THE SURVEY NOT LATER THAN TWO (2) BUSINESS DAYS FOLLOWING THE DATE
OF THIS CONTRACT. BUYER SHALL DELIVER OR CAUSE TO BE DELIVERED COPIES OF THE
TITLE REPORT AND THE SURVEY TO SELLER PROMPTLY FOLLOWING BUYER'S RECEIPT
THEREOF.
NO LATER THAN TEN (10) BUSINESS DAYS FOLLOWING THE DATE HEREOF (THE
"TITLE REVIEW PERIOD"), BUYER SHALL NOTIFY SELLER IN WRITING (THE "TITLE
OBJECTION NOTICE") OF ANY OBJECTIONS BUYER MAY HAVE WITH RESPECT TO THE
ENCUMBRANCES DISCLOSED BY THE SURVEY OR THE TITLE REPORT. ALL ENCUMBRANCES
DISCLOSED IN THE TITLE REPORT AND/OR SURVEY TO WHICH BUYER DOES NOT TIMELY
OBJECT IN WRITING SHALL BE DEEMED TO BE PERMITTED ENCUMBRANCES; HOWEVER, BUYER
SHALL BE DEEMED TO HAVE TIMELY OBJECTED TO ALL FINANCING ENCUMBRANCES, AND
SELLER COVENANTS AND AGREES THAT ALL FINANCING ENCUMBRANCES SHALL BE REMOVED AT
OR PRIOR TO CLOSING, WHETHER BY PAYMENT, PURSUANT TO THE CONFIRMATION ORDER OR
OTHERWISE. ALL ENCUMBRANCES WHICH ARE NOT FINANCING ENCUMBRANCES AND TO WHICH
BUYER TIMELY OBJECTS IN WRITING ARE REFERRED TO HEREIN AS "ADDITIONAL
ENCUMBRANCES".
WITHIN FIVE (5) BUSINESS DAYS FOLLOWING RECEIPT OF THE TITLE
OBJECTION NOTICE (THE "SELLER RESPONSE DATE"), SELLER SHALL NOTIFY BUYER IN
WRITING ("SELLER'S RESPONSE") OF ITS ELECTION TO EITHER (I) CAUSE EACH
ADDITIONAL ENCUMBRANCE TO BE REMOVED FROM THE TITLE REPORT ON OR BEFORE CLOSING
(OR, IN THE ALTERNATIVE, AND SUBJECT TO BUYER'S PRIOR WRITTEN CONSENT, TO HAVE
THE TITLE COMPANY COMMIT TO INSURE, AT SELLER'S COST AND EXPENSE, AGAINST ANY
AND ALL LOSS OR DAMAGE THAT MAY BE OCCASIONED BY SUCH ADDITIONAL ENCUMBRANCE) OR
(II) NOT SO CAUSE SUCH ADDITIONAL ENCUMBRANCE TO BE REMOVED FROM THE TITLE
REPORT ON OR BEFORE CLOSING (OR INSURED OVER). SELLER'S FAILURE TO TIMELY GIVE
SELLER'S ELECTION WITH RESPECT TO ANY PARTICULAR ADDITIONAL ENCUMBRANCE SHALL BE
CONCLUSIVELY PRESUMED TO BE SELLER'S ELECTION NOT TO CAUSE SUCH ADDITIONAL
ENCUMBRANCE TO BE REMOVED (OR INSURED OVER). IF SELLER ELECTS NOT TO CAUSE THE
REMOVAL OF (OR INSURANCE OVER) ANY ADDITIONAL ENCUMBRANCE, THEN BUYER MAY ELECT
TO EITHER (A) PROCEED WITH THE PURCHASE OF THE PROPERTY ON OR BEFORE THE CLOSING
DATE, SUBJECT TO SUCH ADDITIONAL ENCUMBRANCES AS SELLER HAS ELECTED NOT TO
REMOVE, WITHOUT ANY CAUSE OF ACTION OR CLAIM AGAINST SELLER (INCLUDING ANY
ABATEMENT OR REDUCTION IN THE PURCHASE PRICE) ARISING OUT OF SUCH ADDITIONAL
ENCUMBRANCES; OR (B) TERMINATE THIS CONTRACT BY WRITTEN NOTICE TO SELLER,
WHEREUPON THE ESCROW MONEY SHALL BE RETURNED TO BUYER BY TITLE COMPANY AND
NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS UNDER THIS CONTRACT
EXCEPT FOR THOSE RIGHTS WHICH BY THE TERMS OF THIS CONTRACT EXPRESSLY SURVIVE
TERMINATION. BUYER'S ELECTION TO TERMINATE PURSUANT TO THE FOREGOING CLAUSE (B)
MAY BE MADE ANY TIME PRIOR TO THE DATE THAT IS TEN (10) CALENDAR DAYS FOLLOWING
BUYER'S RECEIPT OF SELLER'S RESPONSE (THE "TITLE REVIEW DEADLINE"). IF BUYER
FAILS TO TIMELY NOTIFY SELLER OF ITS ELECTION TO TERMINATE THIS CONTRACT IN
ACCORDANCE WITH THE FOREGOING CLAUSE (B) ON OR BEFORE THE TITLE REVIEW DEADLINE,
THEN BUYER SHALL BE DEEMED TO HAVE ELECTED