within said time or if Seller fails 02 / 21 / 05 Page 2