Common use of Approval of Title and Survey Clause in Contracts

Approval of Title and Survey. Upon execution of this Agreement, Purchaser shall be entitled, but shall not be required, to order (A) a commitment for an owner's policy of title insurance (the "Commitment") issued by a title company selected by Purchaser and approved by Prefco (the "Title Company") pursuant to which the Title Company commits to issue an owner's policy of title insurance in such amounts as are reasonably requested by Purchaser (the "Title Policy") and (B) a survey of the Land (the "Survey") in form acceptable to Purchaser and the Title Company (in the event Purchaser elects to obtain title insurance). The costs of the Title Policy (together with any endorsements requested by Purchaser) and Survey shall be paid by Purchaser. During the Inspection Period, Purchaser shall have the opportunity to review the condition of title and survey. At any time prior to the expiration of the Inspection Period, Purchaser may disapprove the Survey and the title exceptions, by delivering written notice (a "Disapproval Notice") to Prefco stating with particularity the exceptions which Purchaser disapproves and the reasons for such disapproval. Time is of the essence with respect to Purchaser's obligation to deliver such Disapproval Notice. Prefco, at its option, shall have fifteen (15) days, from and after delivery of Purchaser's Disapproval Notice, to agree to undertake to cause the surveyor or the Title Company, as the case may be, to remove such objectionable exceptions. Purchaser acknowledges that Prefco shall not be obligated to undertake to cause the Title Company to remove any of the title exceptions. If Prefco agrees to undertake to remove any objectionable exceptions, Prefco will use diligent efforts to cause the removal of such exceptions within thirty (30) days after it agrees to such undertaking, provided however that the Scheduled Closing Date may be adjourned by Prefco, if necessary, for an additional period of sixty (60) days to remove such objectionable exceptions (provided that Prefco is diligently pursuing such removal). If Prefco does not agree to undertake to remove such exceptions or shall fail to remove such objectionable exceptions within such time, Purchaser may (a) elect to waive its objections and close on the Closing Date, (b) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions, or (c) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions with respect to the particular property for which it sent a Disapproval Notice; provided, however, that Purchaser shall not be permitted to terminate this Agreement with respect to a particular property or properties for which it sent a Disapproval Notice which, individually or in the aggregate, constitute greater than five percent (5.0%) of the equity value of all Properties. In the event Purchaser elects option (c) as set forth in the immediately preceding sentence, Purchaser shall be entitled to receive a credit in its favor against the Purchase Price in respect of due diligence expenses, such due diligence expenses not to exceed Five Thousand and 00/100 Dollars ($5,000.00) for each property that Purchaser has terminated this Agreement with respect to in accordance with the foregoing provisions. Notwithstanding the foregoing, Purchaser shall not be entitled to any such reimbursement if the transaction contemplated by this Agreement does not close for any reason whatsoever, and shall not be entitled to any such reimbursement in an amount greater than Fifty Thousand and 00/100 Dollars ($50,000.00). Purchaser's failure to respond within such three (3) business day period shall be deemed an election to terminate this Agreement, and the provisions of Section 7(b) shall control. In the event Prefco does not receive a Disapproval Notice from Purchaser prior to the end of the Inspection Period, with time being of the essence, Purchaser shall be deemed to have approved the Survey and the condition of title as set forth in the Commitment through the last day of the Inspection Period. Any title exceptions or survey exceptions not objected to by Purchaser or otherwise waived and accepted by Purchaser shall be deemed "Permitted Exceptions" to the conveyance to Purchaser by Prefco. Purchaser may, at or prior to Closing, notify Prefco in writing (the "Gap Notice") of any objections to title: (a) raised by the Title Company between the expiration of the Inspection Period and the Closing; and (b) not disclosed by the Title Company or otherwise known to Purchaser prior to the expiration of the Inspection Period. If Purchaser sends a Gap Notice to Prefco, Purchaser and Prefco shall have the same rights and obligations with respect to such notice as apply to a Disapproval Notice in accordance with the provisions of this Section 7(a)(ii). In addition to and without limiting the foregoing, Purchaser shall verbally inform Prefco not more than thirty (30) nor less than twenty (20) days after the date hereof, and from time to time thereafter at Prefco's reasonable request, of the status of Purchaser's document review (including without limitation title and survey) and Property inspection pursuant to this Section 7, including a statement of those items and/or documents which Purchaser is still reviewing and/or inspecting with respect to the Property.

