Common use of New Exceptions Clause in Contracts

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company issues an update to the Preliminary Report that shows an exception to title not previously listed (a "New Exception"), Buyer shall have five (5) business days following receipt of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to such New Exception. Buyer’s failure to approve or disapprove any New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereof. If Buyer timely disapproves, or is deemed to have disapproved, any New Exception, then Seller may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended to the third (3rd) business day following the running of the time limits stated in this Section 6(b).

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company issues an update to the Preliminary Report that shows an exception notifies Buyer of any New Exceptions to title not previously listed (a "New Exception")after the Approval Date, Buyer shall have five (5) business days following receipt Business Days in which to notify Seller of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to its approval or disapproval of such New Exception. Buyer’s failure Failure to approve or disapprove any deliver notice of approval of such New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereofof the New Exception. If Buyer timely disapproves, or is deemed to have disapproved, any disapproves such New Exception, then Seller may, but shall notify Buyer within two (2) Business Days thereafter whether or not be obligated to, correct Seller can or will cause the removal of such New Exceptions specified in Exception. Failure to deliver such notice at by Seller shall be deemed Seller’s refusal to cause the removal of such New Exception. If Seller is unwilling or prior unable to cause the removal of such New Exception, Buyer shall have the right within two (2) Business Days thereafter in which to waive such objection to title and agree to proceed to Closing Datein accordance with the terms and provisions of this Agreement, or terminate this Agreement, in which case Section 14(a) shall apply. Failure by Buyer to deliver notice of waiver shall be deemed Buyer's objection to title and election to terminate this Agreement; provided, however, if Seller is able and willing that in order to eliminate or cure all avoid an unintended termination of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Periodthis Agreement, this Agreement shall terminatenot terminate unless either Buyer affirmatively terminates this Agreement in writing or Buyer fails to confirm its waiver of the objection to the New Exception within two (2) Business Days after Buyer’s receipt of a written notice from Seller in which Seller confirms the deemed termination of the Agreement under this subsection (i). Buyer agrees that “removal” of a New Exception shall include the Title Company’s willingness to endorse over such exception or provide affirmative assurance to Buyer of no loss or damage to Buyer from such New Exception, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent in form reasonably acceptable to Buyer, and the parties hereto shall have no further rights or obligations, other than those . Buyer acknowledges that by their terms survive the termination of this Agreement. If necessaryAgreement as a consequence of any objection by Buyer to any exception to title to a Property or to any matter affecting title to a Property, the Closing Date shall be extended a termination of the entire Agreement, as to all Properties, and not a termination of this Agreement only as it applies to the third (3rd) business day following the running of the time limits stated in this Section 6(b)affected Property.

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company issues an update to the Preliminary Report that shows an exception to title not previously listed (a "New Exception"), Buyer shall have five (5) business days following receipt of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to such New Exception. Buyer’s failure to approve or disapprove any New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereof. If Buyer timely disapproves, or is deemed to have disapproved, any New Exception, then Seller may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, terminate and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended to the third (3rd) business day following the running of the time limits stated in this Section 6(b).

