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3. a) <br />deed conveying <br />subject at the <br /> <br />DEER. Seller shall furnish a general warranty <br />marketable title to the Property to Buyer, <br /> <br /> time of title transfer to: (1) taxes and <br /> <br />assessments which are a lien, but not yet due and payable, and <br />(2) such other encumbrances, reservations and exceptions, if <br />any, as are permitted in the title guarantee described below. <br /> b) TITLE INSURANCE. Seller shall provide an <br />owners policy Title Insurance (ALTA Form B) at the time of title <br />transfer with Schedule B general and printed exceptions deleted <br />issued by Chicago Title Insurance Company, in the amount of the <br />purchase price insuring marketable title in the Buyer free and <br />clear of all title defects, encumbrances, reservations and <br />exceptions whatsoever, except: (1) zoning ordinances, if any, <br />(2) taxes and assessments which are a lien, but not yet due and <br />payable, (3) such restrictions, conditions, easements (however <br />created) and encroachments as do not materially adversely affect <br />the use or value of the Property. <br /> <br /> 4. CURE OF TITLE DEFECTS, ENCUMBRANCES, RESERVATIONS <br /> AND EXCEPTIONS. If Seller is unable to comply with the <br /> requirements of subparagraphs 3 (a) and 3 (b) above, then Seller <br /> shall have 30 days after receipt of notice thereof to remove <br /> said defect(s) and to provide Buyer with evidence thereof. If <br /> Seller is unable to remove said d[efect(s) within such 30 day <br /> period, then Buyer may either: (1) accept title to the Property <br /> subject to said defect(s) without any reduction in the total <br /> purchase price, or (2) terminate this Agreement by written <br /> notice to Seller and thereupon have returned all items and funds <br /> theretofore paid or deposited hereunder, in which event Seller <br /> shall pay all nonrefundable escrow, title and financing costs <br /> theretofore incurred and Seller and Buyer shall be relieved of <br /> <br />further liability hereunder. <br /> <br /> <br />