PREMIUM
FOR THE ALTA FORM B OWNER'S TITLE POLICY, AND ANY CLOSING FEE AND CHARGE IMPOSED
BY TITLE (AS DEFINED BELOW IN SECTION 4).
II.
DEED TAX.
SELLER SHALL PAY ALL STATE DEED AND/OR TRANSFER TAX
REGARDING THE WARRANTY DEED TO BE DELIVERED BY SELLER.
III.
REAL ESTATE TAXES AND SPECIAL ASSESSMENTS.
BUYER SHALL BE
RESPONSIBLE FOR THE PAYMENT OF ALL REAL ESTATE TAXES AND SPECIAL ASSESSMENTS DUE
AND PAYABLE PRIOR TO THE CLOSING DATE PER THE EXISTING OBLIGATIONS OF BUYER
UNDER THE LEASE AGREEMENTS AFFECTING THE REAL PROPERTY (AS EACH OF THOSE TERMS
ARE DEFINED IN SUCH LEASE AGREEMENTS).
BUYER SHALL ASSUME AND BE RESPONSIBLE
FOR THE PAYMENT OF ALL REAL ESTATE TAXES AND SPECIAL ASSESSMENTS DUE AND PAYABLE
IN 2005 AND THEREAFTER.
IV.
RECORDING COSTS.
SELLER WILL PAY THE COST OF RECORDING ALL
DOCUMENTS NECESSARY TO PLACE RECORD TITLE IN THE CONDITION WARRANTED AND
REPRESENTED BY SELLER IN THIS AGREEMENT.
BUYER WILL PAY THE COST OF RECORDING
ALL OTHER DOCUMENTS.
V.
RENT REVENUE.
ALL RENT REVENUE ARISING FROM THE LEASES AFFECTING
THE REAL PROPERTY SHALL BE PRORATED AND PAID BY BUYER AS OF THE LATER OF
MARCH 31, 2005, OR THE ACTUAL CLOSING DATE, SO THAT SELLER RECEIVES PRORATE RENT
REVENUE FROM BUYER DUE PRIOR TO THE LATER OF MARCH 31, 2005, OR THE ACTUAL
CLOSING DATE.
4.
EVIDENCE OF TITLE AND TITLE EXAMINATION.
A.
WITHIN FIFTEEN (15) DAYS AFTER THE EFFECTIVE DATE, SELLER, AT
SELLER'S OWN EXPENSE, SHALL FURNISH THE FOLLOWING TO BUYER (COLLECTIVELY THE
"TITLE EVIDENCE"):
2
I.
ABSTRACT AND TITLE INSURANCE COMMITMENT.
A COMMITMENT FOR AN
ALTA FORM B OWNER'S TITLE INSURANCE POLICY (THE "COMMITMENT") ISSUED BY CHICAGO
TITLE INSURANCE COMPANY ("TITLE") INSURING BUYER'S TITLE TO THE REAL PROPERTY,
AGREEING TO DELETE STANDARD EXCEPTIONS UPON RECEIPT OF A STANDARD SELLER'S
AFFIDAVIT, AND INCLUDING THE ADDITIONAL INSURANCE ENDORSEMENTS LISTED IN EXHIBIT
A.
THE COMMITMENT SHALL COMMIT TITLE TO INSURE TITLE TO THE REAL PROPERTY.
THE
COMMITMENT SHALL INCLUDE PROPER SEARCHES COVERING BANKRUPTCIES, STATE AND
FEDERAL JUDGMENTS AND LIENS AND LEVIED AND PENDING SPECIAL ASSESSMENTS.
COPIES
OF ALL RECORDED DOCUMENTS AFFECTING EXCEPTIONS TO TITLE TO THE REAL PROPERTY
MUST ACCOMPANY THE COMMITMENT.
IF THE REAL PROPERTY IS ABSTRACT PROPERTY,
SELLER SHALL ALSO DELIVER TO TITLE OR BUYER THE ABSTRACT OF TITLE TO THE REAL
PROPERTY, IF THE ABSTRACT IS IN SELLER'S POSSESSION OR UNDER SELLER'S CONTROL.
II.
SURVEY.
COPIES OF ANY "AS-BUILT" SURVEYS OF THE PROPERTY IN THE
SELLER'S POSSESSION OR UNDER SELLER'S CONTROL.
B.
BUYER'S OBJECTIONS.
THE BUYER SHALL HAVE FOURTEEN (14) DAYS
AFTER RECEIPT OF ALL OF THE ABOVE TITLE EVIDENCE TO FURNISH WRITTEN OBJECTIONS
(THE "BUYER'S OBJECTIONS") TO THE FORM OR CONTENT OF THE TITLE TO SELLER.
BUYER'S FAILURE TO MAKE BUYER'S OBJECTIONS WITHIN SUCH FOURTEEN-DAY PERIOD SHALL
CONSTITUTE A WAIVER OF SUCH BUYER'S OBJECTIONS.
SELLER SHALL USE GOOD FAITH
EFFORTS TO CURE ANY DEFECT IN THE TITLE ON OR BEFORE THE CLOSING DATE.
IF
SELLER SHALL FAIL TO CURE ANY DEFECT ON OR BEFORE THE CLOSING DATE, BUYER MAY,
AT ITS SOLE