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company If Escrow Agent issues an update any amendment to the Preliminary Title Report that shows after the Title Inspection Period disclosing any new title exception (which disclosure shall include an exception accurate plotting of any locatable exceptions) not disclosed in the Preliminary Title Report (or a prior amendment thereto), Parcel Map, Master CC&Rs or Condo CC&Rs, or the Existing Survey or any Updated Survey delivered to title not previously listed Escrow Agent prior to the end of the Inspection Period (a "“New Exception"Exceptions”), Buyer shall have an additional five (5) business days following from receipt of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice"amendment(s) to such New Exception. Buyer’s failure to review and approve or disapprove any the New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereofExceptions only. If Buyer timely disapproves, or is deemed renders any written objections to have disapproved, any New Exception, then Seller may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to within the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within additional five (5) days business day period referred to herein, Seller and Buyer shall have the same rights and be governed by the same provisions as set forth in Sections 5(a) and 5(b) above. It shall be a condition to the Closing that title to the Property shall be conveyed subject only to the matters disclosed in the Parcel Map, the Master CC&Rs and Condo CC&Rs, and those additional liens, easements, rights of Seller’s receipt of Buyer’s New Exception Notice way and other encumbrances as may be approved or deemed disapproval approved by Buyer as provided in Section 5(a) and 5(b) above or otherwise approved in writing or caused by Buyer ("Seller’s New Exception Notice Period") the “Permitted Exceptions”). Seller shall not place, permit, or cause to be placed any liens or encumbrances on the title to the Property from the date of the Preliminary Title Report referenced above through Closing or thereafter, except that Seller intends shall be entitled to eliminate dedicate or cure (said notice hereinafter called "Seller’s New Exception Notice") grant easements for public utilities, roads and the like as required or contemplated in which case connection with the elimination or curing by Seller recordation of the New Exception(s) specified Parcel Map, Master CC&Rs or Condo CC&Rs. If Seller places, permits, or causes a lien or encumbrance on the Property contrary to the provisions of this Agreement, which can be removed by the payment of money, Escrow Agent is hereby expressly authorized, directed, and instructed to pay such monies in order to remove the lien or encumbrance at Closing from monies otherwise payable to Seller for cure or elimination in Seller’s New Exception Notice at Closing and the net proceeds otherwise available to Seller at Closing shall be completed reduced accordingly. To the extent that monies available to Seller at Closing are insufficient to cause any such lien or encumbrance to be removed, Seller shall, on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Perioddate set for Closing, Buyer is deemed cause additional monies to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit deposited with Escrow Agent to Buyer, and enable Escrow Agent to remove the parties hereto shall have no further rights lien or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended to the third (3rd) business day following the running of the time limits stated in this Section 6(b)encumbrance.

New Exceptions. In If at any time after the event that (i) subsequent to the delivery to Buyer expiration of the Preliminary ReportFeasibility Period, the Title Company issues an any update to the Preliminary Report Title Commitment or Existing Survey discloses any additional item that shows an exception materially adversely affects title to title the Property which was not previously listed disclosed on any version of or update to the Title Commitment delivered to Purchaser during the Review Period (a "the “New Exception"”), Buyer Purchaser shall have five (5) business a period of 5 days following from the date of its receipt of such update (the “New Exception Review Period”) to the Preliminary Report review and the underlying documents to object notify Seller in writing (of Purchaser’s approval or disapproval of the "Buyer’s New Exception Notice") to such New Exception. BuyerIf Purchaser disapproves of the New Exception, Seller may, in Seller’s failure sole discretion, notify Purchaser as to approve or disapprove any whether it is willing to cure the New Exception. If Seller elects to cure the New Exception, Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed 30 days in the aggregate. If Seller fails to deliver a notice to Purchaser within 3 days after the expiration of the New Exception within the period described in the initial sentence of this Section 6(b) Review Period, Seller shall be deemed disapproval thereofto have elected not to cure the New Exception. If Buyer timely disapprovesPurchaser is dissatisfied with Seller’s response, or is deemed to have disapprovedlack thereof, any New Exception, then Seller Purchaser may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller as its exclusive remedy elect either: (i) does not timely deliver Seller’s New Exception Noticeto terminate this Agreement, in which event the Deposit shall be promptly returned to Purchaser or (ii) notifies or is to waive the New Exception and proceed with the transactions contemplated by this Agreement, in which event Purchaser shall be deemed to have notified Buyer that approved the New Exception. If Purchaser fails to notify Seller is unable or unwilling of its election to cure any disapproved terminate this Agreement in accordance with the foregoing sentence within 6 days after the expiration of the New Exception(s)Exception Review Period, then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is Purchaser shall be deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return approve and irrevocably waive any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended objections to the third (3rd) business day following the running of the time limits stated in this Section 6(b)New Exception.

New Exceptions. In At any time until Closing, Buyer may notify Seller in writing (a “Title Notice”) of any exceptions to title that are not disclosed in the Existing Title Report or on the Existing Survey (each a “New Title Matter”); provided, that Buyer must notify Seller of its objections to title no later than (a) with respect to New Title Matters shown on Buyer’s Title Report and Buyer’s Survey, within ten (10) Business Days after Buyer’s receipt of Buyer’s Title Report and Buyer’s Survey but in no event later than twenty (20) Business Days after the Effective Date, including receipt of complete and legible copies of all exceptions disclosed in such Title Report and Survey, and (b) with respect to any other New Title Matter, within ten (10) Business Days after Buyer’s receipt of reasonably detailed written notice of such New Title Matter, together with a complete and legible copy of the documents relating to such New Title Matter. If Buyer timely delivers a Title Notice to Seller, Seller shall have five (5) days after receipt of the Title Notice to notify Buyer that either (x) Seller will remove such exceptions from title on or before the Closing (provided that Seller may extend the Closing, by giving Buyer at least five (5) Business Days prior written notice, for such reasonable periods as Seller shall reasonably deem necessary to effect such cure but in no event later than one hundred fifty (150) days after the Effective Date); or (y) Seller elects not to remove such exceptions (provided that Seller shall be obligated to pay and remove all Monetary Liens at Closing). If Seller does not deliver such notice within such five day period then Seller shall be deemed to have elected to not remove such exception. If Seller (i) subsequent gives Buyer written notice that Seller will not remove one or more of such exceptions or (ii) is deemed to the delivery have elected to Buyer not remove one or more of the Preliminary Reportsuch exceptions, the Title Company issues an update to the Preliminary Report that shows an exception to title not previously listed (a "New Exception"), then Buyer shall have five (5) business days following Business Days from receipt of such update to notice (or the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to such New Exception. Buyer’s failure to approve or disapprove any New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereof. If Buyer timely disapproves, or date on which Seller is deemed to have disapprovedmade such election) in which either to notify Seller that Buyer will nevertheless proceed with the purchase and take title to the Property subject to such exceptions or to terminate this Agreement, any New Exceptionnotwithstanding that such termination would occur after the Approval Date. If this Agreement is terminated pursuant to the foregoing provisions of this paragraph, then Seller may, but neither party shall not be obligated to, correct such New Exceptions specified in such notice at have any further rights or prior obligations hereunder (except for any indemnity obligations of either party pursuant to the Closing Date; providedother provisions of this Agreement that are expressly provided to survive the Closing), however, if the Deposit shall be returned to Buyer and each party shall bear its own costs incurred hereunder. If Buyer shall fail to notify Seller is able and willing to eliminate or cure all of its election within such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice Business Day period, then Buyer shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is conclusively deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, proceed with the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, purchase and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended take title to the third (3rd) business day following the running of the time limits stated in this Section 6(b)Property subject to such exceptions.

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company issues an update to the Preliminary Report that shows an exception notifies Buyer of any New Exceptions to title not previously listed (a "New Exception")after the Approval Date, Buyer shall have five (5) business days following receipt Business Days in which to notify Seller of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to its approval or disapproval of such New Exception. Buyer’s failure Failure to approve or disapprove any deliver notice of approval of such New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereofof the New Exception. If Buyer timely disapproves, or is deemed to have disapproved, any disapproves such New Exception, then Seller may, but shall notify Buyer within two (2) Business Days thereafter whether or not be obligated to, correct Seller can or will cause the removal of such New Exceptions specified in Exception. Failure to deliver such notice at by Seller shall be deemed Seller’s refusal to cause the removal of such New Exception. If Seller is unwilling or prior unable to cause the removal of such New Exception, Buyer shall have the right within two (2) Business Days thereafter in which to waive such objection to title and agree to proceed to Closing Datein accordance with the terms and provisions of this Agreement, or terminate this Agreement, in which case Section 14(a) shall apply. Failure by Buyer to deliver notice of waiver shall be deemed Buyer's objection to title and election to terminate this Agreement; provided, however, if Seller is able and willing that in order to eliminate or cure all avoid an unintended termination of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Periodthis Agreement, this Agreement shall terminatenot terminate unless either Buyer affirmatively terminates this Agreement in writing or Buyer fails to confirm its waiver of the objection to the New Exception within two (2) Business Days after Buyer’s receipt of a written notice from Seller in which Seller confirms the deemed termination of the Agreement under this subsection (i). Buyer agrees that “removal” of a New Exception shall include the Title Company’s willingness to endorse over such exception or provide affirmative assurance to Buyer of no loss or damage to Buyer from such New Exception, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent in form reasonably acceptable to Buyer, and the parties hereto shall have no further rights or obligations, other than those . Buyer acknowledges that by their terms survive the termination of this Agreement. If necessaryAgreement as a consequence of any objection by Buyer to any exception to title to a Property or to any matter affecting title to a Property, the Closing Date shall be extended a termination of the entire Agreement, as to all Properties, and not a termination of this Agreement only as it applies to the third (3rd) business day following the running affected Property. Purchase and Sale Agreement Page 7 of the time limits stated in this Section 6(b).39

