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title insurance biader isaued by a company satisfactory
to the other party showing th~ good and marketaLla
aimple title to be in the party agreeing to convey the
same. The premium for an owner's policy on any auch
title ineurance binder in the ar~iouat of the fair market
value of each parcel ahall be prepaid by the party de-
livering the binder. In the event that the title tv either
of the parcels shall be fouad not to be good aad market-
able and insurable, the party agreeing to convey said
land shall have 90 days in which to make said title good
. aad marketable and insurable, and shall exercise rea-
sonable diligence in doing so. If the title to both of the
parcels has uot been made good and marketable aad in-
surable within the time provided, then the parties ahall
be relieved of all furt2~er obligatione under the terms of
this paragraph 2, or if the title is neverthelese acceptable
to the transferee, then upon request of the transferee,
thia transaction sha11 be closed.
(d) Titles shall be deemed good and marketable and
insurable if they are free of all- encumbraacea, restric-
tions, easemeats, objections and tenancies, except the
Declaration of Reatrictione aad Agreement between
Grantor and Graatee of even date with thia agreemen~ '
(e) Provided t~hat the titles ehall be found to be good
and marketable and insurable, the transaction shall be
cloaed within 30 day~ after delivery~ of th~ title binders.
Coaveyances ahall be by general warranty deeds. Parcel
2 in Exhibit A shall be conveyed so that it becomes sub-
ject to the agreements, conditions, restrictioas and limita-
tions set forth in said Declaration of Restrictions and
Agreemen~
(f) Each party shall pay the documentary stamps, if
any, on the deed it executes. .
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; (g) Grantee's obligation to close the exchange pro-
vided for ia this paragraph 2 shall be contingent upon
Grantee's obtaining prior to closing all permite and
authorizations neceseary for the excavation and mainte-
nance of a new channel from Parcel 1 in Exhibit A to the
Indian River and Intracoastal Waterway, provided that
Grantee shall have the right to waive this condition.
(h) If the lack of a time limitation during which the
Grantee may elect to exercise its rights under this para-
graph 2 would invalidate such rights under any rule of
law, then it is agreed that such rights are exercisable
only within 21 years from the execution of this agreement,
~ or within such shorter period as is permitted under auch
- rule of law.
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3. Noticea shall be deemed given when deposited in the United
States mail, registered or certified with return receipt requested, with
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MtRfNON, fAwVt11, JOMNiTON, OVNNODY • COLt, 1600 FIRiT NATIONAL SANK 9UILDINa, MIAMI, /L0111DA
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