ISSUED BY THE TITLE COMPANY, IN THE AMOUNT OF
THE PURCHASE PRICE AND FOR THE ISSUANCE OF AN ALTA EXTENDED OWNER'S POLICY OF
TITLE INSURANCE (FORM REVISED 10/17/92), WITH PURCHASER AS
THE PROPOSED INSURED, AND (II) COPIES OF ALL DOCUMENTS OF RECORD REFERRED TO IN
THE TITLE COMMITMENT AS EXCEPTIONS TO TITLE TO THE PROPERTY.
5.2
UPDATED SURVEY.
SELLER HAS PROVIDED AN EXISTING AS-BUILT ALTA
COMPLIANT SURVEY CURRENT TO WITHIN SIX (6) MONTHS ("SURVEY") OF THE REAL
PROPERTY AND IMPROVEMENTS. PURCHASER MAY, AT PURCHASER'S SOLE COST AND EXPENSE,
ELECT TO OBTAIN A NEW SURVEY OR REVISE, MODIFY, OR RE-CERTIFY THE SURVEY TO
OTHERWISE SATISFY PURCHASER'S OBJECTIVES.
5.3
TITLE AND SURVEY REVIEW.
PURCHASER HAS REVIEWED TITLE TO THE
PROPERTY AS DISCLOSED BY THE TITLE COMMITMENT AND THE SURVEY, AND PURCHASER HAS
MADE OBJECTIONS THERETO IN WRITING TO SELLER.
SELLER HAS NO OBLIGATION TO CURE
TITLE OBJECTIONS EXCEPT LIENS OF AN ASCERTAINABLE MONETARY AMOUNT CREATED BY,
UNDER OR THROUGH SELLER, WHICH LIENS SELLER SHALL CAUSE TO BE RELEASED AT OR
PRIOR TO CLOSING (WITH SELLER HAVING THE RIGHT TO APPLY THE PURCHASE PRICE OR A
PORTION THEREOF FOR SUCH PURPOSE), AND SELLER SHALL DELIVER THE PROPERTY FREE
AND CLEAR OF ANY SUCH LIENS (WITH THE EXCEPTION OF THE LIENS ENCUMBERING THE
PROPERTY AND SECURING THE REPAYMENT OF THE EXISTING LOAN).
SELLER FURTHER
AGREES TO REMOVE ANY EXCEPTIONS OR ENCUMBRANCES TO TITLE WHICH ARE VOLUNTARILY
CREATED BY, UNDER OR THROUGH SELLER AFTER THE EFFECTIVE DATE WITHOUT PURCHASER'S
CONSENT.
EXCEPT AS SPECIFICALLY SET FORTH HEREIN, ALL OTHER OBJECTIONS TO THE
TITLE COMMITMENT AND THE SURVEY ARE HEREBY WAIVED.
THE TERM "PERMITTED
EXCEPTIONS" SHALL MEAN: THE SPECIFIC EXCEPTIONS (EXCLUDING STANDARD EXCEPTIONS
THAT ARE PART OF THE PROMULGATED TITLE INSURANCE FORM FOR THE TITLE POLICY) IN
THE TITLE COMMITMENT DATED DECEMBER 6, AT 7:30 A.M., OTHER THAN THOSE THAT THE
TITLE COMPANY HAS INDICATED WILL BE CURED (OR ENDORSED OVER) OR THAT SELLER IS
REQUIRED TO REMOVE AS PROVIDED ABOVE; MATTERS CREATED BY, THROUGH OR UNDER
PURCHASER; ITEMS SHOWN ON THE SURVEY, OTHER THAN THOSE THAT THE SURVEYOR HAS
AGREED TO CURE; THE LIENS ENCUMBERING THE PROPERTY AND SECURING THE REPAYMENT OF
THE EXISTING LOAN; REAL ESTATE TAXES FOR THE YEAR IN WHICH THE CLOSING OCCURS
WHICH ARE NOT YET DUE AND PAYABLE; AND RIGHTS OF TENANTS UNDER THE LEASES.
5.4
DELIVERY OF TITLE POLICY AT CLOSING.
IN THE EVENT THAT THE TITLE
COMPANY DOES NOT ISSUE AT CLOSING, OR UNCONDITIONALLY COMMIT AT CLOSING TO
ISSUE, TO PURCHASER, AN OWNER'S TITLE POLICY IN ACCORDANCE WITH THE TITLE
COMMITMENT, INSURING PURCHASER'S TITLE TO THE PROPERTY IN THE AMOUNT OF THE
PURCHASE PRICE, SUBJECT ONLY TO THE STANDARD EXCEPTIONS AND EXCLUSIONS FROM
COVERAGE CONTAINED IN SUCH POLICY AND THE PERMITTED EXCEPTIONS (THE "TITLE
POLICY"), PURCHASER SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT, IN WHICH
CASE THE EARNEST MONEY SHALL BE IMMEDIATELY RETURNED TO PURCHASER AND THE
PARTIES HERETO SHALL HAVE NO FURTHER RIGHTS OR OBLIGATIONS, OTHER THAN THOSE
THAT BY THEIR TERMS SURVIVE THE TERMINATION OF