DISCLOSES ANY
ADDITIONAL MATTERS NOT SHOWN ON THE ORIGINAL TITLE COMMITMENT OR SURVEY THAT ARE
MATERIAL AND ADVERSE TO THE OWNERSHIP OR OPERATION OF THE PROPERTY, THEN
PURCHASER SHALL HAVE THREE (3) BUSINESS DAYS AFTER THE RECEIPT OF SUCH UPDATED
TITLE COMMITMENT TO OBJECT TO SUCH MATTERS (IF PURCHASER DOES NOT OBJECT WITHIN
SUCH PERIOD, THE NEW MATTERS SHALL BE DEEMED "PERMITTED EXCEPTIONS" HEREUNDER).
SELLER THEN SHALL HAVE THREE (3) BUSINESS DAYS AFTER THE RECEIPT OF SUCH
OBJECTIONS TO PROVIDE A RESPONSE NOTICE (IF AT ALL) AS SET FORTH IN SECTION
4.3.1 (SELLER'S FAILURE TO PROVIDE A RESPONSE NOTICE SHALL BE DEEMED A REFUSAL
TO CURE).
IF SELLER HAS REFUSED (OR IS DEEMED TO HAVE REFUSED) TO CURE SUCH
MATTERS (WHICH CURE MAY INCLUDE, IF SELECTED BY SELLER IN SELLER'S SOLE
DISCRETION, BY TITLE ENDORSEMENT), THEN PURCHASER SHALL HAVE THE RIGHTS SET
FORTH IN THE SECOND TO LAST SENTENCE OF SECTION 4.3.1, WHICH RIGHTS OF
TERMINATION SHALL BE EXERCISED (IF AT ALL) WITHIN 3 BUSINESS DAYS AFTER RECEIPT
OF SELLER'S RESPONSE NOTICE FOR SUCH NEW MATTERS (OR IF THERE IS NO SELLER'S
RESPONSE, WITHIN NINE (9) BUSINESS DAYS AFTER THE PURCHASER'S RECEIPT OF THE
UPDATED TITLE COMMITMENT).
(THE UPDATED TITLE COMMITMENT SHALL BE PART OF THE
TITLE DOCUMENTS FOR ALL PURPOSES UNDER THIS CONTRACT.).
4.4
PERMITTED EXCEPTIONS.
THE DEED FOR THE PROPERTY DELIVERED
PURSUANT TO THIS CONTRACT SHALL BE SUBJECT TO THE FOLLOWING, ALL OF WHICH SHALL
BE DEEMED "PERMITTED EXCEPTIONS":
4.4.1
ALL MATTERS SHOWN IN THE TITLE DOCUMENTS AND THE SURVEY FOR THE
PROPERTY, OTHER THAN (A) THOSE OBJECTIONS, IF ANY, WHICH SELLER HAS AGREED TO
CURE PURSUANT TO THE RESPONSE NOTICE UNDER SECTION 4.3 OR SECTION 4.5, (B)
MECHANICS' OR MATERIALMENS LIENS AND (C) TAXES DUE AND PAYABLE WITH RESPECT TO
THE PERIOD PRECEDING CLOSING, (D) THE STANDARD EXCEPTION REGARDING THE RIGHTS OF
PARTIES IN POSSESSION WHICH SHALL BE LIMITED TO THOSE PARTIES IN POSSESSION AS
TENANTS ONLY PURSUANT TO THE LEASES, AND (E) THE STANDARD EXCEPTION PERTAINING
TO TAXES WHICH SHALL BE LIMITED TO TAXES AND ASSESSMENTS PAYABLE IN THE YEAR IN
WHICH THE CLOSING OCCURS (WHICH MAY OR MAY NOT YET BE DUE AND PAYABLE) AND
SUBSEQUENT TAXES AND ASSESSMENTS;
4.4.2
INTENTIONALLY LEFT BLANK;
4.4.3
INTENTIONALLY LEFT BLANK;
4.4.4
APPLICABLE ZONING AND GOVERNMENTAL REGULATIONS AND ORDINANCES;
4.4.5
ANY DEFECTS IN OR OBJECTIONS TO TITLE TO THE PROPERTY, OR TITLE
EXCEPTIONS OR ENCUMBRANCES, ARISING BY, THROUGH OR UNDER PURCHASER; AND
4.4.6
INTENTIONALLY LEFT BLANK.
4.5
EXISTING DEED OF TRUST.
IT IS UNDERSTOOD AND AGREED THAT,
WHETHER OR NOT PURCHASER GIVES AN OBJECTION NOTICE WITH RESPECT THERETO, ANY
DEEDS OF TRUST AND/OR MORTGAGES WHICH SECURE A NOTE AGAINST THE PROPERTY
(COLLECTIVELY, A "DEED OF TRUST") SHALL NOT BE DEEMED PERMITTED EXCEPTIONS FOR
THE PROPERTY, WHETHER PURCHASER GIVES FURTHER WRITTEN NOTICE OF SUCH OR NOT, AND
SHALL, PURSUANT TO SECTION 5.4.7, BE PAID OFF, SATISFIED, DISCHARGED AND/OR
CURED FROM PROCEEDS OF THE PURCHASE PRICE AT CLOSING.
4.6
PURCHASER FINANCING.
PURCHASER ASSUMES FULL RESPONSIBILITY TO
OBTAIN THE FUNDS REQUIRED FOR