ASSIGNMENTS OF LEASES OR RENTS (AND ANY OTHER DOCUMENTS RECORDED IN
CONNECTION WITH SUCH MORTGAGE OR OTHER FINANCING) OR OTHER LIENS AGAINST SUCH
PROPERTY FOR PURCHASE PRICE OR BORROWED MONEY, INCLUDING, WITHOUT LIMITATION, AS
DESCRIBED IN SECTION 4.4;
TO PAY OR OTHERWISE SATISFY IN FULL, OR OTHERWISE CAUSE TO BE DELETED
FROM THE TITLE COMMITMENT (EITHER BY OBTAINING A FULL RELEASE OF RECORD OF,
BONDING OVER OR ESCROWING WITH THE TITLE COMPANY) ALL ITEMS THAT ARE NOT
PERMITTED EXCEPTIONS AND THAT CAN BE SATISFIED BY PAYMENT OF A LIQUIDATED AMOUNT
(INCLUDING, WITHOUT LIMITATION, ALL MECHANIC'S AND MATERIALSMEN'S LIENS AND/OR
NOTICES OF LIENS FILED AGAINST THE PROPERTY OR ANY PORTION OF THE PROPERTY AND
ALL REAL ESTATE OR PERSONAL PROPERTY TAXES THAT CONSTITUTE A LIEN ON THE
PROPERTY AND THAT ARE DUE AND PAYABLE AS OF THE CLOSING DATE, SUBJECT TO
PRORATION PURSUANT TO SECTION 5.4 BELOW), TOGETHER WITH ANY AND ALL INTEREST AND
PENALTIES THEREON (THE ITEMS DESCRIBED IN SECTIONS AND BEING
REFERRED TO AS "MONETARY LIENS").
TO USE COMMERCIALLY REASONABLE EFFORTS TO PAY OR OTHERWISE SATISFY IN
FULL, OR OTHERWISE CAUSE TO BE DELETED FROM THE TITLE COMMITMENT (EITHER BY
OBTAINING A FULL RELEASE OF RECORD OF, BONDING OVER, INDEMNIFYING OR ESCROWING
WITH THE TITLE COMPANY) ALL TITLE EXCEPTIONS THAT ARE CAPABLE OF BEING REMOVED
OR CURED BY SELLER, OTHER THAN PERMITTED EXCEPTIONS (EXCLUDING MONETARY LIENS
WHICH ARE ADDRESSED IN SECTION ABOVE), PROVIDED, HOWEVER, SELLER SHALL
HAVE NO OBLIGATION TO COMMENCE ANY ACTION OR PURSUE ANY LITIGATION IN ORDER TO
CURE (OR OTHERWISE REMOVE) ANY SUCH TITLE EXCEPTIONS.
4.2
SURVEY.
Purchaser acknowledges that prior to the Effective Date, Seller has delivered
to Purchaser a copy of an existing survey of the Property (the " Existing
Survey").
Purchaser may, at its sole cost and expense, order a new or updated
survey of the Property (such new or updated survey, together with the Existing
Survey, is referred to herein as the " Survey").
4.3
PERMITTED EXCEPTIONS.
The Property shall be sold and conveyed subject only to the following, all of
which shall be deemed " Permitted Exceptions":
4.3.1
ALL MATTERS SET FORTH ON SCHEDULE 5 TO THIS CONTRACT;
4.3.2
THE TITLE EXCEPTIONS THAT THE TITLE INSURER SHALL BE WILLING TO OMIT AS
EXCEPTIONS TO COVERAGE;
4.3.3
THE STANDARD EXCEPTION PERTAINING TO TAXES, WHICH SHALL BE LIMITED TO
TAXES AND ASSESSMENTS PAYABLE IN THE YEAR IN WHICH THE CLOSING OCCURS WHICH ARE
A LIEN NOT YET DUE AND PAYABLE, AND SUBSEQUENT TAXES AND ASSESSMENTS;
4.3.4
ALL LEASES BUT SOLELY WITH REGARD TO THE RIGHTS OF TENANTS AS TENANTS
ONLY WITH NO RIGHT OR OPTION TO PURCHASE ALL OR ANY PORTION OF THE PROPERTY;
4.3.5
APPLICABLE ZONING AND GOVERNMENTAL REGULATIONS AND ORDINANCES; AND
4.3.6
ANY DEFECTS IN OR OBJECTIONS TO TITLE TO THE PROPERTY, OR TITLE
EXCEPTIONS OR ENCUMBRANCES, ARISING SOLELY BY, THROUGH OR UNDER PURCHASER.
4.4
EXISTING DEED OF TRUST.
It is understood and agreed that any deeds of trust and/or mortgages which
encumber the Property and