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ALTA/ACSM Land Title Surveys (Class A Urban)(1997) (the "Survey"). <br />ARTICLE IV <br />CONDITIONS PRECEDENT TO CLOSING/TERMINATION <br />4.1 Buyer's Conditions Precedent. The obligations of Buyer under this Agreement are <br />subject to the following conditions precedent which, prior to the Closing Date, shall <br />have either been waived in writing by Buyer or shall have been determined, in <br />Buyer's sole discretion and at Buyer's sole expense, to have been satisfied: <br />4.1.1 The representations and warranties contained in this Agreement must be <br />true now and on the Closing Date as if made on the Closing Date. <br />4.1.2 Title shall have been found acceptable, or been made acceptable, in <br />accordance with the requirements and terms of this Agreement and the <br />Title Company shall agree at the closing to issue the Owner's Policy <br />contemplated in the Commitment as of the date of recording the warranty <br />deed. <br />4.1.3 Seller shall perform all of the obligations required to be performed by <br />Seller under this Agreement as and when required by this Agreement. <br />4.1.4 Buyer shall have determined on or before the Closing Date, that it, in its <br />sole discretion, is satisfied with the results of and matters disclosed by soil <br />tests, engineering inspections, hazardous waste and environmental reviews <br />of the Property. All such tests, inspections and reviews are to be obtained <br />at Buyer's expense. Buyer shall select each of the companies to conduct <br />the above tests, inspections and reviews. <br />If any such condition precedent has not been satisfied within the allowable times <br />specified above, then this Agreement may be terminated, at Buyer's option, by written <br />notice from Buyer to Seller. In the absence of a written notice from Buyer to Seller, <br />the conditions precedent shall be deemed automatically waived by Buyer. Upon such <br />termination, the earnest money shall be released to Buyer and upon such return, <br />neither party will have any further rights or obligations regazding this Agreement or <br />the Property and the parties agree to execute a Termination of Purchase Agreement. <br />All of the conditions precedent set forth in this paragraph above are specifically stated <br />and agreed to for the sole and exclusive benefit of the Buyer and the Buyer shall have <br />the right to unilaterally waive any condition precedent by written notice to Seller. <br />4.2 Seller's Conditions Precedent The Obligations of Seller under this Agreement are <br />subject to the following conditions precedent: <br />4.2.1 The Buyer shall have performed all of the obligations required to be <br />performed by Buyer under this Agreement as and when required by this <br />Page 5 <br />Version Date: 1118/05 <br />S:APARK & RECAI2 74 OS PacketAPurchese Agreement v120'12005.doc <br />