Approval of Title and Survey. Upon (a) Promptly following the execution of this Agreement, Purchaser Seller shall be entitled, but shall not be required, to order (A) a commitment for an owner's policy of title insurance (the "Commitment") issued by a title company selected by Purchaser and approved by Prefco (the "Title Company") pursuant to which deliver or cause the Title Company commits to issue an owner's policy deliver to Buyer a current preliminary title report issued by Title Company (the “Preliminary Title Report”) showing the state of title insurance in such amounts to the Property, together with copies of all matters shown as are reasonably requested by Purchaser exceptions therein. Buyer may also obtain a survey or updated survey of the Property (the "“Survey”), at Buyer’s sole cost and expense. Seller agrees to deliver or make available to Buyer, without representation or warranty, any survey of the Property that Seller obtained in connection with its acquisition or financing of the Property. Buyer shall have the right on or before the date fifteen (15) days following the Effective Date (the “Title Policy") and (B) Review Period”), to give Seller written notice of Buyer’s disapproval of any title exceptions or matters set forth in the Title Report or Survey, matters that would be disclosed by a current survey of the Land or any other rights, interests, or matters not of record of which Buyer has actual knowledge (collectively, “Title and Survey Objections” or “Title or Survey Objections”); provided, however, that Buyer shall be deemed to have objected to, and Seller shall remove as exceptions prior to the "Survey") in form acceptable Closing, all monetary liens and encumbrances excepting only taxes and assessments, a lien not yet due and payable. Buyer’s failure to Purchaser and the give written notice of any other Title Company (in the event Purchaser elects to obtain title insurance). The costs or Survey Objections on or before expiration of the Title Policy (together with any endorsements requested by Purchaser) and Survey Review Period shall be paid by Purchaser. During deemed Buyer’s approval of the Inspection PeriodPreliminary Title Report, Purchaser shall have the opportunity to review survey matters and the condition of title and surveyof the Property. At If Buyer gives timely written notice of any time Title or Survey Objections prior to the expiration of the Inspection Title Review Period, Purchaser may disapprove the Survey and the title exceptionsSeller shall elect, within five (5) days following receipt of Buyer’s notice (“Seller’s Title Response Period”), by delivering written notice (a "Disapproval “Seller’s Title Response Notice"”) given to Prefco stating with particularity Buyer, whether to remove or delete from the exceptions which Purchaser disapproves and title to be conveyed to Buyer prior to the reasons for Closing Date such disapprovalTitle or Survey Objections. Time is of If Seller fails to make such election within the essence with respect Seller’s Title Response Period, then Seller shall be deemed to Purchaser's obligation to deliver such Disapproval Notice. Prefco, at its option, shall have fifteen (15) days, from and after delivery of Purchaser's Disapproval Notice, to agree to undertake to cause the surveyor or the Title Company, as the case may be, elected not to remove such objectionable exceptionsTitle or Survey Objections. Purchaser acknowledges that Prefco shall Upon receipt of a Seller’s Title Response Notice electing not be obligated to undertake remove Title or Survey Objections (or deemed election not to cause remove the Title Company or Survey Objections), Buyer may elect, on or prior to remove any of the title exceptions. If Prefco agrees to undertake to remove any objectionable exceptions, Prefco will use diligent efforts to cause the removal of such exceptions within thirty date which is ten (3010) days after it agrees following the delivery of Seller’s Title Response Notice or the earlier expiration of Seller’s Title Response Period without deliver of Seller’s Title Response Notice (the “Title Approval Period”) to such undertaking, provided however that the Scheduled Closing Date may be adjourned by Prefco, if necessary, for an additional period of sixty either (60) days to remove such objectionable exceptions (provided that Prefco is diligently pursuing such removal). If Prefco does not agree to undertake to remove such exceptions or shall fail to remove such objectionable exceptions within such time, Purchaser may (a) elect to waive its objections and close on the Closing Date, (bi) terminate this Agreement by delivering a Termination