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and payable, (3) such restrictions, conditions, easements <br /> (however created) and encroachments ~as do not materially <br /> adversely affect the use or value of the Property. <br /> <br /> 5. CURE OF TITLE DEFECTS, ENCUMBRANCES, <br /> <br />RESERVATIONS AND EXCEPTIONS. If Seller is unable to comply with <br />the requirements of subparagraphs 13 (a) .and 3 (b) above, then <br />Seller shall have 30 days after receipt of notice thereof to <br />remove said defect(s) and to provide Buyer with evidence <br />thereof. If Seller is 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 Seller and thereupon have returned all items <br />and funds theretofore paid or deposited hereunder, in which <br />event Seller shall pay all nonrefundable escrow, title and <br />financing costs theretofore incurred and Seller 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 />with Chicago Title Insurance Company at least five (5)~days <br />before closing. Closing shall be on February 28, 1992, or <br />earlier at Seller's option, but not less than sixty (60) days <br />after execution of this agreement. This Agreement shall be <br />considered as escrow instructions subject to the Escrow Agent's <br />standard conditions of acceptance which shall be made a part <br />hereof and incorporated herein by reference. In the event of <br />inconsistency between this agreement and standard conditions of <br />escrow this agreement shall prevail. <br /> <br /> 7. TITLE TRANSFER, OCCUPANCY AND POSSESSION. <br /> <br /> a. Title Transfer. Title' shall transfer to <br /> <br />Purchaser by the recording of the deed. <br /> <br /> <br />