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. � <br /> 9����614� <br /> time of closing. <br /> b. Title Conditions . Baker shall convey and First <br /> Commerce agrees to accept the Property subject to: zoning and <br /> building restrictions; regulations of any political subdivision <br /> in effect at the date of closing; property taxes not delinquent <br /> at the date of closing; any statement of facts an accurate survey <br /> may show; and easements, encroachments and restrictions of <br /> record, if any, which do not render title unmarketable . <br /> c. Evidence of Title. Within twenty-one days from <br /> the date of this Option, First Commerce shall order a binder from <br /> a reputable title insurance comnany agreeing to issue at closing <br /> a title insurance policy in the amount of the purchase price <br /> insuring the title of the buyer to the Property excepting only <br /> the items specified in paragraph b. above and such reasonable <br /> conditions and exceptions normally contained in title insurance <br /> policies . <br /> If the title is deemed to be defective First Commerce <br /> shall notify Baker within 15 days after receipt of the binder, <br /> and Baker shall have a reasonable time following receipt of the <br /> notice of the exercise of the option in which to cure the title, <br /> and the date of closing shall be advanced accordingly. It is <br /> agreed that any title binder, or title policy of a title <br /> insurance company acceptable to First Commerce shall be <br /> conclusive evidence of good or marketable title as therein shown <br /> as to all matters insured or approved thereby. The cost of any <br /> title policy issued hereunder shall be shared equally by First <br /> Commerce and Baker. <br /> d. Apportionments . Baker shall pay all real property <br /> taxes for the all full years prior to the year of closing. Taxes <br /> for the year in which closing occurs, rents, premiums for <br /> insurance assigned to First Commerce, if any, and water and sewer <br /> charges shall all be prorated to the date of closing. <br /> e. �ossession and Closirig .Da�e. Fossession of the <br /> Property shall be given to First Commerce on the date of closing, <br /> which shall be at least 30 days following notice of the exercise <br /> of the option. <br /> f . Assessments. All assessments for local <br /> improvements that are a lien at or prior to closing shall be paid <br /> by Baker. <br /> g. Destruction of Property. The risk of loss or <br /> damage to the Property prior to the date of closing, shall rest <br /> with Baker. In the event of a material loss or damage, either <br /> party shall have the right to cancel this Agreement by written <br /> notice to the other, and upon such cancellation, both parties <br /> shall be released of their rights and liabilities hereunder. <br /> h. Eminent Domain. If all of the Property is taken <br /> by eminent domain, First Commerce may cancel this Option by <br /> 2 <br />