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( 120) day period, the Seller has not corrected or cured any such title defects, the Buyer shall have the option to terminate this Contract , or to waive such defects and proceed to close , accepting title as it then is and without setoff or reduction in the Purchase Price. In the event the Buyer shall elect to terminate because of an uncured or uncurable title defect, the parties hereto shall thereafter be relieved of all liability hereunder. (C) Upon closing and upon recording of the deeds, owner's title insurance policies (ALTA Form B) shall be issued pursuant to the Title Commitments and delivered to each Buyer showing fee simple title to the respective parcels of land vested in each Buyer. The fee owner's title insurance premiums for such policies shall be paid at closing in accordance with the provisions of the paragraph hereof entitled Closing Costs, Prorations and Adjustments . Upon execution by Seller, at closing, of the Affidavit required by the title company and completion of the survey called for herein, the "standard exceptions" to the title policy shall be deleted, except for those relating to taxes for the year of closing. 6 . Representations and warranties. Corrigan and District, as to each party's respective parcels , represent to the other, to the best of their knowledge and belief as follows: (A) Seller has full power and authority to enter into and perform this Agreement in accordance with its terms. (B) Seller has no actual knowledge of and has not received any notice with respect to any of the lands subject to this Agreement : (i) of violation of any city, county, state or federal law, ordinance, regulation or code, or (ii) of existence of dangerous or illegal conditions requiring corrective action . (C) There is no pending litigation or dispute involving or concerning the location of the boundaries of the Property. (D) Seller has not entered into any leases, contracts or other agreement relating to any of the Property which are unrecorded. (E) Seller represents that there are no mechanics ' liens , claims of lien or other claims against the Property and that Seller has no unpaid bills for labor or services performed on, or for materials supplied to the Property, except for those unpaid bills which will be paid prior to the closing. (P) That at the time of closing, no person other than the Seller shall be entitled to or be in possession of any portion of the Property. (G) Seller is not a "foreign person" as such term is defined in Section 1445(f) of the Internal Revenue Code. At the time of closing, Seller will provide the Buyer with an affidavit to the effect that the above representations are true and correct as of the Closing Date for the exchange. 7 . Relationship to Governing Board. Corrigan represents and warrants to the District, that, to the knowledge of Corrigan, no member of the District's Governing Board, no agent or employee of the District, and no 4 446