Purchase Sale Agrmnt - 225 191 Ter

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5. TITLE INSURANCE. Purchaser may obtain a marketable title insurance commitment through Nabors, Giblin & Nickerson, P.A., to be followed by an ALTA owner's marketable title insurance policy from a title insurance company approved by Purchaser, insuring marketable 'title to the Property in the amount of the purchase -price. If Sellers default under this Agreement, Sellers shall reimburse Purchaser for all costs incurred in obtaining the title insurance commitment. Purchaser's remedy for default under the provisions of this paragraph is cumulative to all other remedies available to Purchaser at law and in equity. B. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished pursuant to this Agreement discloses any title matters that are not acceptable to Purchaser, Sellers may, within 15 days after notice from Purchaser, remove said matters. Any violation of federal, state, or local laws, including statutes, regulations, ordinances, codes, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements, and other governmental restrictions shall be considered a title defect. At Sellers' option, Sellers agree to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits. Defects arising from liens against the Property shall be satisfied at closing from Sellers' proceeds. If Sellers are unsuccessful in removing the title defects within said time or if Sellers elect not to pursue the curing of said title defects, Purchaser shall have the option to either: (a) accept the title as it then is with no reduction in the Purchase Price, or (b) terminate this Agreement, thereupon releasing Purchaser and Sellers from all further obligations under this Agreement; provided, however, that Sellers shall reimburse Purchaser for all actual costs associated with Purchaser's due diligence activities outlined in paragraph 4 and Purchaser's deposit shall be fully refunded to Purchaser. 7. CLOSING. (A) The consummation of the transaction contemplated by this Agreement (the "Closing") shall take place either virtually or at a location mutually agreed upon by the parties, on a date after City Commission approval that is mutually agreeable to the parties (the "Closing Date"), but no later than 60 days following the date this Agreement is approved by the Commission and executed by the Mayor, unless a delay is mutually agreeable to the Parties, not to exceed thirty (30) days, which agreement shall not be unreasonably withheld. The City Manager shall -be -authorized to agree to any adjustments of the Closing Date on behalf of the City. Possession of the Property shall be granted by Sellers to Purchaser no later than the Closing Date. (B) It is the intent of the Parties that Purchaser will be conveyed, at Closing, the following ownership rights: 1. Fee simple ownership of the Property. 4 Purchaser Sellers 4 V13t_ -- Ktil]