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12/09/2004 13:59 612+305+1414 + 2#262 N0.615 P003 encumberinb Seller's larger parcel, and for paying any partial release price required by the mortgagee(s), once the description of the property has been determined. Seller hereby grants to Buyer and his agents and contractors permission for access to the southwesterly portion of Seller's larger parcel for surveying purposes. To the best of the Seller's knowledge there are no hazardous wastes, abandoned wells, or underground storage tanks, except as herein noted. SPECIAL WARRANTIES: Seller makes no warranties as to the zoning or condition of the property described in this Purchase Agreement. Buyer acknowledges that Buyer resides on the lot adjacent to the property, is familiar with the location, condition and zoning of the same and agrees to purchase the property "as is," except to the extent of any express warranties by Seller contained in this Purchase Agreement. DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a General Warranty Deed joined in by spouse, if any, conveying marketable title, subject only to building and zoning laws, ordinances, and state and federal regulations, and such other matters as shall be acceptable to Buyer. TITLE & EXAMINATION: Seller shall, within a reasonable time after acceptance of this Purchase Agreement, furnish an abstract of title, or a registered property abstract, certified to date to include proper searches covering bankruptcies; state and federal judgments and liens, and levied and pending special assessments. Buyer shall be allowed 10 business days after receipt of abstract for examination of title and making any objections which shall be made in writing or deemed waived. If any objection is so made, Seller shall have 10 business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title,but upon correction of title and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be null and void, at the option of Buyer; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign a Cancellation of Purchase Agreement_ Buyer agrees to accept an owner's title policy in the full amount of the purchase price in lieu of an abstract of title if the property is subject to a master abstract or if no abstract of title is in Seller's possession or control. If Buyer is to receive such policy (1) the title examination period shall commence upon Buyer's receipt of a current title insurance commitment and (2) Seller shall pay the entire premium for such policy if no lender's policy is obtained, and only the additional cost of obtaining a simultaneously issued owner's policy if a lender's policy is obtained (Buyer shall pay the premium for the lender's policy). REAL ESTA'T'E TAXES shall be paid as follows: Buyer shall pay all real estate taxes due and payable in the year of closing, prorated as of the closing date. 2