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(A) Environmental Site Assessment - Seller shall provide to Purchaser any
<br />previous, current, or pending court actions or regulatory actions, environmental audit
<br />information, if any, and other such information regarding any potential hazardous soil or
<br />water conditions on or around the Property that are in Seller's control. Purchaser may
<br />conduct an environmental site assessment of the Property to determine the existence
<br />and extent, if any, of any Hazardous Materials on the Property. For purposes of this
<br />Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, material
<br />or waste of any kind or any other substance which is regulated by any Environmental
<br />Law, with the exception of any "Exempt Materials" as defined in Section 4(A)1. below. In
<br />the event that the environmental audit provided for herein confirms the presence of
<br />Hazardous Materials on the Property, Purchaser, at its sole option, may elect to terminate
<br />this Agreement and neither party shall have any further obligations under this Agreement.
<br />Alternatively, the Purchaser and Seller may agree to an adjustment of the Initial Purchase
<br />Price. However, if no adjustment of the Initial Purchase Price is agreed upon, and should
<br />Purchaser elect not to terminate this Agreement, Seller shall, at its sole cost and expense
<br />and prior to the Closing, promptly commence and diligently pursue any assessment, clean
<br />up and monitoring of the Property necessary to bring the Property into full compliance
<br />with any and all applicable federal, state or local laws, statutes, ordinances, rules,
<br />regulations or other governmental restrictions regulating, relating to, or imposing liability
<br />or standards of conduct concerning Hazardous Materials ("Environmental Law").
<br />However, should the estimated cost to.Seller of clean-up of Hazardous Materials exceed
<br />a sum which is equal to 20% of the Final Purchase Price as stated in paragraph 3, Seller
<br />may elect to terminate this Agreement and neither party shall have any further obligations
<br />under this Agreement. In the event that Hazardous Materials placed on the Property prior
<br />to Closing are discovered after Closing, Seller shall remain obligated hereunder, with
<br />such obligation to survive the Closing and delivery and recording of the deed described
<br />in paragraph 7 of this Agreement and Purchaser's possession of the Property, to diligently
<br />pursue and accomplish the clean-up of Hazardous Materials in a manner consistent with
<br />all applicable Environmental Laws at Seller's sole cost and expense.
<br />(B) Survey - Purchaser may have the Property surveyed to the Florida Minimum
<br />Technical Standards for Land Surveys. Purchaser shall order the Survey. If the survey
<br />("Survey"), certified by professional surveyor and mapper licensed by the State of Florida,
<br />shows any encroachment on the Property or that improvements intended to be located
<br />on the Property encroach on the land of others the same shall be treated as a title defect
<br />as provided in paragraph 6 below. If the Survey shows any material deviations in the
<br />represented acreage, size, or configuration of the Property or location of easements,
<br />Purchaser, at its sole option, may elect to terminate this Agreement and neither party
<br />shall have any further obligations under this Agreement. Alternatively, the Purchaser and
<br />Seller may agree to an adjustment of the Initial Purchase Price.
<br />(C) Other Investigations - Purchaser may undertake such other tests, analyses,
<br />investigations, and inspections as deemed necessary by Purchaser to determine to
<br />Purchaser's satisfaction the Property's engineering, architectural, and environmental
<br />properties; zoning, zoning restrictions and land use; soil, grade, and other environmental
<br />features; availability of access to public roads, water, and other utilities; consistency with
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