4.14 SR 11-07-2022 ADD ON - Laserfiche WebLink

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49461726v5 4 222417v6 (hereinafter collectively “Permitted Encumbrances”). 7. EVIDENCE OF TITLE. (a) Within twenty (15) days after the execution of this Agreement by the parties, Seller shall deliver to Purchaser at Seller’s expense, a title insurance commitment (“Commitment”) written by Land Title Inc. (“Title Company”), for a current ALTA Owner’s title insurance policy in an amount equal to the Purchase Price, which shall commit to insure good and marketable fee simple title to the Property in Purchaser upon Closing. The Commitment shall include proper searches covering bankruptcies, state and federal judgments and liens and levied and pending special assessments, which Commitment shall be issued with the following commitments: (1) Insures that at Closing Purchaser shall have marketable and insurable title of record to the Property, free and clear of all liens, encumbrances, leases, claims and charges, all material easements, rights-of-way, covenants, conditions and restrictions and any other matters affecting title, and deleting all exceptions, except for Permitted Encumbrances. (2) Waives or insures against all standard exceptions. (b) Prior to the expiration of the Due Diligence Period as further defined below, Purchaser shall engage a surveyor to prepare an ALTA survey of the Seller Property (the “Survey”) and provide the legal description of the Property to be conveyed by Seller at Closing. The Property shall be in materially the dimensions depicted in Exhibit “A”. The Survey may include the Purchaser Property as well, if Purchaser so elects. (c) Purchaser shall have ten (10) business days following receipt of the second of the Commitment and the Survey within which to deliver to Seller a notice setting forth any objections to title (“Objections”); otherwise, Purchaser shall be conclusively presumed to have approved the title to the Property. Notwithstanding the foregoing, Purchaser shall automatically be deemed to have objected to and Seller shall be obligated to cure and release at or prior to Closing any: (i) mortgage financing, security agreements or similar liens given for security or collateral purposes (except as may arise from or relate to Purchaser’s diligence activities), expressly including all recorded loan facility documents, (ii) state, federal or local tax liens or liens for the nonpayment of special assessments against the Property, and (iii) other judgment liens or non-consensual liens pertaining to Seller (collectively, “Liens”). If Seller has not removed all Liens by Closing, then any remaining Liens will be cured and satisfied out of Seller’s proceeds at Closing. (d) Seller shall, within ten (10) days of receipt of Purchaser’s written Objections, notify Purchaser in writing of its intent to cure Objections prior to the end of the Due Diligence Period and shall use reasonable efforts to cure the Objections Seller has elected to (or is required to) cure. Pending cure of Purchaser’s Objections and in the event Seller shall notify Purchaser in writing prior to the expiration of the Due Diligence Period of the need for additional time to cure Objections, the Seller shall have up to an additional sixty (60) days, if necessary; to cure Objections; provided, however, that Seller shall pursue cure of Objections in a diligent manner. Upon failure of Seller to provide notice of intention to cure Objections, or if notice is furnished but (i) the Due Diligence Period expires; or (ii) the extended Due Diligence Period expires, in