ENCUMBRANCES, THEN ANY SUCH ADDITIONAL LIENS, ENCUMBRANCES OR OTHER
TITLE EXCEPTIONS SHALL BE DEEMED OBJECTED TO BY PURCHASER (UNLESS OTHERWISE
WAIVED BY PURCHASER IN WRITING) AND SHALL CONSTITUTE A "SUBSEQUENT TITLE
OBJECTION".
IN THE EVENT THERE IS A SUBSEQUENT TITLE OBJECTION WHICH IS NOT
WAIVED BY PURCHASER, AND WHICH SELLER IS UNABLE TO REMEDY PRIOR TO THE CLOSING
DATE, PURCHASER HEREBY GRANTS TO SELLER A REASONABLE ADJOURNMENT OF THE CLOSING
DATE NOT TO EXCEED THIRTY (30) DAYS DURING WHICH TIME SELLER MAY ATTEMPT TO
REMEDY SAME.
5.2
TITLE OBJECTIONS.
IF THERE ARE ANY
SUBSEQUENT TITLE OBJECTIONS WHICH ARE NOT WAIVED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 5.1, WHICH (I) WERE CAUSED BY, RESULTED FROM OR AROSE OUT
OF A GRANT BY ANY PERSON OR ENTITY (OTHER THAN PURCHASER) OF A MORTGAGE OR OTHER
SECURITY INTEREST AFFECTING THE PROPERTY, OR THE PERFORMANCE OF WORK ON BEHALF
OF ANY PERSON OR ENTITY (OTHER THAN PURCHASER) UPON ALL OR ANY PORTION OF THE
PROPERTY, THEN SELLER SHALL REMOVE SUCH SUBSEQUENT TITLE OBJECTIONS; OR (II) ARE
NOT OF THE TYPE DESCRIBED IN CLAUSE (I) OF THIS SENTENCE, BUT ARE
REMOVABLE BY
THE PAYMENT OF AN ASCERTAINABLE SUM NOT TO EXCEED IN THE AGGREGATE ONE PERCENT
(1.0%) OF THE PURCHASE PRICE (THE "MAXIMUM AMOUNT"), THEN SELLER SHALL CAUSE
SUCH SUBSEQUENT TITLE OBJECTIONS TO BE REMOVED.
IF SELLER FAILS TO REMOVE ANY
SUBSEQUENT TITLE OBJECTION(S) IN ACCORDANCE WITH THE PROVISIONS OF THE
IMMEDIATELY PRECEDING SENTENCE, OR IF THERE EXIST ANY SUBSEQUENT TITLE
OBJECTION(S) WHICH SELLER IS NOT OBLIGATED TO REMOVE PURSUANT TO CLAUSE (II) OF
THE IMMEDIATELY PRECEDING SENTENCE BECAUSE THE PAYMENT OF FUNDS IN EXCESS OF THE
MAXIMUM AMOUNT WOULD BE REQUIRED TO CURE THE SAME (A "CLAUSE (II) OBJECTION"),
PURCHASER, NEVERTHELESS, MAY ELECT (AT OR PRIOR TO
CLOSING) TO CONSUMMATE THE
TRANSACTION PROVIDED FOR HEREIN SUBJECT TO ANY SUCH SUBSEQUENT TITLE
OBJECTION(S) AS MAY EXIST AS OF THE CLOSING DATE, WITH A CREDIT
(IN THE EVENT
OF ANY CLAUSE (II) OBJECTIONS) ALLOCATED AGAINST THE CASH BALANCE PAYABLE AT THE
CLOSING EQUAL TO THE SUM NECESSARY TO REMOVE SUCH CLAUSE (II) OBJECTIONS, NOT TO
11
EXCEED THE MAXIMUM AMOUNT; PROVIDED, HOWEVER, IF PURCHASER MAKES SUCH ELECTION,
PURCHASER SHALL NOT BE ENTITLED TO ANY OTHER CREDIT, NOR SHALL SELLER BEAR ANY
FURTHER LIABILITY, WITH RESPECT TO ANY CLAUSE (II) OBJECTIONS, BUT SELLER SHALL
REMAIN FULLY LIABLE FOR THE COST OF REMOVING ANY SUBSEQUENT TITLE OBJECTION(S)
OF THE TYPE DESCRIBED IN CLAUSE (I) OF THE IMMEDIATELY PRECEDING SENTENCE.
IF
PURCHASER SHALL NOT SO ELECT, PURCHASER MAY TERMINATE THIS AGREEMENT AND
SELLER'S SOLE LIABILITY THEREAFTER SHALL BE TO CAUSE THE DEPOSIT, TOGETHER WITH
ANY INTEREST EARNED THEREON WHILE IN ESCROW, TO BE REFUNDED TO PURCHASER,
AND,
UPON THE RETURN OF THE DEPOSIT AND ANY SUCH INTEREST, THIS AGREEMENT SHALL BE
TERMINATED, AND THE PARTIES HERETO SHALL BE RELIEVED OF ALL FURTHER OBLIGATIONS
AND LIABILITY UNDER THIS AGREEMENT, OTHER THAN WITH RESPECT TO THE PROVISIONS OF
THIS AGREEMENT WHICH EXPRESSLY SURVIVE A TERMINATION OF THIS AGREEMENT.
5.3