PREMIUM WERE PURCHASER TO ELECT TO NOT SEEK THE CONSENT, BUT
EXCLUDING ANY OTHER COSTS, FEES OR EXPENSES OF THE HOLDERS OF THE EXISTING
INDEBTEDNESS, THEIR COUNSEL OR THIRD PARTY CONSULTANTS INCURRED OR PAYABLE IN
CONNECTION WITH PURCHASER'S ATTEMPT TO OBTAIN THE CONSENT THE EXISTING
INDEBTEDNESS.
2.
TITLE AND SURVEY
2.1
TITLE EXAMINATION; COMMITMENT FOR TITLE INSURANCE. PRIOR TO THE
DATE OF THIS AGREEMENT, PURCHASER HAS OBTAINED FROM THE ESCROW AGENT OR AN
AFFILIATE THEREOF (IN SUCH CAPACITY, THE "TITLE COMPANY"), AN ALTA TITLE
INSURANCE COMMITMENT DATED MARCH 7, 2006 (THE "TITLE COMMITMENT") COVERING THE
PROPERTY AND A COPY OF EACH DOCUMENT REFERENCED IN THE TITLE COMMITMENT AS AN
EXCEPTION TO TITLE TO THE PROPERTY. PRIOR TO THE DATE OF THIS AGREEMENT, THE
SELLER HAS PROVIDED PURCHASER A COPY OF RIVERSIDE LLC'S EXISTING TITLE INSURANCE
POLICY.
2.2
SURVEY. PRIOR TO THE DATE OF THIS AGREEMENT, SELLER HAS DELIVERED
TO PURCHASER A COPY OF RIVERSIDE LLC'S EXISTING SURVEY. PRIOR TO THE DATE OF
THIS AGREEMENT, PURCHASER HAS ORDERED FROM A SURVEYOR OR SURVEYING FIRM,
LICENSED BY THE STATE OF ILLINOIS, AN ALTA SURVEY OF THE PROPERTY (THE "SURVEY")
REFLECTING THE TOTAL AREA OF THE PROPERTY, THE LOCATION OF ALL IMPROVEMENTS,
RECORDED EASEMENTS AND ENCROACHMENTS, IF ANY, LOCATED THEREON AND OTHER MATTERS
OF RECORD WITH RESPECT THERETO. PURCHASER SHALL CAUSE THE SURVEYOR TO DELIVER A
COPY OF THE SURVEY, AND ANY REVISIONS THERETO, TO SELLER AND THE TITLE COMPANY
SIMULTANEOUSLY WITH THE DELIVERY TO PURCHASER, WHICH SURVEY SHALL BE CERTIFIED
TO SELLER, PURCHASER AND THE TITLE COMPANY.
2.3
PRE-CLOSING "GAP" TITLE DEFECTS. PURCHASER MAY, AT OR PRIOR TO
CLOSING, NOTIFY SELLER IN WRITING OF ANY OBJECTIONS TO TITLE OR OBJECTIONS TO
SURVEY MATTERS FIRST ARISING BETWEEN THE EFFECTIVE DATE OF PURCHASER'S TITLE
COMMITMENT REFERRED TO ABOVE AND THE DATE ON WHICH THE TRANSACTION CONTEMPLATED
HEREIN IS SCHEDULED TO CLOSE. WITH RESPECT TO ANY OBJECTIONS TO TITLE SET FORTH
IN SUCH NOTICE, SELLER AND THE TRUST SHALL HAVE THE RIGHT, BUT NOT THE
OBLIGATION, TO CURE SUCH OBJECTIONS, PROVIDED THAT SELLER OR THE TRUST SHALL BE
OBLIGATED TO SATISFY OR DISCHARGE ANY SELLER ENCUMBRANCE, EXCEPT TO THE EXTENT
PURCHASER HAS OBTAINED THE CONSENT REGARDING THE EXISTING INDEBTEDNESS. WITHIN
TEN (10) DAYS AFTER RECEIPT OF PURCHASER'S NOTICE OF OBJECTIONS, SELLER SHALL
NOTIFY PURCHASER IN WRITING WHETHER SELLER OR THE TRUST ELECTS TO ATTEMPT TO
CURE SUCH OBJECTIONS. IF SELLER OR THE TRUST ELECTS TO ATTEMPT TO CURE AN ITEM
CONTAINED IN A NOTICE OF OBJECTION FROM PURCHASER OR IS OBLIGATED TO CURE A
SELLER ENCUMBRANCE, SELLER OR THE TRUST SHALL HAVE UNTIL THE DATE OF CLOSING TO
ATTEMPT TO REMOVE, SATISFY OR CURE THE SAME, AND FOR THIS PURPOSE SELLER SHALL
BE ENTITLED TO A REASONABLE ADJOURNMENT OF THE CLOSING IF ADDITIONAL TIME IS
REQUIRED, BUT IN
8
no event shall the adjournment exceed fifteen (15) Business Days after the date
for Closing set forth in Section 4.1 hereof; provided, however, that Seller
shall give not less than five (5) Business Days prior