OF THE COMMITMENT.
2.2
SURVEY.
AS SOON AFTER THE EFFECTIVE DATE AS REASONABLY
PRACTICABLE THROUGH THE USE OF GOOD FAITH EFFORTS BY SELLER, SELLER SHALL CAUSE
TO BE DELIVERED TO PURCHASER, AT SELLER'S EXPENSE, A SURVEY ("SURVEY") OF THE
REAL ESTATE AND IMPROVEMENTS, CERTIFIED TO HAVE BEEN MADE IN ACCORDANCE WITH
ALTA/ACSM STANDARDS ON OR AFTER THE DATE OF THIS AGREEMENT BY A LAND SURVEYOR
REGISTERED IN THE STATE OF TEXAS.
2.3
REVIEW OF COMMITMENT AND SURVEY.
PURCHASER SHALL HAVE FIFTEEN
(15) DAYS (THE "TITLE REVIEW PERIOD") AFTER THE RECEIPT OF THE LAST OF THE
COMMITMENT, LEGIBLE COPIES OF ALL INSTRUMENTS REFERRED TO IN SCHEDULE B AND
SCHEDULE C THEREOF, AND THE SURVEY TO NOTIFY SELLER IN WRITING OF SUCH
OBJECTIONS AS
2
PURCHASER MAY HAVE TO ANYTHING CONTAINED IN THE COMMITMENT OR THE SURVEY;
PROVIDED, HOWEVER, THAT PURCHASER SHALL NOT HAVE THE RIGHT TO OBJECT TO ANY
PERMITTED EXCEPTIONS DESCRIBED IN SECTION 2.5 BELOW.
IF PURCHASER FAILS TO
OBJECT IN WRITING TO ANY ITEM CONTAINED IN THE COMMITMENT OR THE SURVEY DURING
THE TITLE REVIEW PERIOD, PURCHASER SHALL BE DEEMED TO HAVE WAIVED ITS RIGHT TO
OBJECT TO SUCH ITEM, AND SUCH ITEM SHALL THEREAFTER BE DEEMED A PERMITTED
EXCEPTION.
IN THE EVENT THAT PURCHASER OBJECTS TO ANY ITEM CONTAINED IN THE
COMMITMENT OR THE SURVEY WITHIN THE TITLE REVIEW PERIOD (SUCH ITEMS BEING HEREIN
REFERRED TO AS "TITLE DEFECTS"), SELLER SHALL NOTIFY PURCHASER IN WRITING WITHIN
FIVE (5) DAYS FOLLOWING THE DATE OF PURCHASER'S NOTICE OF SUCH TITLE DEFECTS
(THE "CURE PERIOD") THAT EITHER (A) THE TITLE DEFECTS HAVE BEEN, OR WILL BE AT
OR PRIOR TO CLOSING, REMOVED FROM THE COMMITMENT OR THE SURVEY, AS THE CASE MAY
BE, OR (B) SELLER HAS FAILED TO ARRANGE TO HAVE THE TITLE DEFECTS REMOVED.
NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, SELLER
SHALL HAVE NO OBLIGATION WHATSOEVER TO EXPEND OR AGREE TO EXPEND ANY FUNDS, TO
UNDERTAKE OR AGREE TO UNDERTAKE ANY OBLIGATIONS OR OTHERWISE TO CURE OR AGREE TO
CURE ANY TITLE OR SURVEY OBJECTIONS, AND SELLER SHALL NOT BE DEEMED TO HAVE ANY
OBLIGATION TO CURE UNLESS SELLER EXPRESSLY UNDERTAKES SUCH AN OBLIGATION BY
WRITTEN NOTICE TO OR WRITTEN AGREEMENT WITH PURCHASER GIVEN OR ENTERED INTO ON
OR PRIOR TO THE EXPIRATION OF THE CURE PERIOD; PROVIDED, HOWEVER, THAT SELLER
SHALL PAY OR DISCHARGE ANY LIEN OR ENCUMBRANCE ARISING AFTER THE DATE HEREOF AND
VOLUNTARILY CREATED OR ASSUMED BY SELLER AND NOT CREATED BY OR RESULTING FROM
THE ACTS OF PURCHASER OR OTHER PARTIES NOT RELATED TO SELLER.
2.4
FAILURE TO CURE TITLE DEFECTS.
IF UPON THE EXPIRATION OF THE CURE
PERIOD SELLER HAS NOT NOTIFIED PURCHASER THAT SELLER HAS ARRANGED TO HAVE THE
TITLE DEFECTS REMOVED, THEN PURCHASER MAY ELECT (WHICH ELECTION MUST BE MADE IN
WRITING WITHIN TEN (10) DAYS FOLLOWING EXPIRATION OF THE CURE PERIOD) EITHER:
(A) TO TERMINATE THIS AGREEMENT, IN WHICH EVENT THE EARNEST MONEY SHALL BE
RETURNED TO PURCHASER AS PURCHASER'S SOLE REMEDY HEREUNDER; OR (B) TO TAKE