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forth herein . The parties acknowledge and agree that the Purchase Price is based on an estimated size of the Property of 16 .66 acres. 4 . A. ENVIRONMENTAL SITE ASSESSMENT. Purchaser shall , at its sole cost and expense , provide an environmental site assessment of the Property that is certified to Purchaser: meets the standard of practice of the American Society of Testing Materials ("ASTM") Practice E 1527 ; meets all and the current standards and requirements attached to this Agreement as Exhibit " E" ; bears a date that is not less than 35 days prior to the Option Expiration Date; and is performed by an environmental site assessment professional firm satisfactory to Purchaser (" Phase I ") . 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 and all applicable federal , state or local laws , statutes , ordinances , rules, regulations or other governmental restrictions regulating , relating to, or imposing liability or standards of conduct concerning Hazardous Materials (herein " Environmental Law" . 4 . B . HAZARDOUS MATERIALS . In the event that the Phase I 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. Should Purchaser elect not to terminate this Agreement, Seller shall , at his sole cost and expense and prior to the exercise of the option and closing , promptly commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with any and all Environmental Law. However, should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal to 5% of the Purchase Price, Seller may elect to terminate this Agreement and no party shall have any further obligations under this Agreement. In the event that Hazardous Materials placed on the Property prior to closing are discovered after closing , Seller shall remain obligated hereunder, with such obligation to survive the closing , delivery, and recording of the deed hereunder, diligently to pursue and accomplish the clean up of Hazardous Materials in a manner consistent with all applicable Environmental Laws and at Seller's sole cost and expense . 5 . SURVEY. Purchaser shall , at Purchaser's sole cost and expense obtain a current boundary survey of the Property prepared by a professional land surveyor licensed by the State of Florida , satisfactory to Purchaser, that meets both the minimum technical requirements and standards promulgated by the Florida Board of Professional Land Surveyors and the survey procedures attached to this Agreement as Exhibit "F" ("Survey") . The Survey shall be certified to Purchaser, title insurer, and the closing agent, 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 defect, or 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" under this Agreement. 3