OTHER STATE OF FACTS DOES NOT MATERIALLY ADVERSELY AFFECT PURCHASER'S ABILITY TO
USE THE BUILDING FOR ITS PRESENT USES.
4.1.3
THE COVENANTS, RESTRICTIONS, EASEMENTS, AGREEMENTS
OF RECORD, AND OTHER MATTERS LISTED ON SCHEDULE "D" ANNEXED HERETO.
4.1.4
ANY STATE OF FACTS A PHYSICAL INSPECTION OF THE
PROPERTY WOULD SHOW.
4.1.5
ALL VIOLATIONS AND/OR NOTES OR NOTICES OF
VIOLATIONS OF LAW OR MUNICIPAL ORDINANCES, ORDERS, OR REQUIREMENTS NOTED IN OR
ISSUED BY ANY GOVERNMENTAL AUTHORITY HAVING JURISDICTION AGAINST OR AFFECTING
THE PROPERTY.
4.1.6
REAL ESTATE TAXES, ASSESSMENTS, BUSINESS
IMPROVEMENT DISTRICT CHARGES AND LIKE CHARGES FOR THE FISCAL YEAR IN WHICH THE
CLOSING OCCURS AND ALL FISCAL YEARS THEREAFTER.
4.1.7
ANY EXCEPTION TO COVERAGE BY THE TITLE COMPANY
(HEREINAFTER DEFINED), PROVIDED THAT THE TITLE COMPANY INSURES SAME AGAINST
COLLECTION OUT OF OR ENFORCEMENT AGAINST THE PROPERTY.
4.1.8
ANY EASEMENT OR RIGHT OF USE CREATED IN FAVOR OF
ANY PUBLIC UTILITY COMPANY OR ANY OTHER COMPANY FOR ELECTRICITY, STEAM, GAS,
TELEPHONE, WATER OR OTHER SERVICE TO THE PROPERTY, AND THE RIGHT TO INSTALL,
USE, MAINTAIN, REPAIR AND REPLACE WIRES, CABLES, TERMINAL BOXES, LINES, SERVICE
CONNECTIONS, POLES, MAINS, FACILITIES AND THE LIKE, UPON, UNDER AND ACROSS THE
PROPERTY, INCLUDING WITHOUT LIMITATION, ANY TELECOMMUNICATIONS AGREEMENT
AFFECTING THE PROPERTY, ALL AS IN EFFECT ON THE DATE HEREOF.
9
4.1.9
POSSIBLE LACK OF RIGHT TO MAINTAIN VAULTS, FENCES,
RETAINING WALLS, CHUTES, CORNICES, STOOPS, TRIM, AND OTHER INSTALLATIONS
ENCROACHING BEYOND THE PROPERTY LINE AND POSSIBLE VARIANCE BETWEEN THE RECORD
DESCRIPTION AND THE TAX MAP.
4.1.10
PURCHASER ACKNOWLEDGES THE EXISTENCE OF THAT CERTAIN
UNRECORDED EASEMENT AGREEMENT DATED MARCH 7, 1958 GRANTED BY SELLER IN FAVOR OF
VINCENT SARDI AND SARDI'S RESTAURANT AND ATTACHED HERETO AS EXHIBIT 10 AND
AGREES NOT TO RAISE SUCH EASEMENT AS AN OBJECTION TO TITLE.
ARTICLE 5
TITLE INSURANCE AND ABILITY OF SELLER TO CONVEY
5.1
TITLE INSURANCE.
PURCHASER AGREES TO MAKE,
PROMPTLY AFTER THE SIGNING HEREOF, APPLICATION FOR A TITLE REPORT ("PURCHASER'S
TITLE REPORT") FROM CHICAGO TITLE INSURANCE COMPANY (THE "TITLE COMPANY").
PURCHASER ACKNOWLEDGES RECEIPT OF A COPY OF THE TITLE COMMITMENT NO. 3104-00760
OF CHICAGO TITLE INSURANCE COMPANY DATED SEPTEMBER 2, 2004 (THE "CONTRACT TITLE
REPORT") AND THE CONTRACT SURVEY.
PURCHASER AGREES TO PAY ANY UPDATE OF THE
CONTRACT SURVEY ORDERED OR ARRANGED FOR BY OR AT THE REQUEST OF PURCHASER.
PURCHASER ACKNOWLEDGES AND AGREES THAT PURCHASER HAS NO OBJECTION TO THE
PERMITTED ENCUMBRANCES AND THE PERMITTED ENCUMBRANCES SHALL REMAIN AND PURCHASER
SHALL BE OBLIGATED TO ACCEPT TITLE SUBJECT TO SAME. PURCHASER SHALL DELIVER TO
SELLER'S ATTORNEYS, PIPER RUDNICK LLP, 1251 AVENUE OF THE AMERICAS, NEW YORK,
NEW YORK 10020, ATTENTION:
MARTIN D. POLEVOY, ESQ., A COPY OF PURCHASER'S TITLE
REPORT AND, IF PURCHASER ELECTS TO OBTAIN AN UPDATED CONTRACT SURVEY, SUCH
UPDATED CONTRACT SURVEY.
IF, AT OR PRIOR TO THE CLOSING DATE, THE TITLE COMPANY
SHALL DELIVER TO PURCHASER AND/OR SELLER'S ATTORNEYS ANY UPDATE OR REVISION TO
THE CONTRACT TITLE REPORT OR THE PURCHASER'S TITLE REPORT WHICH DISCLOSES
ADDITIONAL LIENS, ENCUMBRANCES OR OTHER TITLE EXCEPTIONS WHICH ARE NOT
10
PERMITTED