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such utility and/or storm water drainage ways ("Seller's Identification"). As a • part of its surveying of the Property, Buyer will locate and show these existing utility lines and/or storm water drainage ways on the plat of survey. Subject to being acceptable to Buyer, Seller shall have the right prior to Closing to arrange and grant or obtain easements for such existing utility lines and/or storm water drainage ways, and for any new easement needed by Seller. To the extent that such new easements will be requested, they must be identified and made known to Buyer within sixty (60) days after execution of this Agreement. (2) In the event the Commitment and/or Seller's Identification reveals any easement, restriction, covenant and/or condition that are not acceptable to Buyer ("Defect"), Buyer shall notify Seller, in writing, of such Defect(s) within fifteen (15) days following receipt of the Commitment and Seller's Identification, whichever shall last occur. Seller shall then have fifteen (15) days after receipt of such notice to notify Buyer, in writing, whether it will attempt to cure such Defect(s) prior to Closing. If Seller notifies Buyer that it will not cure such Defect(s), or fails to respond to Buyer's notice, Buyer shall have the right to terminate this Agreement. If Seller agrees to cure any such Defect(s), it shall use its best efforts to cure them with diligence and at its own expense. (3) In the event that any Defect occurs or is created by Seller subsequent to the effective date of the Commitment as to any matter of record or subsequent • to the date of Seller's Identification as to any matter not of record, Buyer shall notify Seller in writing of such Defect(s) and Seller shall cure such Defect(s) prior to Closing. Failure of Seller to cure such Defect(s) prior to Closing shall be an Event of Default by Seller. (4) In the event that Buyer elects to terminate this Agreement pursuant to Section 4.3.b(2) above, then the Deposit, earned interest and any Extension Payments shall be immediately returned to Buyer by Seller and neither Buyer nor Seller shall have any further rights or obligations hereunder. c. Eminent Domain. Neither the Property nor any portion of the Property shall, after the date of this Agreement and prior to Closing, have been condemned or taken pursuant to any governmental action or other exercise of the power of eminent domain, or shall, after the date of this Agreement and prior to Closing, be the subject of or threatened with any condemnation or taking proceeding. If the Property or any portion thereof is subject to or threatened with any proceeding for condemnation, taking or exercise of the power of eminent domain at any time prior to Closing under this Agreement, Buyer at its sole option may: (1) Proceed to Closing with no reduction in the Purchase Price for the area of the Property subject to or threatened with such proceeding and, in such case, Seller shall assign to Buyer all of its right, title and interest in and to any condemnation award or damages; or 0 5