BELOW.
SECTION 3.3.
TITLE OBJECTIONS.
IF ANY REVISION OR UPDATE OF ANY PRELIMINARY
TITLE REPORT OR SURVEY DISCLOSES EXCEPTIONS TO TITLE OTHER THAN PERMITTED
ENCUMBRANCES SHOWN IN THE PRELIMINARY TITLE REPORT, OR SURVEY RECEIVED DURING
THE STUDY PERIOD, THAT WOULD CAUSE TITLE TO AN INDIVIDUAL PROPERTY TO BE
UNINSURABLE OR WOULD RENDER TITLE UNMARKETABLE OR CONSTITUTE A MONETARY LIEN OR
JUDGMENT ON A PROPERTY, OR ENCUMBERS A PROPERTY MATERIALLY AND ADVERSELY (THE
FOREGOING, COLLECTIVELY, THE "TITLE OBJECTIONS"), BUYER SHALL SO NOTIFY THE
SELLER OF THE PARTICULAR PROPERTY TO WHICH SUCH TITLE OBJECTION RELATES
("BUYER'S OBJECTION NOTICE"): (A) ON OR BEFORE THE FIFTH (5TH) BUSINESS DAY
AFTER RECEIPT OF ANY REVISION OR UPDATE IF RECEIVED BY BUYER ON OR BEFORE THE
FIFTH (5TH) BUSINESS DAY BEFORE THE CLOSING DATE, (B) ON OR BEFORE ONE
(1) BUSINESS DAY PRIOR TO THE CLOSING DATE IF RECEIVED BY BUYER LESS THAN FIVE
(5) BUSINESS DAYS BEFORE THE CLOSING DATE (BUT PRIOR TO THE CLOSING DATE) OR
(C) ON THE CLOSING DATE IF BUYER BECOMES AWARE OF SAME ON THE CLOSING DATE (EACH
SUCH DATE, THE "OBJECTION CUT OFF DATE"), TIME BEING OF THE ESSENCE. SUCH SELLER
SHALL HAVE UNTIL THE CLOSING DATE (AND MAY ADJOURN THE CLOSING FOR SUCH
REASONABLE PERIODS) TO HAVE EACH SUCH TITLE OBJECTION (I) INSURED OVER,
(II) REMOVED, OR (III) CORRECTED (EACH AS SELECTED BY A SELLER, A "REMEDY") (IN
THE CASE OF (I) OR (III), TO THE REASONABLE SATISFACTION OF BUYER, BUT SUBJECT
TO SECTION 3.4 BELOW); PROVIDED, HOWEVER, NOTHING HEREIN SHALL REQUIRE A SELLER
TO (I) BRING ANY ACTION OR PROCEEDING TO REMOVE ANY TITLE OBJECTION OR (II) TAKE
ANY STEPS, OR INCUR ANY EXPENSE, IN EXCESS OF *** ******* ******** *******
********** IN THE AGGREGATE TO REMOVE ANY TITLE OBJECTIONS (EXCEPT THAT EACH
SELLER SHALL BE OBLIGATED TO REMOVE THE FOLLOWING "MANDATORY CURE ITEMS":
(A) THE MORTGAGES OR DEEDS OF TRUST IDENTIFIED ON THE PRELIMINARY TITLE REPORT
THAT ARE NOT ASSUMED BY BUYER PURSUANT TO EXHIBIT AA ATTACHED HERETO, (B) ANY
AND ALL LIENS VOLUNTARILY PLACED BY A SELLER AGAINST ITS PROPERTY AFTER THE DATE
OF THE APPLICABLE PRELIMINARY TITLE REPORT IN VIOLATION OF THIS AGREEMENT,
(C) ANY AND ALL LIENS ARISING BY, THROUGH OR UNDER A SELLER AND (D) ANY OTHER
TITLE OBJECTION THAT WOULD COST NOT MORE THAN THE FOREGOING *** ******* ********
******* **********, IN THE AGGREGATE, TO REMOVE). EACH SELLER AGREES TO NOTIFY
BUYER WITHIN FIVE (5) BUSINESS DAYS OF SUCH SELLER'S RECEIPT OF BUYER'S
OBJECTION NOTICE WHETHER SUCH SELLER ELECTS TO ENDEAVOR TO REMEDY ALL OR ANY OF
THE TITLE OBJECTIONS RAISED IN BUYER'S OBJECTION NOTICE. OTHER THAN THE
EXCEPTIONS TO
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TITLE WHICH EACH SELLER IS REQUIRED PURSUANT TO THIS SECTION 3.3 TO REMEDY, ANY
EXCEPTION TO TITLE WHICH BUYER DOES NOT RAISE PURSUANT TO THE TERMS HEREOF ON OR
BEFORE THE OBJECTION CUT OFF DATE SHALL BE DEEMED A PERMITTED ENCUMBRANCE AND
NOT A TITLE OBJECTION. IF A SELLER AT OR PRIOR TO THE CLOSING DATE (AS THE SAME