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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 />the use or value of the Property. <br /> <br /> 5. 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 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 />theretofore paid or deposited hereunder, in which event Seller <br />shall pay all nonrefundable escrow, title and financing costs <br /> <br />theretofore incurred and Seller <br />further liability hereunder. <br /> <br /> 6. ESCROW PROCEDURE. <br /> <br />and Buyer shall be relieved of <br /> <br />Ail documents and funds <br /> <br />necessary to complete this transaction shall be placed in escrow <br />with Chicago Title Insurance Company within 90 days of approval <br />of this Agreement by Council. This Agreement shall be <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 />