IN INTEREST FOR LOT 58
AND THE PREMISES (THE "ZONING LOT CERTIFICATION") BY THE TITLE COMPANY
CERTIFYING TO THE SELLER AND THE PURCHASER THE METES AND BOUNDS DESCRIPTION OF
LOT 58 AND THE PREMISES, THE IDENTITY OF THE PARTIES THAT OWN FEE SIMPLE TITLE
TO EACH OF LOT 58 AND THE PREMISES AND THE IDENTITY OF ALL OTHER PARTIES IN
INTEREST WITH RESPECT TO THE COMBINED ZONING LOT FOR LOT 58 AND THE PREMISES.
PURCHASER, AT ITS OPTION AND EXPENSE, MAY OBTAIN A NEW SURVEY OR AN UPDATE OF
THE EXISTING SURVEY (THE "UPDATED SURVEY") OF THE PROPERTY.
PURCHASER SHALL (I)
DIRECT THE TITLE COMPANY TO DELIVER A COPY OF THE COMMITMENT (AND ANY UPDATE
THERETO) TO SELLER SIMULTANEOUSLY WITH ITS DELIVERY OF THE SAME TO PURCHASER AND
(II) IF APPLICABLE, DIRECT THE SURVEYOR TO DELIVER A COPY OF THE UPDATED SURVEY
(AND ANY UPDATE THERETO) TO SELLER SIMULTANEOUSLY WITH ITS DELIVERY OF THE SAME
TO PURCHASER.
NO LATER THAN THREE (3) BUSINESS DAYS PRIOR TO THE CLOSING DATE,
PURCHASER SHALL PROVIDE SELLER'S ATTORNEY WITH A TITLE CONTINUATION FOR THE
ZONING LOT CERTIFICATION IN ORDER TO DETERMINE IF THERE IS ANY CHANGE IN THE
PARTIES IN INTEREST WHO WILL BE REQUIRED TO EXECUTE AND DELIVER AT CLOSING ANY
DOCUMENTS OR OTHER INSTRUMENTS REQUIRED TO BE EXECUTED AND DELIVERED BY
PURCHASER AT CLOSING.
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(II)
IF THE COMMITMENT OR THE UPDATED SURVEY DISCLOSES ANY LIENS,
ENCUMBRANCES OR OTHER TITLE EXCEPTIONS OTHER THAN THE PERMITTED EXCEPTIONS
(EACH, AN "INITIAL EXCEPTION"), THEN PURCHASER SHALL HAVE TEN (10) BUSINESS DAYS
(THE "OBJECTION DATE") TO DELIVER NOTICE TO SELLER OBJECTING TO ANY OF THE
EXCEPTIONS (THE "INITIAL OBJECTIONS").
IF PURCHASER FAILS TO DELIVER SUCH
OBJECTION NOTICE BY THE OBJECTION DATE, PURCHASER SHALL BE DEEMED TO HAVE WAIVED
ITS RIGHT TO OBJECT TO ANY INITIAL EXCEPTIONS (AND THE SAME SHALL BE DEEMED
PERMITTED ENCUMBRANCES).
IF PURCHASER SHALL DELIVER SUCH OBJECTION NOTICE BY
THE OBJECTION DATE, ANY INITIAL EXCEPTIONS WHICH ARE NOT OBJECTED TO IN SUCH
NOTICE SHALL BE DEEMED PERMITTED ENCUMBRANCES.
If, prior to the Closing Date, Purchaser shall receive any update to the
Commitment or the Updated Survey which discloses additional liens, encumbrances
or other title exceptions which were not disclosed by the Commitment and which
are not otherwise permitted in this Agreement) (each, an "Update Exception"),
then Purchaser shall have until the earlier of (x) five (5) business days after
delivery of such update or (y) the Closing Date (the "Update Objection Date") to
deliver notice to Seller objecting to any of the Update Exceptions (the "Update
Objections"; the Update Objections and the Initial Objections are collectively,
the "Title Objections").
If Purchaser fails to deliver such objection notice by
the Update Objection Date, Purchaser shall be deemed to have waived its right to
object to any Update Exceptions (and the same shall be deemed Permitted
Encumbrances).
If Purchaser shall deliver such objection notice by the Update
Objection Date, any Update Exceptions which are not objected to in such notice
shall be deemed