SUBJECT TO ADJUSTMENT FOR THE DEPOSIT.
ARTICLE 3 - BUYER'S DUE DILIGENCE
3.1
SELLER'S DELIVERIES.
A.
SELLER SHALL ORDER, CAUSE TO BE
DELIVERED TO BUYER, AND/OR MAKE AVAILABLE TO BUYER AT SELLER'S PROPERTY
MANAGEMENT OFFICES, WITHIN TEN (10) DAYS FOLLOWING THE EXECUTION DATE
(COLLECTIVELY, "SELLER'S DELIVERIES") (I) A CURRENT PRELIMINARY TITLE REPORT
("PRELIMINARY REPORT") ISSUED BY LAND AMERICA TITLE INSURANCE ("TITLE COMPANY")
COMMITTING TO INSURE MERCHANTABLE TITLE IN BUYER PURSUANT TO AN ALTA 1992 FORM
OWNER'S TITLE INSURANCE POLICY, TOGETHER WITH COPIES OF ALL TITLE EXCEPTION
DOCUMENTS IN THE PRELIMINARY REPORT AND A TAX CERTIFICATE; (II) A COPY OF EACH
OF THE CONTRACTS AND LEASES,; AND (III) TO THE EXTENT THE FOLLOWING ARE IN
SELLER'S OR ITS PROPERTY MANAGER'S POSSESSION AND CONTROL: (A) A COPY OF EACH
ENVIRONMENTAL ASSESSMENT REPORT, STUDY OR SURVEY OR ANY MATERIAL DOCUMENT,
NOTICE OR CORRESPONDENCE DIRECTLY CONCERNING THE ENVIRONMENTAL CONDITION OF THE
PROPERTY, (B) RENT ROLLS, OPERATING STATEMENTS, TAX STATEMENTS, PROPERTY
MANAGEMENT RECORDS AND MAINTENANCE RECORDS FOR THE THREE (3) YEARS IMMEDIATELY
PRECEDING THIS AGREEMENT, (C) PLANS AND SPECIFICATIONS RELATING TO THE ORIGINAL
DEVELOPMENT OF THE PROPERTY, (D) COPIES OF ANY MATERIAL DOCUMENTS OR MATERIALS
RELATING TO ANY LITIGATION, INVESTIGATION, CONDEMNATION OR PROCEEDING OF ANY
KIND PENDING OR THREATENED AGAINST
2
THE PROPERTY; AND (E) A COPY OF THE EXISTING SURVEY OF THE LAND ("EXISTING
SURVEY").
AT BUYER'S REQUEST, SELLER SHALL ORDER AN UPDATE TO THE EXISTING
SURVEY OR A NEW SURVEY ("UPDATED SURVEY").
SELLER SHALL REQUEST THAT THE
STANDARD, PREPRINTED EXCEPTIONS BE DELETED FROM THE TITLE POLICY AND SHALL
PROVIDE SUCH AFFIDAVITS AND OTHER DOCUMENTATION AS MAY BE REASONABLY REQUESTED
BY THE TITLE COMPANY TO DELETE SUCH EXCEPTIONS, SUBJECT TO SELLER'S REASONABLE
APPROVAL OF SAME.
B.
ON OR BEFORE THE DATE THAT IS FIVE (5)
DAYS FOLLOWING BUYER'S RECEIPT OF THE PRELIMINARY TITLE REPORT, COPIES OF ALL
TITLE EXCEPTION DOCUMENTS IN THE PRELIMINARY REPORT, AND (IF APPLICABLE THE
UPDATED SURVEY, AND IN ANY EVENT ON OR BEFORE THE INSPECTION DEADLINE ("TITLE
OBJECTION DATE "), BUYER SHALL GIVE SELLER WRITTEN NOTICE OF ANY EXCEPTIONS
REFLECTED IN THE PRELIMINARY REPORT ("TITLE EXCEPTIONS") AND/OR ANY MATTERS
SHOWN ON THE EXISTING SURVEY (OR, IF APPLICABLE, THE UPDATED SURVEY) ("SURVEY
MATTERS") THAT ARE OBJECTIONABLE TO BUYER, IN ITS SOLE AND ABSOLUTE DIRECTION
(COLLECTIVELY, "TITLE OBJECTIONS").
WITHIN THREE (3) BUSINESS DAYS AFTER
RECEIVING BUYER'S NOTICE OF TITLE OBJECTIONS, SELLER MAY NOTIFY BUYER IN WRITING
WHETHER SELLER, IN ITS SOLE DISCRETION, WILL CAUSE, ON OR BEFORE THE CLOSING
DATE, THE REMOVAL OR OTHER RESOLUTION OF ANY TITLE EXCEPTION OR SURVEY MATTER
CONSTITUTING A TITLE OBJECTION; IF SELLER FAILS TO PROVIDE TIMELY NOTICE TO
BUYER, SELLER SHALL BE DEEMED TO HAVE ELECTED NOT TO CURE SUCH TITLE OBJECTION.
IF SELLER ELECTS NOT TO REMOVE OR OTHERWISE RESOLVE A TITLE OBJECTION OR FAILS
TO PROVIDE TIMELY NOTICE THEREOF TO BUYER, BUYER MAY TERMINATE THIS AGREEMENT BY
DELIVERING WRITTEN NOTICE TO SELLER WITHIN TWO (2) DAYS AFTER RECEIVING SELLER'S
NOTICE ELECTING NOT TO REMOVE OR RESOLVE A TITLE OBJECTION (OR FAILING TO
RECEIVE