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<br /> ,,,,,,,,,,�rr (u) If the Optionee exercises the option,the Optionor shall convey title to k`=;
<br />_ `�•��•�'��"'�° the Property to the Optionee by good and sufficient general wananty _.,
<br /> deed,warranting titic to be frce and clear of all liens,charges and �}_
<br /> encumbrances,clouds and defects whatsoever,exc�pt for taxes and
<br /> �' assessments,both general aaid specisl�which ara a lien but not yet due ��—
<br /> and payable,and except as provided in paragraph 7(b),below. _
<br /> � (b) Optionee shall apply for an Owner's Fee Policy of title insurance,
<br /> � issued by a title compuny of the Optionee's choice(the"Title _
<br /> Y� Company")in its customary form,insuring marketable title to be good =
<br /> � in the Optionee. In such even�,a preliminary title report in the form �
<br /> of a commitment to issue the title policy may be ordered from the Title P'-=
<br /> Company by the Optionee immediately upon the exercise of the _
<br /> option. Within ten(10)days&om the receipt of the title report by the _._
<br /> Qptionee,the Optionee shall norify the Optionor and the Title -
<br /> Company of any restrictions,teservations,limitations,easements,liens
<br /> and condi4ions of record(collectively"title defects")disclosed in the
<br /> title report which are objectionable to the Optionee. Should the
<br /> � Optionee so norify the Optionor of any ritie de�eccs�ihe Opiionur s3iult
<br /> have until the closing date to cure or remove them. If,within 30 days
<br /> . of such notification,Optionor is unable or unwilling to do so,then
<br /> Optionee may cancel the purchase transaction upon written notice to
<br /> Optionor. Should the Optionee not notif.y the Optionor of�ny title
<br /> defects,any defects shall be deemed as waived by the Optionee and set
<br /> forth as exceptions to be contained in the deed and the title insurance.
<br /> The cost of the title insurance shall be divided equally between the
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<br /> parties.
<br /> - 8. Closing Date. The closing shall occur as soon as reasonubly possible after
<br /> � `� exercise of the option by Optionee but no later than March 20, l 998. Time is ..
<br />- of the essence. All real estate taxes and assessments shall be prorated as of the
<br /> closing date.
<br /> �;� 9. Representations and Warranties of Optionor. Optionor represents and
<br />- � warrants to Optionee that:
<br /> h (a) Optionor is the owner of good and marketable indefeasible fee simple _
<br /> title to the Property; =�-
<br /> . ; (b)The execution,delivery and performance by Optionor of this =_
<br /> Agreement and the consummation of the transactions contemplated by
<br /> this Agreement have been duly authorized by all requisite action on the
<br /> � part of Optionor;
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