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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 /> <br />the use or value of the Property. <br /> 5. CURE OF. TITLE DEFECTS. ENCUMBRANCES, RESERVATIONS <br /> AND EXCEPTIONS. If Sellers are unable to comply with the <br /> requirements of subparagraphs 3 (a) and 3 (b) above, then <br /> Sellers shall have 30 days after receipt of notice thereof to <br /> remove said defect(s) and to provide Buyer with evidence <br /> thereof. If Sellers are unable to remove said defect(s) within <br /> such 30 day period, then Buyer maY either: (1) accept title to <br /> the Property subject to said defect(s) without any reduction in <br /> the total purchase price, or (2) terminate this Agreement by <br /> written notice to Sellers and thereupon have returned all items <br /> and funds theretofore paid or deposited hereunder, in which <br /> event Sellers shall pay all. nonrefundable escrow, title and <br /> financing costs theretofore incurred and Sellers and Buyer shall <br /> be relieved of further liability hereunder. <br /> <br /> 6. ESCROW PROCEDURE. All documents and funds <br />necessary to complete this. transaction shall be placed in escrow <br /> <br />with Chicago Title Insurance Company within 30 days of approval <br />of this Agreement by Council. This Agreement shall be <br /> <br />considered by the Escrow Agent as escrow instructions, but shall <br />be subject to the Escrow Agent's standard conditions of escrow <br /> <br /> <br />