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in possession and survey deleted, insuring marketable title to the Elk River Exchange Parcels as <br />being vested in Horton and insuring marketable title to the Horton Exchange Parcels as being <br />vested in Elk River, subject only to the Permitted Exceptions as defined below (each a "Title <br />Policy"). <br /> <br />6. TITLE APPROVAL PERIOD. <br /> <br /> a. Objections. Horton shall have seven (7) days after the receipt of the last of the <br />Title Commitment for the Elk River Exchange Parcels to review them and to deliver in writing to <br />Elk River such objections as Horton may have to anything contained therein ("Horton's <br />Objections"). Elk River shall have seven (7) days after the receipt of the last of the Title <br />Commitment for the Horton Exchange Parcels to review them and to deliver in writing to Horton <br />such objections as Elk River may have to anything contained therein ("Elk River's Objections"). <br />Collectively, Horton's Objections and Elk River's Objections shall be referred to as the <br />"Objections". <br /> <br /> b. Additional Exceptions. If an acquiring Party receives notice or otherwise <br />discovers that title to the Exchange Parcels to be acquired by such Party is subject to any <br />additional exceptions not disclosed by the Title Commitment ("Additional Exceptions"), that <br />Party shall notify the other of its objection(s) in writing within ten (10) days after the acquiring <br />Party receives notice of any such Additional Exception. Upon such notice, the Additional <br />Exception shall be deemed an Objection subject to Sections 6.c and 6.d. <br /> <br /> c. Obligation to Cure Objections. Each transferring Party shall in good faith <br />attempt to satisfy prior to Closing all Objections made by the acquiring Party and to cause the <br />Title Company to revise the Title Commitment to reflect such satisfaction. <br /> <br />No transferring Party shall be obligated to expend in excess of Ten <br />Thousand and No/100 Dollars ($10,000.00) in order to cure Objections <br />which are not caused by such Party. <br /> <br />(2) <br /> <br />Each transferring Party shall be required to cure any Objections which are <br />caused by it, regardless of the cost to cure such Objections. <br /> <br />(3) <br /> <br />Neither transferring Party shall encumber its Exchange Parcels other than <br />with encumbrances which provide for release thereof at Closing in <br />accordance with this Contract and neither Party will allow a formal notice <br />of default to remain uncured with regard to such encumbrances. <br /> <br /> d. Rights if Transferring Party Fails to Cure Objections. If a transferring Party <br />delivers written notice to an acquiring Party on or before the Closing Date that the transferring <br />Party is unable to satisfy any Objection, or if, for any reason, the transferring Party is unable to <br />convey title in accordance with Section 5, the acquiring Party may, in addition to its other <br />remedies hereunder, elect to do any of the following: <br /> <br />(1) waive such Objection and accept such title as the transferring Party is able <br /> <br />2174122vl 3 <br /> <br /> <br />