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n <br /> 11. Deed. Subject tD the terms and conditions of this contract, <br /> Seller shall at the time of cl,)sing convey the Property to Purchaser by a good <br /> and sufficient general warranty deed, free and clear of all taxes except the <br /> general taxes for 1978, payable in 1978, and free and clear of all liens for <br /> special improvements now installed, whether assessed or not; free and clear of <br /> all liens and encumbrances except easements for telephone, electricity and <br /> water; subject to the easements in paragraph 8 above; subject to building and <br /> zoning regulations; subject to all easements and rights-of-way of record; <br /> I <br /> subject to reservation of mineral rights of record; subject to Seller's <br /> reservation of any and all water rights; and subject to the restrictive <br /> covenants attached hereto as Exhibit D and by this reference made part hereof. <br /> 12. Notice and Cure. If title is not merchantable or if a prior <br /> mineral reservation includes a reservation of sand and gravel, and written <br /> notice of defects is given to the Seller within the time provided for delivery <br /> of deed and shall not be rendered merchantable within thirty days after such <br /> written notice, then this contract shall be void and of no further effect, and <br /> each party shall be released from all obligations hereunder, and the payments <br /> made hereunder shall be returned forthwith to the Purchaser; provided, however, <br /> that in lieu of correcting such defects, Seller may within said thirty days <br /> obtain a commitment for owner's title insurance policy in the amount of the <br /> purchase price, showing title to be free and clear from such defects, and <br /> Seller shall pay the full premium for such title policy. <br /> 13. Default. In the event Purchaser shall fail to close within the <br /> time specified hereunder, except as provided for herein, Seller shall retain <br /> the earnest money deposit as liquidated damages. In the evert Seller shall <br /> fail to close within the time provided hereunder, Purchaser shall have the <br /> right to enforce the terms of this contract by any method available to it at <br /> law or in equity. Failure to fully perform the terms of paragraph 10 hereof <br /> prior to the date of closing shall not constitute a default hereunder. If <br /> Seller shall be unable, after due diligence, to obtain a title commitment as <br /> required in paragraph 6 hereof, and if Seller shall, decline to warrant title <br /> to sand and gravel, Purchaser shall not be required to close; and in the <br /> -7- <br />