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05/05/16
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notifies Seller within five days from receipt of Seller's Title Notice that Buyer <br />accepts the matters contained in Seller's Title Notice, then such Title/Survey <br />matters that Seller has not agreed to cure or remove from Title/Survey will be <br />additional Permitted Exceptions. If Buyer fails to respond to Seller's Title Notice <br />within five days from receipt thereof, then this Agreement shall automatically <br />terminate and the Earnest Money shall be promptly paid to Buyer. Seller shall cure <br />or remove from Title/Survey those matters Seller has agreed to cure or remove to <br />the reasonable satisfaction of Buyer and cause the Title Company to revise the Title <br />Commitment accordingly to insure against such matters prior to the Closing (the <br />"Cure Period"). If Seller fails to resolve any such objections to Buyer's satisfaction <br />within the Cure Period (or it becomes reasonably ascertainable that Seller will be <br />unable or unwilling to resolve any such objections to Buyer's satisfaction within <br />the Cure Period), or if, for any reason, Seller is unable to convey title in accordance <br />with the provisions set forth in this Section 2, then Buyer may at its option elect to: <br />(A) waive such objections and accept such title as Seller is able to convey; (B) <br />terminate this Agreement as to any or all of the Property by written notice to Seller; <br />or (C) withhold from the Purchase Price an amount within the reasonable opinion <br />of the Title Company is sufficient to correct the uncured objections. <br />6. Buyer's Continencies. The obligations of Buyer under this Agreement are contingent <br />upon each of the following: <br />6.1 Representations, Warranties, and Covenants. The representations, warranties, and <br />covenants of Seller contained in this Agreement must be true as of the Effective <br />Date and on the Closing Date as if made on the Closing Date. <br />6.2 Title. Title to the Property shall have been found acceptable, or been made <br />acceptable, in accordance with the requirements and terms of Section 5 of this <br />Agreement. <br />6.3 Access and Inspection. Seller shall have allowed Buyer, and Buyer' s agents, <br />immediate access to the Property during the Inspection Period without charge and <br />at all reasonable times for the purpose of Buyer's investigation and testing the same <br />in accordance with Section 4 of this Agreement, and Buyer shall have been satisfied <br />in its sole discretion with the results of such investigation and testing before the <br />expiration of the Inspection Period. <br />6.4 Document Review. Buyer shall have determined, on or before the expiration of the <br />Inspection Period, that it is satisfied with its review and analysis of any contracts <br />related to the Property. <br />6.5 Government Approvals. Buyer shall have obtained on or before the Closing Date <br />all final approvals from all Governmental Authorities necessary in Buyer's <br />judgment to make the use of the Property which Buyer intends. Seller shall, at the <br />request of Buyer, and at no cost to Seller, reasonably cooperate with Buyer in <br />connection with Buyer's application(s) for project and development approvals from <br />Governmental Authorities as provided in this Agreement (including, without <br />US.106153450.02 DRAFT <br />
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