AND PURCHASER HAS REVIEWED AND
APPROVED THE FOLLOWING:
(I) THE OWNER'S TITLE COMMITMENTS IDENTIFIED ON
SCHEDULE 5.8, AS THE SAME HAVE BEEN SUPPLEMENTED OR UPDATED PRIOR TO THE DATED
HEREOF (COLLECTIVELY, THE "COMMITMENTS") FOR THE REAL PROPERTY PREPARED BY FIRST
AMERICAN TITLE INSURANCE COMPANY (THE "TITLE COMPANY"); (II) COPIES OF ALL
DOCUMENTS SUPPORTING EXCEPTIONS ("EXCEPTIONS") SET FORTH IN THE COMMITMENTS; AND
(III) A COPY OF THE EXISTING SURVEYS FOR THE REAL PROPERTY IDENTIFIED ON
SCHEDULE 2.1(A)(I) (COLLECTIVELY, THE "SURVEYS") (SUCH COMMITMENTS, EXCEPTIONS,
AND SURVEYS COLLECTIVELY, THE "TITLE DOCUMENTS").
THE FOLLOWING MATTERS ARE
HEREBY APPROVED BY PURCHASER (COLLECTIVELY, THE "PERMITTED EXCEPTIONS"):
(A) ALL EXCEPTIONS TO TITLE SHOWN ON THE COMMITMENTS AND ALL MATTERS SHOWN ON
THE SURVEYS; (B) ALL OF THE CONTRACTS, LEASES AND OTHER AGREEMENTS LISTED AS
ITEMS 1 THROUGH 106 ON SCHEDULE 2.1(E); (C) THE LIEN OF NON-DELINQUENT
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Taxes (it being agreed by Purchaser and Seller that if any Tax is levied or
assessed with respect to the Real Property for public improvements that will
benefit the Real Property subsequent to the date of this Agreement and Seller
has the election to pay such Tax either immediately or under a payment plan with
interest, Seller may elect to pay under a payment plan, which election shall be
binding on Purchaser); (D) all printed exceptions and exclusions contained in
the form of the Title Policies to be issued at Closing; and (E) any matters
caused or created by, or otherwise approved or consented to in writing by,
Purchaser.
(B)
PURCHASER SHALL HAVE THE RIGHT TO OBJECT IN WRITING TO ANY TITLE
MATTER THAT IS NOT A PERMITTED EXCEPTION (OTHER THAN ANY MATTER FALLING WITHIN
SUBSECTION (E) OF THE DEFINITION OF PERMITTED EXCEPTIONS) WHICH MAY APPEAR ON
SUPPLEMENTAL TITLE COMMITMENTS OR UPDATES TO THE COMMITMENTS ISSUED AFTER THE
DATE OF THE RESPECTIVE COMMITMENTS (COLLECTIVELY, "OTHER LIENS") WITHIN FIVE (5)
DAYS AFTER RECEIPT THEREOF (TOGETHER WITH A COPY OF SUCH NEW EXCEPTION) BY
PURCHASER.
UNLESS PURCHASER SHALL TIMELY OBJECT TO SUCH OTHER LIENS, ALL SUCH
OTHER LIENS WHICH ARE SET FORTH IN ANY SUCH SUPPLEMENTAL COMMITMENTS OR UPDATES
SHALL BE DEEMED TO CONSTITUTE ADDITIONAL PERMITTED EXCEPTIONS.
ANY EXCEPTIONS
WHICH ARE TIMELY OBJECTED TO BY PURCHASER SHALL BE HEREIN COLLECTIVELY CALLED
THE "TITLE OBJECTIONS."
SELLER MAY ELECT (BUT SHALL NOT BE OBLIGATED) TO
REMOVE, OR CAUSE TO BE REMOVED AT ITS EXPENSE, ANY TITLE OBJECTIONS, AND SHALL
BE ENTITLED TO A REASONABLE ADJOURNMENT OF THE CLOSING (NOT TO EXCEED A PERIOD
OF THIRTY (30) DAYS) FOR THE PURPOSE OF SUCH REMOVAL, WHICH REMOVAL WILL BE
DEEMED EFFECTED BY THE ISSUANCE OF TITLE INSURANCE ELIMINATING THE TITLE
OBJECTIONS OR INSURING AGAINST THE EFFECT OF THE TITLE OBJECTIONS; PROVIDED,
HOWEVER, SELLER SHALL BE OBLIGATED TO REMOVE OR BOND OVER ANY AND ALL LIENS FOR
BORROWED MONEY, MECHANICS' AND MATERIALMEN'S LIENS, TAX LIENS AND ANY LIENS
RESULTING FROM THE FAILURE TO SATISFY AN OBLIGATION WHEN DUE, IN EACH CASE
AFFECTING ANY REAL PROPERTY, ON OR BEFORE THE CLOSING DATE.
SELLER SHALL NOTIFY
PURCHASER IN