"CLOSING DATE".
5.
CONDITION OF TITLE AND TITLE DUE DILIGENCE.
(A)
PURCHASER SHALL HAVE UNTIL 6:00 P.M. EST ON THE DATE WHICH IS THE LATER OF
(I) THIRTY (30) DAYS FOLLOWING THE EFFECTIVE DATE OR (II) OR TEN (10) DAYS
FOLLOWING PURCHASER'S RECEIPT OF A TITLE INSURANCE COMMITMENT (THE "INSPECTION
PERIOD") TO NOTIFY SELLER IN WRITING OF ANY OBJECTIONS PURCHASER HAS TO THE
LEASES, THE CONTRACTS, ANY MATTERS SHOWN OR REFERRED TO IN ANY TITLE REPORT OR
TITLE INSURANCE COMMITMENT OBTAINED BY PURCHASER (AT PURCHASER'S SOLE COST AND
EXPENSE) THAT ARE NOT PERMITTED EXCEPTIONS (AS DEFINED BELOW); PROVIDED,
HOWEVER, THAT PURCHASER SHALL HAVE NO RIGHT TO OBJECT TO ANY TITLE MATTERS
UNLESS AND UNTIL SUCH OTHERWISE OBJECTIONABLE MATTERS HAVE A MATERIALLY ADVERSE
EFFECT ON ONE PERCENT (1%) OR MORE OF THE TOTAL ACREAGE OF THE REAL PROPERTY IN
THE AGGREGATE.
(B)
MONETARY ENCUMBRANCES THAT ARE NOT PERMITTED EXCEPTIONS SHALL BE
DISCHARGED BY SELLER FROM SELLER'S PROCEEDS OF THE CLOSING.
PURCHASER SHALL NOT
OBJECT TO AND SHALL ACCEPT THE FOLLOWING MATTERS, WHICH SHALL BE DEEMED TO BE
PERMITTED EXCEPTIONS:
(I)
LIENS FOR TAXES OR ASSESSMENTS, GENERAL OR SPECIAL, OR OTHER
GOVERNMENTAL CHARGES WHICH ARE NOT YET DUE AND PAYABLE AS OF THE CLOSING;
(II)
ALL LAND USE (INCLUDING BUT NOT LIMITED TO FORESTRY, ENDANGERED
SPECIES, ENVIRONMENTAL AND WETLANDS), BUILDING AND ZONING LAWS, REGULATIONS,
CODES AND ORDINANCES AFFECTING THE REAL PROPERTY AND OTHER LAWS, ORDINANCES,
REGULATIONS, RULES, ORDERS, LICENSES OR DETERMINATIONS OF ANY FEDERAL,
PROVINCIAL, COUNTY, MUNICIPAL OR OTHER GOVERNMENTAL AUTHORITY HERETOFORE (THE
"LEGAL REQUIREMENTS"), NOW OR HEREAFTER ENACTED, MADE OR ISSUED BY ANY SUCH
AUTHORITY TO THE EXTENT SUCH LEGAL REQUIREMENTS DO NOT MATERIALLY AND ADVERSELY
AFFECT THE USE OR VALUE OF THE ASSETS AS TIMBERLANDS, OR ANY PORTION THEREOF,
OTHER THAN AS IS TYPICAL IN THE TIMBER INDUSTRY IN NOVA SCOTIA;
(III)
ANY RIGHTS OF CANADA, THE PROVINCE OF NOVA SCOTIA OR OTHERS IN
THE USE AND CONTINUOUS FLOW OF ANY BROOKS, STREAMS OR OTHER NATURAL WATER
COURSES OR WATER BODIES WITHIN, CROSSING OR ABUTTING THE REAL PROPERTY, OR TITLE
TO THE SUBMERGED LANDS INCLUDING, WITHOUT LIMITATION, FLOWAGE RIGHTS AND
NAVIGATIONAL RIGHTS;
(IV)
TITLE TO THAT PORTION OF THE REAL PROPERTY, IF ANY, LYING BELOW
THE MEAN HIGH WATER MARK OF TIDAL WATERS;
(V)
ALL EASEMENTS, RIGHTS-OF-WAY, PROFITS, LICENSES, PERMITS, LEASES
AND OTHER RESTRICTIONS AND ENCUMBRANCES OF RECORD TO THE EXTENT THE SAME ARE OF
A MINOR NATURE AND DO NOT MATERIALLY AND ADVERSELY AFFECT THE USE OR VALUE OF
THE ASSETS AS TIMBERLANDS, OR ANY PORTION THEREOF;
(VI)
ALL EXISTING PUBLIC AND PRIVATE ROADS AND STREETS AND ALL RAILROAD
AND UTILITY LINES,
PIPELINES, SERVICE LINES AND FACILITIES AND ALL AGREEMENTS
RELATING THERETO TO THE EXTENT THE SAME ARE OF A MINOR NATURE AND DO NOT
MATERIALLY AND ADVERSELY AFFECT THE USE OR VALUE OF THE ASSETS AS TIMBERLANDS,
OR ANY PORTION THEREOF;
(VII)
ALL ENCROACHMENTS, EASEMENTS, RIGHTS-OF-WAY, OVERLAPS, BOUNDARY
LINE DISPUTES, SHORTAGES IN AREA, CEMETERIES AND BURIAL GROUNDS AND OTHER
MATTERS
NOT OF RECORD WHICH WOULD BE