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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, or (b) 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 EL 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 EL Property, nor its management for the purposes of the County environmentally sensitive lands acquisition program. The grantee in Seller's Warranty Deed shall be Indian River County, a political subdivision of the State of Florida. County shall take title to the Property "as-is, where is with all faults" as of the time of recording of the warranty deed to County, except for the representations and warranties of Sellers set forth in this Agreement, the warranty deed, and in the closing documents. 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 Sections 286. 23 , and 380 . 08 (2), Florida Statutes, as set forth in Addendum A of this Agreement. Seller or his title agent shall prepare the deed described in paragraph 8 of this Agreement; Seller's and Purchaser' s closing statement; the title, possession and lien affidavit certified to Purchaser and title insurer in accordance with Section 627 . 7842, Florida Statutes;; and, an environmental affidavit in the form attached hereto entitled "Environmental Affidavit. " All prepared documents shall be submitted to the County for review and approval at least 30 days prior to the Option Expiration Date . 10 . PURCHASER REVIEW FOR CLOSING. Purchaser will approve or reject each item required to be provided by Seller under this Agreement within 15 days after receipt by Purchaser of all of the required items. Seller will have 15 days thereafter to cure and resubmit any rejected item to Purchaser. 11 , EXPENSES . 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 described in paragraph 8 of this Agreement and any other recordable instruments which Purchaser deems necessary to assure good and marketable title to the EL Property. 12 . TAXES AND ASSESSMENTS . All real estate taxes and assessments which are or which may become a lien against the EL Property shall be satisfied of record by Seller at closing. In the event the Local Government acquires fee title to the EL Property between January 1 and November 1 , Seller shall, in accordance with Section 196 .295 , Florida Statutes, place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer, based upon the current assessment and millage rates on the EL Property. In the event the Local Government acquires fee title to the EL Property on or after November 1 , Seller shall pay to the county tax collector an amount equal to the taxes that are determined to be legally due and payable by the county tax collector. 13 . CLOSING PLACE AND DATE. The closing shall be on or before 30 days after the option is exercised unless extended as set forth in this Agreement. The date, time and place of closing shall be set by County, after consultation with Seller. The parties agree that a closing as early as reasonably possible is the intention of Seller and Purchaser. If the closing is not completed on or before August 5 , 2005 , Seller may terminate this Agreement by the giving or notice to Purchaser. 02 / 21 / 05 Page 3