THE TIME ALLOWED IN SECTION 3.2 OR OTHERWISE WAIVED
BY PURCHASER AS PROVIDED IN SECTION 3.2;
(X)
ANY PUBLIC RECORD FILINGS BY MECHANICS,
MATERIALMEN OR OTHER WORKMEN EMPLOYED BY ANY TENANT AT ITS OWN EXPENSE TO
PROVIDE SERVICES AT THE PROPERTY (TO THE EXTENT, IF ANY, THAT SUCH FILINGS
CONSTITUTE AN ENCUMBRANCE);
(XI)
ANY LIENS, ENCUMBRANCES OR OTHER DEFECTS OR
EXCEPTIONS TO TITLE INSURANCE COVERAGE CAUSED BY PURCHASER, BY ANY OF ITS
AFFILIATES, BY ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR OTHER
REPRESENTATIVES OR BY SELLER OR PROPERTY OWNERS OR ANY OF THEIR AFFILIATES OR
ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR OTHER REPRESENTATIVES AT
PURCHASER'S REQUEST; AND
(XII)
OBLIGATIONS OF THE RELEVANT PROPERTY OWNER
WHICH WILL BE CREDITED AT CLOSING IN THE NET WORKING CAPITAL ADJUSTMENT PROVIDED
FOR IN ARTICLE V, I.E., LIENS SECURING ANY CURRENT LIABILITIES OF SUCH PROPERTY
OWNER.
(C)
UPDATED SURVEYS.
PURCHASER ACKNOWLEDGES
THAT IT HAS RECEIVED AND REVIEWED EACH OF THE DELIVERED SURVEYS AND HEREBY
CONFIRMS THAT, WITH THE EXCEPTION OF THE OBJECTIONS DESCRIBED IN SCHEDULE 3.1(C)
(THE "INITIAL SURVEY OBJECTIONS"), THE CONDITIONS SHOWN ON THE DELIVERED SURVEYS
ARE ACCEPTABLE TO PURCHASER. IF REQUESTED BY PURCHASER, SELLER AGREES TO
COOPERATE WITH PURCHASER IN PERMITTING PURCHASER TO OBTAIN, AT PURCHASER'S
EXPENSE, AN UPDATE OF ONE OR MORE OF THE DELIVERED SURVEYS (AN "UPDATED
SURVEY").
PURCHASER WILL HAVE THE RIGHT TO OBJECT TO NEW MATTERS SET FORTH IN
ANY UPDATED SURVEY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 3.2(A) BELOW,
EXCEPT THAT PURCHASER WILL NOT HAVE THE RIGHT TO OBJECT TO ANY NEW MATTERS
UNLESS THEY CONSTITUTE OTHER EXCEPTIONS AND WERE NOT SET FORTH IN THE DELIVERED
SURVEYS.
3.2
Title Defects.
(A)
CERTAIN EXCEPTIONS TO TITLE.
IF ANY UPDATE
OF THE COMMITMENTS OR ANY UPDATED SURVEY DISCLOSES ANY MATERIAL NEW (I) LIEN,
RESTRICTION ON USE, OPTION, CONDITIONAL SALES AGREEMENT, PLEDGE, SECURITY
INTEREST, OR OTHER EXCEPTION, ENCUMBRANCE OR TITLE DEFECT (EACH, AN
"ENCUMBRANCE") OR (II) ENCROACHMENT, CHANGE IN THE BOUNDARY OF A PROPERTY (AS
COMPARED TO THE BOUNDARY SHOWN ON THE DELIVERED SURVEY) OR OTHER SURVEY DEFECT,
IN EITHER CASE THAT IS NOT A PERMITTED EXCEPTION (ALL SUCH ENCUMBRANCES AND
OTHER NEW ENCROACHMENTS, CHANGES AND OTHER SURVEY DEFECTS ARE COLLECTIVELY
REFERRED TO HEREIN AS "OTHER EXCEPTIONS"), THEN PURCHASER WILL HAVE THE RIGHT TO
OBJECT IN WRITING TO SUCH OTHER EXCEPTION SO LONG AS IT DELIVERS NOTICE TO
SELLER WITHIN FIVE (5) BUSINESS DAYS AFTER PURCHASER FIRST RECEIVES SUCH UPDATED
COMMITMENT OR UPDATED SURVEY OR SUCH LESSER TIME AS REMAINS BETWEEN SUCH RECEIPT
AND THE CLOSING DATE.
UNLESS PURCHASER NOTIFIES PROPERTY OWNER IN WRITING THAT
IT OBJECTS TO AN OTHER EXCEPTION WITHIN THE FOREGOING TIME PERIOD, EACH SUCH
OTHER EXCEPTION AUTOMATICALLY WILL CONSTITUTE AN ADDITIONAL
9
Permitted Exception. Other Exceptions to which Purchaser timely objects within
the time frame set forth in this Section 3.2(a) are collectively referred to
herein as "Subsequent Title Objections".
(B)
DISCHARGE OF TITLE OBJECTIONS.
SELLER
AGREES THAT IT WILL USE COMMERCIALLY REASONABLE EFFORTS TO REMOVE ANY NEW
MANDATORY REMOVAL OBJECTION RAISED AS A