Notice Agreement, in which event all obligations hereunder (except for those that expressly survive the termination of this Agreement) shall cease and the Deposit shall be promptly returned to Prefco within three (3) business days after Prefco's failure to remove such exceptionsBuyer, or (cii) terminate waive its objection and proceed with the purchase of the Property in accordance with the terms of this Agreement by delivering and without a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions with respect to the particular property for which it sent a Disapproval Notice; provided, however, that Purchaser shall not be permitted to terminate this Agreement with respect to a particular property or properties for which it sent a Disapproval Notice which, individually or in the aggregate, constitute greater than five percent (5.0%) reduction of the equity value of all PropertiesPurchase Price. In If Buyer fails to make the event Purchaser elects option (c) as set forth election referred to in the immediately preceding sentence, Purchaser shall be entitled by written notice to receive a credit in its favor against Seller on or before the Purchase Price in respect of due diligence expenses, such due diligence expenses not to exceed Five Thousand and 00/100 Dollars ($5,000.00) for each property that Purchaser has terminated this Agreement with respect to in accordance with the foregoing provisions. Notwithstanding the foregoing, Purchaser shall not be entitled to any such reimbursement if the transaction contemplated by this Agreement does not close for any reason whatsoever, and shall not be entitled to any such reimbursement in an amount greater than Fifty Thousand and 00/100 Dollars ($50,000.00). Purchaser's failure to respond within such three (3) business day period shall be deemed an election to terminate this Agreement, and the provisions of Section 7(b) shall control. In the event Prefco does not receive a Disapproval Notice from Purchaser prior to the end expiration of the Inspection Title Approval Period, with time being of the essence, Purchaser then Buyer shall be deemed to have approved waived its objection and elected to proceed with the Survey and purchase of the Property. The preceding to the contrary notwithstanding, Seller agrees to remove, or cause to be removed, from the condition of title as set forth in on or before the Commitment through Closing all deeds of trust or mortgages entered into by Seller affecting the last day of the Inspection Period. Any title exceptions or survey exceptions not objected to by Purchaser or otherwise waived and accepted by Purchaser shall be deemed "Permitted Exceptions" to the conveyance to Purchaser by Prefco. Purchaser may, at or prior to Closing, notify Prefco in writing (the "Gap Notice") of any objections to title: (a) raised by the Title Company between the expiration of the Inspection Period and the Closing; and Property. (b) As used herein, “Approved Exceptions” shall mean: (i) non-delinquent real estate taxes and assessments, a lien not yet due and payable; (ii) any other easements, encumbrances, covenants, conditions and restrictions of record approved (or deemed approved) or waived by Buyer pursuant to Section 4.2(a) above, or liens created under the signature of Buyer; (iii) any exceptions to title which would be disclosed by the Title Company or otherwise known to Purchaser prior to the expiration an inspection and/or an accurate survey of the Inspection Period. If Purchaser sends a Gap Notice to PrefcoProperty; (iv) local, Purchaser state and Prefco shall have the same rights federal laws, ordinances or governmental regulations including, but not limited to, building and obligations with respect to such notice as apply to a Disapproval Notice zoning laws, ordinances and regulations, now or hereafter in accordance with the provisions of this Section 7(a)(ii). In addition to and without limiting the foregoing, Purchaser shall verbally inform Prefco not more than thirty (30) nor less than twenty (20) days after the date hereof, and from time to time thereafter at Prefco's reasonable request, of the status of Purchaser's document review (including without limitation title and survey) and Property inspection pursuant to this Section 7, including a statement of those items and/or documents which Purchaser is still reviewing and/or inspecting with respect effect relating to the Property, (v) any exceptions to title which may be caused by the actions of Buyer or any of its agents, employees, contractors or consultants, and (vi) standard printed exceptions and exclusions generally included in a CLTA owner’s policy of title insurance.

Approval of Title and Survey. Upon execution of this Agreement, Purchaser shall be entitled, but shall not be required, to order (A) a commitment for an owner's policy of title insurance (the "Commitment") issued by a title company selected by Purchaser and approved by Prefco (the "Title Company") pursuant to which the Title Company commits to issue an owner's policy of title insurance in such amounts as are reasonably requested by Purchaser (the "Title Policy") and (B) a survey of the Land (the "Survey") in form acceptable to Purchaser and the Title Company (in the event Purchaser elects to obtain title insurance). The costs of the Title Policy (together with any endorsements requested by Purchaser) and Survey shall be paid by Purchaser. During the Inspection Period, Purchaser shall have the opportunity to review the condition of title and survey. At any time prior to the expiration of the Inspection Period, Purchaser may disapprove the Survey and the title exceptions, by delivering written notice (a "Disapproval Notice") to Prefco stating with particularity the exceptions which Purchaser disapproves and the reasons for such disapproval. Time is of the essence with respect to Purchaser's obligation to deliver such Disapproval Notice. Prefco, at its option, shall have fifteen (15) days, from and after delivery of Purchaser's Disapproval Notice, to agree to undertake to cause the surveyor or the Title Company, as the case may be, to remove such objectionable exceptions. Purchaser acknowledges that Prefco shall not be obligated to undertake to cause the Title Company to remove any of the title exceptions. If Prefco agrees to undertake to remove any objectionable exceptions, Prefco will use diligent efforts to cause the removal of such exceptions within thirty (30) days after it agrees to such undertaking, provided however that the Scheduled Closing Date may be adjourned by Prefco, if necessary, for an additional period of sixty (60) days to remove such objectionable exceptions (provided that Prefco is diligently pursuing such removal). If Prefco does not agree to undertake to remove such exceptions or shall fail to remove such objectionable exceptions within such time, Purchaser may (a) elect to waive its objections and close on the Closing Date, (b) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions, or (c) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions with respect to the particular property for which it sent a Disapproval Notice; provided, however, that Purchaser shall not be permitted to terminate this Agreement with respect to a particular property or properties for which it sent a Disapproval Notice which, individually or in the aggregate, constitute greater than five percent (5.0%) of the equity value of all Properties. In the event Purchaser elects option (c) as set forth in the immediately preceding sentence, Purchaser shall be entitled to receive a credit in its favor against the Purchase Price in respect of due diligence expenses, such due diligence expenses not to exceed Five Thousand and 00/100 Dollars ($5,000.00) for each property that Purchaser has terminated this Agreement with respect to in accordance with the foregoing provisions. Notwithstanding the foregoing, Purchaser shall not be entitled to any such reimbursement if the transaction contemplated by this Agreement does not close for any reason whatsoever, and shall not be entitled to any such reimbursement in an amount greater than Fifty Thousand and 00/100 Dollars ($50,000.00). Purchaser's failure to respond within such three (3) business day period shall be deemed an election to terminate this Agreement, and the provisions of Section 7(b) shall control. In the event Prefco does not receive a Disapproval Notice from Purchaser prior to the end of the Inspection Period, with time being of the essence, Purchaser shall be deemed to have approved the Survey and the condition of title as set forth in the Commitment through the last day of the Inspection Period. Any title exceptions or survey exceptions not objected to by Purchaser or otherwise waived and accepted by Purchaser shall be deemed "Permitted Exceptions" to the conveyance to Purchaser by Prefco. Purchaser may, at or prior to Closing, notify Prefco in writing (the "Gap Notice") of any objections to title: (a) raised by the Title Company between the expiration of the Inspection Period and the Closing; and (b) not disclosed by the Title Company or otherwise known to Purchaser prior to the expiration of the Inspection Period. If Purchaser sends a Gap Notice to Prefco, Purchaser and Prefco shall have the same rights and obligations with respect to such notice as apply to a Disapproval Notice in accordance with the provisions of this Section 7(a)(ii). In addition to and without limiting the foregoing, Purchaser shall verbally inform Prefco not more than thirty (30) nor less than twenty (20) days after the date hereof, and from time to time thereafter at Prefco's reasonable request, of the status of Purchaser's document review (including without limitation title and survey) and Property inspection pursuant to this Section 7, including a statement of those items and/or documents which Purchaser is still reviewing and/or inspecting with respect to the Property.Section

Approval of Title and Survey. Upon execution of this Agreement, Purchaser shall be entitled, but shall not be required, to order (A) a commitment for an owner's ’s policy of title insurance (the "“Commitment"”) issued by a title company selected by Purchaser and approved by Prefco (the "“Title Company"”) pursuant to which the Title Company commits to issue an owner's ’s policy of title insurance in such amounts as are reasonably requested by Purchaser (the "“Title Policy"”) and (B) a survey of the Land (the "“Survey"”) in form acceptable to Purchaser and the Title Company (in the event Purchaser elects to obtain title insurance). The costs of the Title Policy (together with any endorsements requested by Purchaser) and Survey shall be paid by Purchaser. During the Inspection Period, Purchaser shall have the opportunity to review the condition of title and survey. At any time prior to the expiration of the Inspection Period, Purchaser may disapprove the Survey and the title exceptions, by delivering written notice (a "“Disapproval Notice"”) to Prefco stating with particularity the exceptions which Purchaser disapproves and the reasons for such disapproval. Time is of the essence with respect to Purchaser's ’s obligation to deliver such Disapproval Notice. Prefco, at its option, shall have fifteen (15) days, from and after delivery of Purchaser's ’s Disapproval Notice, to agree to undertake to cause the surveyor or the Title Company, as the case may be, to remove such objectionable exceptions. Purchaser acknowledges that Prefco shall not be obligated to undertake to cause the Title Company to remove any of the title exceptions. If Prefco agrees to undertake to remove any objectionable exceptions, Prefco will use diligent efforts to cause the removal of such exceptions within thirty (30) days after it agrees to such undertaking, provided however that the Scheduled Closing Date may be adjourned by Prefco, if necessary, for an additional period of sixty (60) days to remove such objectionable exceptions (provided that Prefco is diligently pursuing such removal). If Prefco does not agree to undertake to remove such exceptions or shall fail to remove such objectionable exceptions within such time, Purchaser may (a) elect to waive its objections and close on the Closing Date, (b) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's ’s failure to remove such exceptions, or (c) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's ’s failure to remove such exceptions with respect to the particular property for which it sent a Disapproval Notice; provided, however, that Purchaser shall not be permitted to terminate this Agreement with respect to a particular property or properties for which it sent a Disapproval Notice which, individually or in the aggregate, constitute greater than five percent (5.0%) of the equity value of all Properties. In the event Purchaser elects option (c) as set forth in the immediately preceding sentence, Purchaser shall be entitled to receive a credit in its favor against the Purchase Price in respect of due diligence expenses, such due diligence expenses not to exceed Five Thousand and 00/100 Dollars ($5,000.00) for each property that Purchaser has terminated this Agreement with respect to in accordance with the foregoing provisions. Notwithstanding the foregoing, Purchaser shall not be entitled to any such reimbursement if the transaction contemplated by this Agreement does not close for any reason whatsoever, and shall not be entitled to any such reimbursement in an amount greater than Fifty Thousand and 00/100 Dollars ($50,000.00). Purchaser's ’s failure to respond within such three (3) business day period shall be deemed an election to terminate this Agreement, and the provisions of Section 7(b) shall control. In the event Prefco does not receive a Disapproval Notice from Purchaser prior to the end of the Inspection Period, with time being of the essence, Purchaser shall be deemed to have approved the Survey and the condition of title as set forth in the Commitment through the last day of the Inspection Period. Any title exceptions or survey exceptions not objected to by Purchaser or otherwise waived and accepted by Purchaser shall be deemed "“Permitted Exceptions" ” to the conveyance to Purchaser by Prefco. Purchaser may, at or prior to Closing, notify Prefco in writing (the "“Gap Notice"”) of any objections to title: (a) raised by the Title Company between the expiration of the Inspection Period and the Closing; and (b) not disclosed by the Title Company or otherwise known to Purchaser prior to the expiration of the Inspection Period. If Purchaser sends a Gap Notice to Prefco, Purchaser and Prefco shall have the same rights and obligations with respect to such notice as apply to a Disapproval Notice in accordance with the provisions of this Section 7(a)(ii). In addition to and without limiting the foregoing, Purchaser shall verbally inform Prefco not more than thirty (30) nor less than twenty (20) days after the date hereof, and from time to time thereafter at Prefco's ’s reasonable request, of the status of Purchaser's ’s document review (including without limitation title and survey) and Property inspection pursuant to this Section 7, including a statement of those items and/or documents which Purchaser is still reviewing and/or inspecting with respect to the Property.

