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commitment for financing for the purchase of Parcel 1 with terms acceptable to Buyer in Buyer's sole <br /> discretion (the "Financing Commitment"). If Buyer has not secured the Financing Commitment on or <br /> before the expiration of the Initial Contingency Period,Buyer may extend such contingency period for an <br /> additional thirty (30) days (the "First Extension Contingency Period") by providing written notice to <br /> Seller. If Buyer has not secured the Financing Commitment on or before the expiration of the First <br /> Extension Contingency Period, Buyer may extend such contingency period for an additional thirty (30) <br /> days (the "Final Extension Contingency Period", and as used in this Agreement, "Contingency Period" <br /> shall mean the Initial Contingency Period,the First Extension Contingency Period,or the Final Extension <br /> Contingency Period, as applicable) by providing written notice to Seller. If, on or before the end of the <br /> Contingency Period, Buyer has not secured the Financing Commitment, Buyer may additionally elect to <br /> terminate this Agreement by providing written notice to Seller. If Buyer has not terminated this <br /> Agreement on or before the end of the Contingency Period, this financing contingency will be deemed <br /> waived. Buyer may waive this financing contingency at any time prior to the end of the Contingency <br /> Period. <br /> 6. Title Examination. Within ninety (90) days following the Effective Date, Buyer may obtain a <br /> commitment for an ALTA owner's policy of title insurance (the "Title Commitment") for the Property <br /> prepared by a title company chosen by Buyer (the "Title Company"), together with legible copies of all <br /> documents referred to in the Title Commitment, including without limitation all lien instruments, plats, <br /> reservations, restrictions, and easements. Buyer may also elect to order an ALTA/NSPS survey of the <br /> Property with any "Table A Items" it deems appropriate in Buyer's sole discretion (the "Survey") <br /> provided such Survey shall be prepared and delivered(with a copy to Seller) on or before the expiration <br /> of the Initial Contingency Period. On or prior to the expiration of the Initial Contingency Period, Buyer <br /> shall give Seller written notice of any specific title matters that are unacceptable to Buyer, if any (the <br /> "Title Objections"). If Buyer fails to give Seller written notice of Title Objections within the Initial <br /> Contingency Period,then all title matters then affecting the Property shall be deemed to be acceptable to <br /> Buyer (the "Permitted Exceptions"), and Buyer shall take title subject thereto; provided, however, that <br /> any monetary liens, encumbrances or other instruments affecting title to the Property which may be <br /> satisfied by the payment of money shall be removed prior to Closing and shall not become Permitted <br /> Exceptions.If Buyer notifies Seller of Title Obj ections within the Initial Contingency Period,Seller shall, <br /> within ten(10)days following receipt from Buyer,deliver written notice to Buyer(the"Seller's Response <br /> Notice")of the actions Seller will take,if any,to correct said Title Objections. Seller shall then have until <br /> Closing to cure or correct those Title Objections for which Seller has elected to cure or correct as stated <br /> in the Seller's Response Notice, if any. If Seller fails to deliver the Seller's Response Notice, Seller shall <br /> be deemed to have elected not to clear, cure, or resolve such Title Objections prior to Closing. If Seller <br /> elects not to clear, cure, or resolve all or any portion of the Title Objections,Buyer shall have a period of <br /> five(5)days following Buyer's receipt of the Seller's Response Notice within which to elect to either: (i) <br /> terminate this Agreement,or(ii)waive such Title Obj ections and take title to the Property subject to such <br /> Title Objections as Permitted Exceptions,without any reduction of the Purchase Price. <br /> 7. Conditions Precedent to Closing. The closing of the transaction contemplated by this Agreement <br /> and all the obligations of Buyer under this Agreement are subject to fulfillment of the following <br /> "Conditions Precedent": <br /> (a) This Agreement and all documents and acts contemplated hereby are duly authorized by <br /> all requisite action of Seller and Buyer; <br /> (b) Buyer shall have obtained the Financing Commitment on or before the end of the <br /> Contingency Period, a commitment for financing acceptable to Buyer; <br /> 2 <br /> 4892-6090-9699,v.6 <br />