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company If Escrow Agent issues an update any amendment to the Preliminary Title Report that shows after the Title Inspection Period disclosing any new title exception (which disclosure shall include an exception accurate plotting of any locatable exceptions) not disclosed in the Preliminary Title Report (or a prior amendment thereto), Parcel Map, Master CC&Rs, or the Existing Survey or any Updated Survey delivered to title not previously listed Escrow Agent prior to the end of the Inspection Period (a "“New Exception"Exceptions”), Buyer shall have an additional five (5) business days following from receipt of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice"amendment(s) to such New Exception. Buyer’s failure to review and approve or disapprove any the New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval thereofExceptions only. If Buyer timely disapproves, or is deemed renders any written objections to have disapproved, any New Exception, then Seller may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to within the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within additional five (5) days business day period referred to herein, Seller and Buyer shall have the same rights and be governed by the same provisions as set forth in Sections 5(a) and 5(b) above. It shall be a condition to the Closing that title to the Property shall be conveyed subject only to the matters disclosed in the Parcel Map and the Master CC&Rs, and those additional liens, easements, rights of Seller’s receipt of Buyer’s New Exception Notice way and other encumbrances as may be approved or deemed disapproval approved by Buyer as provided in Section 5(a) and 5(b) above or otherwise approved in writing or caused by Buyer ("Seller’s New Exception Notice Period") the “Permitted Exceptions”). Seller shall not place, permit, or cause to be placed any liens or encumbrances on the title to the Property from the date of the Preliminary Title Report referenced above through Closing or thereafter, except that Seller intends shall be entitled to eliminate dedicate or cure (said notice hereinafter called "Seller’s New Exception Notice") grant easements for public utilities, roads and the like as required or contemplated in which case connection with the elimination or curing by Seller recordation of the New Exception(s) specified Parcel Map or Master CC&Rs. If Seller places, permits, or causes a lien or encumbrance on the Property contrary to the provisions of this Agreement, which can be removed by the payment of money, Escrow Agent is hereby expressly authorized, directed, and instructed to pay such monies in order to remove the lien or encumbrance at Closing from monies otherwise payable to Seller for cure or elimination in Seller’s New Exception Notice at Closing and the net proceeds otherwise available to Seller at Closing shall be completed reduced accordingly. To the extent that monies available to Seller at Closing are insufficient to cause any such lien or encumbrance to be removed, Seller shall, on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Perioddate set for Closing, Buyer is deemed cause additional monies to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit deposited with Escrow Agent to Buyer, and enable Escrow Agent to remove the parties hereto shall have no further rights lien or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended to the third (3rd) business day following the running of the time limits stated in this Section 6(b)encumbrance.

New Exceptions. In the event that (i) subsequent to the delivery to Buyer of the Preliminary Report, the Title Company issues an update to the Preliminary Report that shows an exception to title not previously listed (a "New Exception"), as long as such New Exception is not caused by Buyer Buyer shall have five (5) business days following receipt of such update to the Preliminary Report and the underlying documents to object in writing (the "Buyer’s New Exception Notice") to such New Exception. Buyer’s failure to approve or disapprove any New Exception within the period described in the initial sentence of this Section 6(b) shall be deemed disapproval approval thereof. If Buyer timely disapproves, or is deemed to have disapproved, any New Exception, then Seller may, but shall not be obligated to, correct such New Exceptions specified in such notice at or prior to the Closing Date; provided, however, if Seller is able and willing to eliminate or cure all of such New Exceptions which Buyer has disapproved, Seller shall notify Buyer in writing within five (5) days of Seller’s receipt of Buyer’s New Exception Notice or deemed disapproval ("Seller’s New Exception Notice Period") that Seller intends to eliminate or cure (said notice hereinafter called "Seller’s New Exception Notice") and in which case the elimination or curing by Seller of the New Exception(s) specified by Seller for cure or elimination in Seller’s New Exception Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s New Exception Notice to Buyer within Seller’s New Exception Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the disapproved New Exception(s). If Seller (i) does not timely deliver Seller’s New Exception Notice, or (ii) notifies or is deemed to have notified Buyer that Seller is unable or unwilling to cure any disapproved New Exception(s), then, unless Buyer waives, in writing, those disapproved New Exception(s) for which Seller has elected or is deemed to have elected to not cure within five (5) days following Seller’s New Exception Notice Period, this Agreement shall terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, terminate and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. If necessary, the Closing Date shall be extended to the third (3rd) business day following the running of the time limits stated in this Section 6(b).