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. e c@~v III. It is represented by the GRANTOR that the subject properties are free and clear of all restrictions, reservations, easements and encroachments, except as shown on the plat of said subdivision. IV. This right, privilege and option to so purchase, according to the terms and provisions of this Agreement, shall terminate at 12:00 o'clock Noon on January 31, 1995. In the event GRANTEE exercises this option within the time allowed, by certified mail to GRANTOR, addressed to Mr. HAROLD P. PFEIFFER, 619 Brownell, La Porte, Texas 77571, setting out that the option is exercised, then, in that event, this purchase shall be concluded prior to January 31, 1995, as set out herein. V. Upon closing of this transaction, GRANTOR agrees to furnish GRANTEE, at GRANTEE's option and at GRANTEE's sole expense, at the time of execution of GRANTOR's Deed, an Owner's Title Policy issued by Sovereign Title Company, Deer Park, Texas, covering such properties for the amount of the purchase price. IV. All taxes for the calendar year 1994 and prior years shall be paid by GRANTOR. All taxes for the current year of closing shall be prorated as of the date of closing. Possession of the property shall be delivered to GRANTEE at the date of closing of the sale. GRANTOR shall execute and deliver to GRANTEE a General Warranty Deed, which deed shall contain covenants of general warranty, conveying good and indefeasible title without exceptions of any nature. GRANTEE shall pay for all usual and customary title company expenses and other expenses in connection with the closing of this transaction. VII. At closing, GRANTEE shall deliver to GRANTOR the following: