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2006 Owner's Policy of Title Insurance committing to insure a marketable title to the <br /> Property in Buyer; deleting so-called "standard exceptions" related to parties in <br /> possession, and liens for labor, materials and services; including affirmative insurance <br /> regarding appurtenant easements, separate real estate taxation, and contiguity, in the <br /> amount of the Purchase Price, and issued by the Title Company. The cost of the Title <br /> Commitment shall be paid by Buyer. The Title Commitment shall include complete and <br /> accurate copies of all matters described in Schedule B thereof. <br /> (b) Buyer's Objections. Within fifteen(15) days after receiving the last item of the <br /> Title Commitment,Buyer shall notify Sellers of any objections("Objections")to matters <br /> disclosed in the Title Commitment. Buyer shall be deemed to have automatically made <br /> Objections to any mortgage,judgment, tax lien, mechanic's lien and any other monetary <br /> lien against the Property (collectively"Monetary Liens"). With respect to any update to <br /> the Title Commitment, Buyer shall have 10 days after Buyer's receipt of the applicable <br /> updated Title Commitment to notify Sellers of any Objections; provided that Buyer shall <br /> not have the right to object to any matters that were shown on a previous Title <br /> Commitment and not timely objected to by Buyer. Sellers shall have no obligation to <br /> correct any Objections; provided, however, Sellers shall cause to be satisfied at Closing <br /> all voluntary Monetary Liens (mortgages and other liens which Sellers have consented to <br /> or joined in) out of proceeds from Closing on the Closing Date if they are not satisfied <br /> prior thereto. At Closing, Buyer shall have the right to require endorsement(s) to the <br /> Title Policy. If the Objections are not cured prior to the Closing Date, Buyer will have <br /> the option to do any of the following by notice provided to Sellers: <br /> (i) Terminate. Terminate this Agreement pursuant to Section 3 herein, on or <br /> before the Closing Date. Upon such termination,neither Sellers nor Buyer shall <br /> have any further rights or obligations under this Agreement, except for the <br /> Surviving Covenants. Buyer shall be entitle to return of the Earnest Money; or <br /> (ii) Waive. Waive the Objections and close the transaction contemplated by <br /> this Agreement as if such Objections had not been made or waive the <br /> Objections pending Sellers' cure of the objections at or before Closing, in which <br /> case, Buyer's right to terminate this Agreement under Section 3 will extend <br /> until Closing. <br /> (c) Title Policy. If the Closing occurs, Title Company shall issue an owner's title <br /> insurance policy ("Title Policy") pursuant to the Title Commitment, or a suitable marked <br /> up of the Title Commitment initiated by the Title Company undertaking to issue such a <br /> Title Policy within a reasonable time in the form required by the Title Commitment as <br /> approved by Buyer. The Title Policy shall be paid for by Buyer. <br /> 5. CLOSING PROCEDURES. <br /> (a) Closing Date. The closing of the purchase and sale contemplated by this <br /> Agreement (the "Closing") shall occur on or before July 29, 2016, or such later date as <br /> mutually agreed to by the Buyer and Sellers (the "Closing Date") or as otherwise <br /> extended under the terms of this Agreement. The Closing shall take place at 10:00 a.m. <br /> 3 <br /> 187865v2 <br /> 73 <br />