THE TITLE
COMPANY REQUIRES TO INSURE BUYER AGAINST ANY LOSS ARISING FROM SUCH ENCUMBRANCE
OR OTHER TITLE EXCEPTION OR MATTER, OR (III) DO NEITHER (I) NOR (II).
FAILURE
BY SELLER TO DELIVER THE SELLER TITLE NOTICE SHALL BE DEEMED AN ELECTION UNDER
SUB-ITEM (III) ABOVE IN THIS SUBPARAGRAPH (C).
IF SELLER DOES NOT ELECT TO
EFFECT THE CURE OR PROVIDE THE ASSURANCES CONTEMPLATED BY SUB-ITEM (I) OR
(II) OF THIS SUBPARAGRAPH (C), BUYER MAY ELECT, AS ITS SOLE RIGHT AND REMEDY BY
REASON THEREOF, EITHER (X) TO TAKE SUCH TITLE TO THE PREMISES AS SELLER CAN
CONVEY, WITH NO ABATEMENT OF THE PURCHASE PRICE, OR (Y) UPON WRITTEN DEMAND
DELIVERED BY BUYER TO SELLER AND ESCROWEE (THE "BUYER ELECTION NOTICE") NO LATER
THAN THE EARLIER TO OCCUR OF THE EXPIRATION OF THE INSPECTION PERIOD OR FIVE
(5) BUSINESS DAYS AFTER BUYER'S RECEIPT OF THE SELLER TITLE NOTICE, TO TERMINATE
THIS AGREEMENT AND RECEIVE THE RETURN OF THE DEPOSIT.
BUYER'S FAILURE TO TIMELY
DELIVER THE BUYER ELECTION NOTICE IN ACCORDANCE WITH THE FOREGOING PROVISIONS OF
THIS SUBPARAGRAPH (C) SHALL BE DEEMED AN ELECTION BY BUYER UNDER THE FOREGOING
SUB-ITEM (X) OF THIS SUBPARAGRAPH (C).
NOTWITHSTANDING THE FOREGOING PROVISIONS
OF THIS PARAGRAPH 4, BUYER AGREES TO ACCEPT TITLE TO THE PROPERTY SUBJECT TO
JUDGMENTS AGAINST SELLER AND/OR MONETARY LIENS IF THE TITLE COMPANY INSURES
BUYER AGAINST ANY LOSS BY REASON OF SUCH JUDGMENTS AND/OR LIENS, IN EACH CASE
OTHER THAN JUDGMENTS OR LIENS FOR MORE THAN $150,000.00, INDIVIDUALLY OR IN THE
AGGREGATE.
NOTWITHSTANDING ANYTHING IN THIS AGREEMENT THAT MAY BE CONSTRUED TO
THE CONTRARY AND EXCEPT AS OTHERWISE SET FORTH IN ANY SELLER TITLE NOTICE,
SELLER SHALL HAVE NO OBLIGATION TO CURE ANY ALLEGED DEFECT, OBJECTION OR SURVEY
MATTER RAISED IN ANY TITLE NOTICE OTHER THAN ANY CONSENSUAL MORTGAGE OR DEED OF
TRUST EXECUTED BY SELLER; PROVIDED, HOWEVER, THAT SELLER FURTHER AGREES TO CURE,
AT THE CLOSING, ANY OTHER MONETARY LIEN OR LIENS WHICH ARE NOT CAUSED BY BUYER
PROVIDED SUCH LIENS DO NOT EXCEED AN AMOUNT EQUAL TO THIRTY FIVE THOUSAND AND
00/100 DOLLARS ($35,000.00) IN THE AGGREGATE (SUCH OTHER MONETARY LIENS ARE
REFERRED TO HEREIN AS THE "MANDATORY CURE LIENS").
IN ANY EVENT, SELLER SHALL
HAVE THE RIGHT, AT ITS SOLE OPTION, TO EXTEND THE CLOSING DATE BY AN ADDITIONAL
SIXTY (60) DAYS IN ORDER TO CURE ANY ALLEGED DEFECT, OBJECTION OR SURVEY MATTER
RAISED IN ANY TITLE NOTICE OR TO OTHERWISE SATISFY ITS OBLIGATIONS UNDER THIS
PARAGRAPH.
UPON ANY RETURN OF THE DEPOSIT TO BUYER PURSUANT TO THIS PARAGRAPH,
THIS AGREEMENT SHALL BE DEEMED NULL AND VOID, NEITHER PARTY SHALL HAVE ANY
FURTHER RIGHTS OR OBLIGATIONS HEREUNDER (EXCEPT FOR THE OBLIGATIONS OF BUYER
HEREUNDER WHICH BY THEIR TERMS SURVIVE THE TERMINATION OF THIS AGREEMENT).
(D)
RELIANCE ON TITLE POLICY.
NOTWITHSTANDING ANYTHING CONTAINED IN THIS
AGREEMENT TO THE CONTRARY, WITH RESPECT TO ALL MATTERS AFFECTING TITLE TO THE
PREMISES AND ANY LIENS OR OTHER ENCUMBRANCES AFFECTING THE PREMISES, BUYER
ACKNOWLEDGES AND AGREES IT IS RELYING UPON ITS TITLE INSURANCE POLICY.