SEWER RENTS AND SPECIAL
ASSESSMENTS, PLUS INTEREST AND PENALTIES THEREON, WHICH ON THE CLOSING DATE ARE
DUE AND PAYABLE AND/OR ARE LIENS AGAINST THE REAL PROPERTY AND WHICH THE
PROPERTY OWNER IS OBLIGATED TO PAY AND DISCHARGE WILL BE CREDITED AGAINST THE
PURCHASE PRICE (SUBJECT TO THE PROVISION FOR APPORTIONMENT OF TAXES, WATER RATES
AND SEWER RENTS HEREIN CONTAINED) AND WITHOUT THE NEED FOR PURCHASER TO RAISE AS
A TITLE DEFECT.
(C)
IF ON THE CLOSING DATE THE REAL PROPERTY SHALL BE AFFECTED BY ANY
LIEN WHICH, PURSUANT TO THE PROVISIONS OF THIS AGREEMENT, IS REQUIRED TO BE
DISCHARGED OR SATISFIED BY SELLER, SELLER SHALL NOT BE REQUIRED TO DISCHARGE OR
SATISFY THE SAME OF RECORD PROVIDED THE MONEY NECESSARY TO SATISFY THE LIEN IS
RETAINED BY THE TITLE COMPANY AT CLOSING (WITH AUTHORITY TO PAY IN THE EVENT OF
ENFORCEMENT OF SUCH LIEN), AND THE TITLE COMPANY EITHER OMITS THE LIEN AS AN
EXCEPTION FROM THE TITLE POLICY OR INSURES AGAINST COLLECTION THEREOF FROM OR
OUT OF THE REAL PROPERTY AND/OR THE IMPROVEMENTS, AND A CREDIT IS GIVEN TO
PURCHASER FOR THE RECORDING CHARGES FOR A
SATISFACTION OR DISCHARGE OF SUCH
LIEN.
SELLER SHALL HAVE NO OBLIGATION TO REMOVE ANY LIEN AFFECTING THE REAL
PROPERTY WHICH IS THE OBLIGATION OF SCHWAB TO REMOVE PURSUANT TO THE PROVISIONS
OF THE SCHWAB LEASE.
(D)
NO FRANCHISE, TRANSFER, INHERITANCE, INCOME, CORPORATE OR OTHER
TAX OPEN, LEVIED OR IMPOSED AGAINST SELLER, THE PROPERTY OWNER OR ANY FORMER
OWNER OF THE PROPERTY, THAT MAY BE A LIEN AGAINST THE PROPERTY ON THE CLOSING
DATE, SHALL BE AN OBJECTION TO TITLE IF THE TITLE COMPANY INSURES AGAINST
COLLECTION THEREOF FROM OR OUT OF THE REAL PROPERTY AND/OR THE IMPROVEMENTS, AND
PROVIDED FURTHER THAT SELLER DEPOSITS WITH THE TITLE COMPANY A SUM REASONABLY
SUFFICIENT TO SECURE A RELEASE OF THE REAL PROPERTY AND/OR IMPROVEMENTS FROM THE
LIEN
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thereof (with authority to pay in the event of enforcement of such lien).
If a
search of title discloses judgments, bankruptcies, or other returns against
other persons having names the same as or similar to that of Seller or the
Property Owner, Seller will deliver (or cause the Property Owner to deliver) to
the Title Company an affidavit stating that such judgments, bankruptcies or
other returns do not apply to Seller or the Property Owner, as the case may be,
and such search results shall not be deemed Title Defects.
(E)
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, EXCEPT
FOR PERMITTED EXCEPTIONS, SELLER SHALL BE OBLIGATED TO CURE AND/OR SATISFY OR
CAUSE TO BE DELETED AS AN EXCEPTION TO TITLE:
(X) ANY STANDARD EXCEPTIONS (TO
THE EXTENT THAT THE TITLE COMPANY IS WILLING TO DELETE THE SAME BASED SOLELY
UPON RECEIPT OF THE SURVEY AND A CUSTOMARY AFFIDAVIT FROM SELLER OR THE PROPERTY
OWNER); (Y) ANY OF THE FOLLOWING EXCEPTIONS AND ENCUMBRANCES TO THE TITLE TO THE
PROPERTY AS MAY BE DISCLOSED BY THE TITLE REPORT, ALL OF WHICH SHALL BE REFERRED
TO HEREIN AS "MONETARY OBJECTIONS: