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County approved appraised value. In the event Seller fails to give Purchaser a written notice of termination within the aforesaid time period from receipt of Purchaser= s written notice, then Seller shall be deemed to have waived any right to terminate this Agreement based upon a reduction in the Total Purchase Price stated in paragraph 3 . A. 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 Property that 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 be, eia argg dp-T'r 44HM 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 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 . The Purchaser may, at its cost, have the Property surveyed prior to exercise of the Option ( " Survey" ). The Survey shall meet any written standards for survey preparation and approval issued by the FCT, and shall be certified to the County, the FCT, and the closing agent. If the Survey shows any encroachment on the Property or that improvements intended to be located on the 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 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. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished to Purchaser pursuant to this Agreement discloses any defects in title that are not acceptable to Purchaser, Seller shall , within 90 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. 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 defects 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 Local Government 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, 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 management for the purposes of the County tober 25 , 2001 Page 2