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<br />(meaning in the county where the Property is located) of the <br />appropriate day. If any deadline falls on a Saturday, Sunday or <br />national legal holiday, performance will be due the next business <br />day. <br /> <br />4. TITLE: Seller will convey marketable title to the Property by <br />statutory warranty deed or trustee, personal representative or <br />guardian deed as appropriate to Seller's status. <br /> <br />5. TITLE EVIDENCE: Title evidence will show legal access to the <br />Property and marketable title of record in Seller in accordance <br />with present title standards adopted by the Florida Bar, subject <br />only to the following title exceptions, none of which prevent <br />Buyer's intended use of the Property; covenants, easements and <br />restrictions and matter appearing on the plat or otherwise common <br />to the subdivision; outstanding oil, gas and mineral rights of <br />record without right of entry; current taxes, mortgages that Buyer <br />will assume; and encumbrances that Seller will discharge on or <br />before closing. <br /> <br />Within 10 days of the effective date hereof, Buyer will secure <br />to Buyer, at Buyer's expense, a title insurance commitment Issued <br />by a qualified title insurance agent agreeing to issue Buyer, upon <br />recording of the deed to Buyer, an owner's policy of title <br />Insurance in the amount of the purchase price, insuring Buyer I s <br />title to the Real Property, subject only to liens, encumbrances, <br />exceptions or qualifications provided in this Contract and those to <br />be discharged by Seller at or before closing. Seller shall convey <br />marketable title subject only to liens, encumbrances, exceptions or <br />qualifications provided in this Contract. Marketable title shall be <br />determined according to applicable Title Standards adopted by <br />authority of The Florida Bar and in accordance with law. Buyer <br />shall have 5 days from date of receiving evidence of title to <br />examine it. If title is found defective, Buyer shall within 3 days <br />thereafter, notify Seller in writing specifying the detect(s). If <br />defect(s) render title unmarketable, Seller will have 30 days from <br />receipt of notice to remove the detects, failing which Buyer shall, <br />within five (5) days after expiration of the thirty (30) day <br />period, deliver written notice to Seller either: (1) extending the <br />time for a reasonable period not to exceed 120 days within which <br />Seller shall use diligent effort to remove the defects; or (2) <br />requesting a refund of deposit(s) paid which shall be immediately <br />returned to Buyer. If Buyer fails to so notify Seller, Buyer shall <br />be deemed to have accepted the title as it then is. Seller shall, <br />if title is found unmarketable, use diligent effort to correct <br />defect(s) within the time provided therefor if Seller is unable to <br />timely correct the detects, Buyer shall either waive the defects, <br />or receive a refund of deposit(s), thereby releasing Buyer and <br />Seller from all further obligation under this Contract. <br /> <br />Page 2 <br />