DELIVERED TO PURCHASER, OR WILL WITHIN TWO (2) BUSINESS DAYS OF THE
EFFECTIVE DATE DELIVER OR CAUSE TO BE DELIVERED: (I) A CURRENT COMMITMENT FOR AN
ALTA OWNER'S TITLE INSURANCE POLICY (THE "TITLE COMMITMENT"), IN THE AMOUNT OF
THE PURCHASE PRICE, ISSUED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY (THE
"TITLE INSURER"); (II) AVAILABLE COPIES OF ALL TITLE EXCEPTION DOCUMENTS
REFERRED TO IN THE TITLE COMMITMENT; AND (III) A CURRENT SURVEY OF THE REAL
PROPERTY AND THE IMPROVEMENTS (THE "SURVEY").
AT CLOSING, PURCHASER SHALL CAUSE
THE TITLE COMMITMENT TO BE UPDATED.
3.2
MATTERS BEFORE THE OBJECTION DATE.
IF THE TITLE COMMITMENT (OR
UPDATE), THE SURVEY DISCLOSES EXCEPTIONS OR MATTERS OTHER THAN THE EXCEPTIONS
THAT ARE MORE FULLY DESCRIBED ON EXHIBIT E ATTACHED HERETO, THE REA REFERRED TO
IN SECTION 8.6 BELOW, AND THE EXCEPTIONS THAT BECOME PERMITTED EXCEPTIONS
PURSUANT TO THIS SECTION 3 (COLLECTIVELY, THE "PERMITTED EXCEPTIONS"), THEN
PRIOR TO 5:00 P.M. (CST) ON MARCH 17, 2006 (THE
2
"OBJECTION DATE"), PURCHASER SHALL NOTIFY SELLER OF ANY SUCH EXCEPTIONS OR
MATTERS TO WHICH IT OBJECTS.
ANY SUCH EXCEPTIONS OR MATTERS NOT OBJECTED TO BY
PURCHASER AS AFORESAID SHALL BECOME "PERMITTED EXCEPTIONS".
IF PURCHASER
OBJECTS TO ANY SUCH EXCEPTIONS OR MATTERS, SELLER SHALL HAVE UNTIL CLOSING (BUT
IN ANY EVENT AT LEAST FIFTEEN (15) DAYS AFTER IT RECEIVES NOTICE OF PURCHASER'S
OBJECTIONS, WITH THE CLOSING BEING POSTPONED IF NECESSARY TO ACCOMMODATE SUCH
FIFTEEN (15) DAY PERIOD) TO CAUSE THE REMOVAL OF SUCH EXCEPTIONS OR MATTERS
(WHICH REMOVAL MAY BE BY WAY OF WAIVER OR ENDORSEMENT BY TITLE INSURER).
NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, SELLER SHALL CAUSE
THE REMOVAL OF ALL MONETARY LIENS AFFECTING THE PROPERTY WHICH WERE DIRECTLY
CAUSED BY SELLER (WHICH REMOVAL MAY BE BY WAY OF WAIVER OR ENDORSEMENT BY THE
TITLE INSURER). IF SELLER FAILS TO CAUSE THE REMOVAL OF ANY SUCH EXCEPTIONS OR
MATTERS AS AFORESAID, PURCHASER SHALL HAVE THE OPTION, AS ITS SOLE AND EXCLUSIVE
REMEDY, TO EITHER (A) WAIVE THE UNSATISFIED OBJECTIONS AND CLOSE, OR (B)
TERMINATE THIS AGREEMENT AND OBTAIN A RETURN OF THE EARNEST MONEY.
IF PURCHASER
DOES NOT ELECT TO TERMINATE THIS AGREEMENT, PURCHASER SHALL CONSUMMATE THE
CLOSING AND ACCEPT TITLE TO THE PROPERTY SUBJECT TO ALL SUCH EXCEPTIONS AND
MATTERS (IN WHICH EVENT, ALL SUCH EXCEPTIONS AND MATTERS SHALL BE DEEMED
"PERMITTED EXCEPTIONS").
3.3
MATTERS AFTER THE OBJECTION DATE.
BETWEEN THE OBJECTION DATE AND
THE CLOSING DATE, PURCHASER MAY NOTIFY SELLER IN WRITING (THE "GAP NOTICE") OF
OBJECTIONS TO EXCEPTIONS TO TITLE THAT WERE NOT DISCLOSED BY THE TITLE
COMMITMENT (OR AN UPDATE THERETO RECEIVED BY PURCHASER PRIOR TO THE OBJECTION
DATE); PROVIDED, HOWEVER, PURCHASER MUST NOTIFY SELLER OF EACH SUCH OBJECTION
WITHIN THREE (3) BUSINESS DAYS AFTER RECEIVING WRITTEN NOTICE FROM TITLE INSURER
OF THE EXISTENCE OF SAME.
IF PURCHASER DELIVERS A GAP NOTICE TO SELLER,
PURCHASER AND SELLER SHALL HAVE THE SAME RIGHTS AND OBLIGATIONS WITH RESPECT TO
THE OBJECTIONS CONTAINED WITHIN THE GAP NOTICE AS WITH RESPECT TO THE OBJECTIONS
MADE, IF ANY, PRIOR TO THE