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interest is held by Jeffrey Wise or M&W Holdings, LLC, the restrictive covenant described in <br />Exhibit C-2 will apply to and be recorded against Areas 1, 2 and 3, and the restrictive covenant <br />attached as Exhibit C-1 will not be recorded or used in any capacity. Seller agrees to execute <br />and deliver to Purchaser any other affidavit, statement or other document normally required by <br />the Title Company (hereafter defined) as a condition for the issuance of the title insurance policy <br />or for the escrow closing provided for below. <br />4. Earnest Money: Purchaser will deposit with the Title Company, as escrowee, within 30 <br />days after the date of final execution of this Contract, $5,000.00, as earnest money, to be <br />credited against the purchase price at closing. If Purchaser defaults under this Contract and <br />fails to cure the default within 10 days after receipt of notice from Seller, then, upon demand of <br />Seller, the earnest money will be forfeited as liquidated damages, and not as a penalty; and this <br />Contract will become null and void. If this Contract is terminated for any reason other than <br />Purchaser's default, the earnest money will be returned to Purchaser. <br />5. Title Insurance: Purchaser, at Purchaser's sole cost and expense, will order a title <br />commitment of the Premises for a 2006 ALTA owner's policy, with extended coverage, or a <br />comparable form, from Chicago Title Insurance Company ("Title Company") in the amount of <br />the purchase price, covering the date of this Contract. Upon final execution of this Contract, <br />Seller will deliver to Purchaser any prior title evidence Seller may have, such as a current <br />abstract or title policy, to expedite further examination of title. If the report on title, binder or <br />commitment (the "Title Commitment") discloses any defects in title (other than liens or <br />encumbrances of a definite or ascertainable amount which may be paid at closing by Seller), <br />Purchaser will have 120 days after the opening of escrow to review the Title Commitment and <br />and/or any survey obtained by Purchaser and to deliver to Seller, in writing, any objections that <br />Purchaser may have to such defects described in the Title Commitment and/or survey (including <br />in such notice a copy of the title commitment and survey, which Seller may rely upon at Seller's <br />sole risk) ("Purchaser's Notice of Objections"). Seller will deliver to Purchaser, within 5 <br />business days after Seller's receipt of Purchaser's Notice of Objections, a written notice <br />("Seller's Response") responding to each of Purchaser's objections and identifying any of such <br />objections that Seller agrees to cure prior to closing. After receiving Seller's Response, <br />Purchaser may, prior to the expiration of the Contingency Period (as defined hereafter), either (i) <br />waive any objections that Seller has not committed to cure or (ii) terminate this Contract by <br />written notice delivered to Seller at which time Purchaser will immediately be entitled to a refund <br />of the earnest money. <br />Seller will have no obligation to cure any of Purchaser's objections. However, if <br />Purchaser exercises option (i) above, Seller's commitment in Seller's Response to cure any <br />such objections will then constitute a covenant on the part of Seller under this Contract to <br />complete such cure prior to closing, and Purchaser will have the right to order an updated title <br />commitment at any time. If such defects are not cured or removed prior to closing, Purchaser <br />may, at Purchaser's sole option, either (i) take the title as it then is with the right to deduct from <br />the purchase price liens or encumbrances of a definite or ascertainable amount by giving notice <br />of such election to Seller and tendering performance on Purchaser's part or (ii) terminate this <br />Contract by written notice delivered to Seller at which time Purchaser will immediately be <br />entitled to a refund of the earnest money. Notwithstanding the foregoing, if new title or survey <br />defects are revealed by Purchaser's updated Title Commitment, whether before or after <br />Purchaser may have waived any defects disclosed in the original Title Commitment, Purchaser <br />Document #: 1118064-v8 <br />-2- <br />