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likewise known to Buyer as a result of Buyer's inspection ~of the <br />property. Buyer accepts the property in its present condition, <br /> <br />as is. <br /> <br /> 3. a) DEED. Seller shall furnish a Quit Claim deed <br />conveying marketable title to the Property to Buyer, subject at <br />the time of title transfer to: (1) taxes and assessments which <br />are a lien, but not yet due and payable, and (2) such other <br />encumbrances, reservations and exceptions, if any, as are <br />permitted in the title insurance described below. <br /> <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, (4) rights of parties in <br />possession, (5) survey defects not discovered by Buyer. <br /> <br /> 4. CURE OF TIT~ 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 defect(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 /> <br /> <br />