TO PURCHASER, OR (II) IS NOT ASSIGNABLE (EITHER BY
ITS TERMS OR APPLICABLE LAW) THEN, PRIOR TO THE CLOSING, PURCHASER SHALL BE
RESPONSIBLE FOR OBTAINING FROM EACH APPLICABLE VENDOR A CONSENT (EACH A
"REQUIRED ASSIGNMENT CONSENT") TO THE ASSIGNMENT OF THE PROPERTY CONTRACT BY
SELLER TO PURCHASER (AND THE ASSUMPTION BY PURCHASER OF ALL OBLIGATIONS UNDER
THE PROPERTY CONTRACT) AND SELLER SHALL REASONABLY ASSIST PURCHASER WITH
OBTAINING ANY SUCH REQUIRED ASSIGNMENT CONSENT.
PURCHASER SHALL INDEMNIFY, HOLD
HARMLESS AND, IF REQUESTED BY SELLER (IN SELLER'S SOLE DISCRETION), DEFEND (WITH
COUNSEL APPROVED BY SELLER) SELLER'S INDEMNIFIED PARTIES FROM AND AGAINST ANY
AND ALL LOSSES ARISING FROM OR RELATED TO PURCHASER'S FAILURE TO OBTAIN ANY
REQUIRED ASSIGNMENT CONSENT.
SELLER SHALL CAUSE ALL PROPERTY MANAGEMENT AND
LEASING AGREEMENTS WITH RESPECT TO THE PROPERTY TO BE TERMINATED AS OF CLOSING
AT SELLER' COST AND EXPENSE.
SELLER AND PURCHASER ACKNOWLEDGE THAT AFTER
CLOSING PURCHASER MAY DESIRE TO TERMINATE THAT CERTAIN LAUNDRY ROOM(S) LEASE
AGREEMENT (THE "LAUNDRY ROOM CONTRACT") BETWEEN MAC-GRAY SERVICES, INC. AND OP
PROPERTY MANAGEMENT, LLC, AS AUTHORIZED AGENT OF SELLER, DATED JULY 15, 2005.
UPON CLOSING, PURCHASER SHALL BE CREDITED WITH AN AMOUNT EQUAL TO $1,500, WHICH
AMOUNT SHALL COMPENSATE PURCHASER FOR ALL COSTS THAT PURCHASER MAY INCUR IF
PURCHASER TERMINATES THE LAUNDRY ROOM CONTRACT AND SHALL, SUBJECT TO THE
PRORATIONS IN SECTION 5.4, BE IN FULL SATISFACTION OF SELLER'S OBLIGATIONS WITH
RESPECT TO THE LAUNDRY ROOM CONTRACT.
ARTICLE IV
TITLE
4.1
TITLE DOCUMENTS.
WITHIN 5 CALENDAR DAYS AFTER THE EFFECTIVE
DATE, SELLER SHALL CAUSE TO BE DELIVERED TO PURCHASER A STANDARD FORM COMMITMENT
FOR TITLE INSURANCE ("TITLE COMMITMENT") FOR THE PROPERTY IN AN AMOUNT EQUAL TO
THE PURCHASE PRICE FROM TITLE INSURER FOR AN OWNER'S TITLE INSURANCE POLICY (THE
"TITLE POLICY") ON THE MOST RECENT STANDARD AMERICAN LAND TITLE ASSOCIATION FORM
PROMULGATED BY THE FLORIDA DEPARTMENT OF INSURANCE, TOGETHER WITH COPIES OF ALL
INSTRUMENTS IDENTIFIED AS EXCEPTIONS THEREIN (TOGETHER WITH THE TITLE
COMMITMENT, REFERRED TO HEREIN AS THE "TITLE DOCUMENTS").
SELLER SHALL BE
RESPONSIBLE ONLY FOR THE COSTS RELATING TO PROCUREMENT OF THE TITLE COMMITMENT
AND PAYMENT OF THE PREMIUM FOR THE TITLE POLICY FOR THE PROPERTY.
PURCHASER
SHALL BE SOLELY RESPONSIBLE FOR PAYMENT OF ALL OTHER COSTS RELATING TO
PROCUREMENT OF THE TITLE POLICY, AND ANY REQUESTED ENDORSEMENTS WITH RESPECT TO
THE PROPERTY.
4.2
SURVEY.
WITHIN 7 CALENDAR DAYS AFTER THE EFFECTIVE DATE,
SELLER SHALL DELIVER TO PURCHASER ANY EXISTING SURVEY OF THE PROPERTY (THE
"EXISTING SURVEY") WHICH IS IN SELLER'S POSSESSION OR REASONABLE CONTROL
(SUBJECT TO SECTION 3.5.2).
PURCHASER ACKNOWLEDGES AND AGREES THAT DELIVERY OF
THE EXISTING SURVEY IS SUBJECT TO SECTION 3.5.2.
TO THE EXTENT THAT PURCHASER
DESIRES THAT A NEW SURVEY OF THE PROPERTY BE PREPARED (OR THAT THE EXISTING
SURVEY BE UPDATED), PURCHASER SHALL REQUEST THE SAME IN WRITING TO SELLER'S
REPRESENTATIVE NO LATER THAN 10 CALENDAR DAYS AFTER THE EFFECTIVE DATE.
SELLER
ALSO INDEPENDENTLY MAY ELECT TO ORDER A NEW OR UPDATED SURVEY OF THE PROPERTY
EITHER BEFORE OR AFTER THE EFFECTIVE DATE (EACH SUCH NEW OR