THE CLOSING HEREUNDER.
5.3
INVESTIGATION PERIOD.
BUYER SHALL HAVE THE RIGHT TO MAKE THE
FOLLOWING INVESTIGATIONS.
5.3.1
TITLE AND SURVEY.
BUYER SHALL HAVE UNTIL OCTOBER 5, 2006 AT 4:00
P.M. NEW YORK CITY TIME TO NOTIFY SELLER OF ANY OBJECTIONS (THE "TITLE
OBJECTIONS") WITH RESPECT TO THE TITLE REPORT AND THE SURVEY BASED ON ITS REVIEW
THEREOF.
IF BUYER DOES NOT GIVE SUCH NOTICE, SUCH FAILURE SHALL BE CONCLUSIVELY
DEEMED TO BE FULL AND COMPLETE APPROVAL OF THE TITLE REPORT AND THE SURVEY AND
ANY MATTER DISCLOSED THEREIN.
IF BUYER DOES GIVE SUCH NOTICE, SELLER SHALL HAVE
THREE BUSINESS DAYS AFTER RECEIPT THEREOF TO NOTIFY BUYER THAT SELLER (A) WILL
CAUSE OR (B) ELECTS NOT TO CAUSE ANY OR ALL TITLE OBJECTIONS TO BE REMOVED OR
INSURED OVER
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BY THE TITLE COMPANY.
SELLER'S FAILURE TO NOTIFY BUYER WITHIN SUCH THREE
BUSINESS DAY PERIOD AS TO ANY TITLE OBJECTION SHALL BE DEEMED AN ELECTION BY
SELLER NOT TO REMOVE OR HAVE THE TITLE COMPANY INSURE OVER SUCH TITLE
OBJECTION.
IF SELLER NOTIFIES OR IS DEEMED TO HAVE NOTIFIED BUYER THAT SELLER
SHALL NOT REMOVE NOR HAVE THE TITLE COMPANY INSURE OVER ANY OR ALL OF THE TITLE
OBJECTIONS, BUYER SHALL HAVE UNTIL THE END OF THE INVESTIGATION PERIOD TO (I)
TERMINATE THIS AGREEMENT OR (II) WAIVE SUCH TITLE OBJECTIONS AND PROCEED TO
CLOSING WITHOUT ANY ABATEMENT OR REDUCTION IN THE PURCHASE PRICE ON ACCOUNT OF
SUCH TITLE OBJECTIONS.
IF BUYER DOES NOT GIVE SUCH NOTICE, BUYER SHALL BE
DEEMED TO HAVE ELECTED TO WAIVE SUCH TITLE OBJECTIONS.
5.3.2
GENERAL INVESTIGATION.
IN ADDITION, BUYER SHALL HAVE FROM THE DATE
HEREOF UNTIL OCTOBER 16, 2006 AT 4:00 P.M. NEW YORK CITY TIME (THE
"INVESTIGATION PERIOD") TO NOTIFY SELLER THAT AS A RESULT OF BUYER'S REVIEW OF
THE DOCUMENTS SET FORTH IN SECTION 5.1 (OTHER THAN THE TITLE REPORT OR THE
SURVEY WHICH ARE COVERED IN SECTION 5.3.1 ABOVE) OR BUYER'S INVESTIGATION OF THE
PROPERTY PURSUANT TO SECTION 5.2 IT DISAPPROVES OF ANY MATTER OR ITEM AFFECTING
THE PROPERTY (WHICH DISAPPROVAL MAY BE IN BUYER'S SOLE DISCRETION) AND HAS
ELECTED TO TERMINATE THIS AGREEMENT.
IF BUYER FAILS TO GIVE SUCH NOTICE OF
DISAPPROVAL AND TERMINATION PRIOR TO THE EXPIRATION OF THE INVESTIGATION PERIOD,
SUCH FAILURE SHALL BE CONCLUSIVELY DEEMED TO BE A WAIVER OF BUYER'S RIGHT TO
TERMINATE THIS AGREEMENT UNDER THIS SECTION 5.3.2.
5.4
EFFECT OF TERMINATION.
IF BUYER TERMINATES THIS AGREEMENT IN
ACCORDANCE WITH SECTION 5.3, ALL FURTHER RIGHTS AND OBLIGATIONS OF THE PARTIES
SHALL CEASE AND TERMINATE WITHOUT ANY FURTHER LIABILITY OF EITHER PARTY TO THE
OTHER (EXCEPT THOSE OBLIGATIONS WHICH ARE SPECIFICALLY PROVIDED TO SURVIVE SUCH
TERMINATION AS PROVIDED IN THIS AGREEMENT).
5.5
NO OBLIGATION TO CURE.
EXCEPT FOR MANDATORY CURE OBJECTIONS (ALL
OF WHICH SELLER SHALL CURE), NOTHING CONTAINED IN THIS AGREEMENT OR OTHERWISE
SHALL REQUIRE SELLER TO RENDER ITS TITLE MARKETABLE OR TO REMOVE OR CORRECT ANY
EXCEPTION OR MATTER DISAPPROVED BY BUYER OR TO SPEND ANY MONEY OR INCUR ANY
EXPENSE IN ORDER TO DO