Approval of Title and Survey. Upon execution of this Agreement, Purchaser shall be entitled, but shall not be required, to order (A) a commitment for an owner's policy of title insurance (the "Commitment") issued by a title company selected by Purchaser and approved by Prefco (the "Title Company") pursuant to which the Title Company commits to issue an owner's policy of title insurance in such amounts as are reasonably requested by Purchaser (the "Title Policy") and (B) a survey of the Land (the "Survey") in form acceptable to Purchaser and the Title Company (in the event Purchaser elects to obtain title insurance). The costs of the Title Policy (together with any endorsements requested by Purchaser) and Survey shall be paid solely by Purchaser. During the Inspection Period, Purchaser shall have the opportunity to review the condition of title and survey. At any time prior to the expiration of the Inspection PeriodJanuary 21, 2003, Purchaser may disapprove the Survey and the title exceptions, by delivering written notice (a "Disapproval Notice") to Prefco Seller, Renat and Dana stating with particularity the exceptions which whxxx Purchaser disapproves and the reasons for such disapproval. Time is of the essence with respect to Purchaser's obligation to deliver such Disapproval Notice. PrefcoSeller, at its option, shall have fifteen (15) days, from and after delivery of Purchaser's Disapproval Notice, to agree to undertake to cause the surveyor or the Title Company, as the case may be, to remove such objectionable exceptions. Purchaser acknowledges that Prefco shall not be obligated to undertake to cause the Title Company to remove any of the title exceptions. If Prefco Seller agrees to undertake to remove any objectionable exceptions, Prefco Seller will provide written notice of such decision to Purchaser and will use diligent commercially reasonable efforts to cause the removal of such exceptions within thirty (30) days after it agrees to such undertaking, provided however that the Scheduled Closing Date may be adjourned extended by PrefcoSeller, if necessary, for an additional period of sixty thirty (6030) days to remove such objectionable exceptions (provided that Prefco Seller is diligently pursuing such removal). If Prefco Seller does not agree to undertake to remove such exceptions or shall fail to remove such objectionable exceptions within such time, Purchaser may (a) elect to waive its objections and close on the Closing Date, or (b) terminate this Agreement by delivering a Termination Notice to Prefco Seller, Renat and Dana within three (3) business days after Prefco's failure Seller'x xxilure to agree to remove such exceptions, or (c) terminate this Agreement by delivering a Termination Notice to Prefco within three (3) business days after Prefco's failure to remove such exceptions with respect to the particular property for which it sent a Disapproval Notice; provided, however, that Purchaser shall not be permitted to terminate this Agreement with respect to a particular property or properties for which it sent a Disapproval Notice which, individually or in the aggregate, constitute greater than five percent (5.0%) of the equity value of all Properties. In the event Purchaser elects option (c) as set forth in the immediately preceding sentence, Purchaser shall be entitled to receive a credit in its favor against the Purchase Price in respect of due diligence expenses, such due diligence expenses not to exceed Five Thousand and 00/100 Dollars ($5,000.00) for each property that Purchaser has terminated this Agreement with respect to in accordance with the foregoing provisions. Notwithstanding the foregoing, Purchaser shall not be entitled to any such reimbursement if the transaction contemplated by this Agreement does not close for any reason whatsoever, and shall not be entitled to any such reimbursement in an amount greater than Fifty Thousand and 00/100 Dollars ($50,000.00). Purchaser's failure to respond within such three (3) business day period shall be deemed an election to terminate waive its objections and close on the Closing Date. If Purchaser provides a Termination Notice within such three (3) business day period, this AgreementAgreement shall terminate, and the provisions of Section 7(b) shall control. In the event Prefco Seller does not receive a Disapproval Notice from Purchaser prior to the end of the Inspection PeriodJanuary 21, 2003, with time being of the essence, Purchaser shall be deemed to have approved the Survey and the condition of title as set forth in the Commitment through the last day of the Inspection Period. Any title exceptions or survey exceptions not objected to by Purchaser or otherwise waived and accepted by Purchaser shall be deemed "Permitted Exceptions" to the conveyance to Purchaser by PrefcoSeller. Purchaser may, at On or prior to Closing, Purchaser may notify Prefco Seller in writing (the "Gap Notice") of any objections to title: title that are not contained in the Commitment (provided that such Commitment was obtained by Purchaser on or before January 21, 2003): (a) raised by the Title Company between the expiration of the Inspection Period and the Closing; , and (b) not disclosed by the Title Company in the Commitment or otherwise known to Purchaser prior to the expiration of the Inspection Period. If Purchaser sends a Gap Notice to PrefcoSeller, Purchaser and Prefco Seller shall have the same rights and obligations with respect to such notice as apply to a Disapproval Notice in accordance with the provisions of this Section 7(a)(ii). In addition to and without limiting the foregoing, Purchaser shall verbally inform Prefco not more than thirty (30) nor less than twenty (20) days after the date hereof, and from time to time thereafter at Prefco's reasonable request, of the status of Purchaser's document review (including without limitation title and survey) and Property inspection pursuant to this Section 7, including a statement of those items and/or documents which Purchaser is still reviewing and/or inspecting with respect to the Property.