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in the event of a default thereunder by Seller, in which <br />case default interest shall accrue at the rate of 18% per <br />annum. The Note shall be payable in five equal annual <br />installments of each, payable on the first, <br />second, third, fourth, and fifth anniversaries of the <br />Note. The Note shall be secured by a first priority Deed <br />of Trust on the Property. (the "Deed of Trust") to be <br />executed by Buyer and delivered to Seller at the Closing. <br />Both Buyer and Seller shall use diligent efforts to <br />finalize the forms of the Note and the Deed of Trust to <br />be executed by Buyer at the Closing within 30 days after <br />the date of this Agreement. <br />3. Title. Title to the Property shall be free and <br />clear of all liens and encumbrances, subject only to: <br />(A) The lien for real property taxes for the year <br />of Closing and all subsequent years. <br />(B) Any and all defects, easements, covenants, <br />restrictions, reservations, exceptions, and other matters <br />which Buyer accepts or which Buyer may be deemed to have <br />accepted pursuant to the terms of Paragraph 5 of this <br />Agreement. <br />• <br />(C) All of the Agricultural Leases. <br />(D) The Reclamation Obligations and all permits and <br />other documents relating to the Reclamation Obligations. <br />(E) Any defects or encumbrances created by Buyer, <br />at the instance of Buyer, or with Buyer's consent. <br />The foregoing title exceptions are hereinafter collectively called <br />the "Permitted Exceptions." <br />4. Title Commitment. Within 20 days after the date <br />hereof, Seller shall furnish to Buyer a current ALTA commitment for <br />the issuance of an ALTA Form B Owner's Policy of Title Insurance <br />(Rev. 1992) covering the Property (the "Commitment") issued by <br />Transamerica Title Insurance Company or another title insurance <br />company designated by Seller and agreed to by Buyer (the "Title <br />Company"), committing to insure, subject only to the normal <br />requirements and Permitted Exceptions set forth herein above, title <br />to the Property in Buyer in the amount of the Purchase Price. <br />Title Defects. <br />(A) Buver's Riaht to Obiect. Within 30 days after <br />Buyer's receipt of the Commitment, Buyer shall give <br />Seller written notice of any and all title defects or <br />exceptions shown therein which are not accepted and have <br />not been. deemed accepted by Buyer as Permitted <br />Exceptions. Any and all defects and exceptions affecting <br />-3- <br />