Common use of Preliminary Title Report Clause in Contracts

Preliminary Title Report. Seller will, within five (5) Business Days after the Opening of Escrow, cause the Title Company to deliver a preliminary title report for the Property to Buyer and Seller (the "Title Report") along with copies of all plotted easements and underlying documents referenced therein. Buyer shall have until the end of the Feasibility Period to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions by the end of the Feasibility Period shall be deemed approval by Buyer of all exceptions to title reported in the Title Report. In the event Buyer shall give notice of any Disapproved Exception, Seller shall have five (5) Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days after the date Seller’s response was due if not given) to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereof.

Preliminary Title Report. Seller willagrees to provide to Buyer, within five (5) Business Days after business days following the Opening Effective Date, a copy of Escrowany existing title insurance policies which Seller may have in its possession or control covering the Real Property, together with legible copies of all exception documents referred to therein. During the Due Diligence Period, Buyer, at its expense, shall cause an examination of title to the Title Company Property to deliver be made and a preliminary title report for to be issued (the "Preliminary Title Report"), and, prior to the expiration of the Due Diligence Period, shall notify Seller of any defects in title shown by such examination that Buyer is unwilling to accept by delivering a pro forma copy of the Preliminary Title Report that reflects such unacceptable defects in title, which shall be designated as the Title Objections. Within ten (10) days after such notification, Seller shall notify Buyer whether Seller is willing to cure such defects. If Seller is willing to cure such defects, Seller shall act promptly and diligently to cure such defects at its expense. If any of such defects consist of mortgages, deeds of trust, construction or mechanics' liens, tax liens or other liens or charges in a fixed sum or capable of computation as a fixed sum, then, to that extent, and notwithstanding the foregoing, Seller shall be obligated to pay and discharge such defects at Closing. For such purposes, Seller may use all or a portion of the cash to close. If Seller is unable to cure such defects by Closing, after having attempted to do so diligently and in good faith, Buyer shall elect (1) to waive such defects and proceed to Closing without any abatement in the Purchase Price, or (2) to terminate this Agreement. Seller shall not, after the date of this Agreement, subject the Property to any liens, encumbrances, leases, covenants, conditions, restrictions, easements or other title matters or seek any zoning changes or take any other action which may affect or modify the status of title without Buyer's prior written consent. All title matters revealed by Buyer's title examination and not objected to by Buyer and Seller (the "as provided above shall be deemed Permitted Title Report") along with copies of all plotted easements and underlying documents referenced thereinExceptions. If Buyer shall have until the end of the Feasibility Period fail to examine title and notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions such Title Objections by the end of the Feasibility Period Due Diligence Period, all such title exceptions (other than those rendering title unmarketable and those that are to be paid at Closing as provided above) shall be deemed approval by Buyer of all exceptions to title reported in Permitted Title Exceptions. Notwithstanding the Title Report. In the event Buyer shall give notice of any Disapproved Exception, Seller shall have five (5) Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exceptionforegoing, Buyer shall have not be required to take title to the option within three (3) Business Days after receipt (or three (3) Business Days after Property subject to any matters which may arise subsequent to the effective date Seller’s response was due if not given) of its examination of title to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive Property made during the termination hereofDue Diligence Period.

Preliminary Title Report. Seller will, within five (5) Business Days after the Opening of Escrow, cause the Title Company to deliver a preliminary title report for the Property to Buyer and Seller (the "Title Report") along with copies of all plotted easements and underlying documents referenced therein. Buyer shall have until thirty (30 days prior to the end of the Feasibility Period (the "Title Disapproval Deadline") to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions by the end of the Feasibility Period Title Disapproval Deadline shall be deemed approval by Buyer of all exceptions to title reported in the Title Report. In the event Buyer shall give timely gives notice of any Disapproved Exception, Seller shall have five ten (510) Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three five (35) Business Days after receipt (or three five (35) Business Days after the date Seller’s response was due if not given) to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereof.

Preliminary Title Report. Seller willDuring the Due Diligence Period, within five (5) Business Days after the Opening Purchaser, at the Seller's expense, shall cause an examination of Escrow, cause title to the Title Company Property to deliver be made and a preliminary title report for the Property to Buyer and Seller be issued (the "Title Report") along with copies of all plotted easements and underlying documents referenced therein. Buyer shall have until the end of the Feasibility Period to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved ExceptionsPRELIMINARY TITLE REPORT"). Buyer’s failure to deliver to Seller written notice , and, not later than the earlier of any Disapproved Exceptions by the end of the Feasibility Period shall be deemed approval by Buyer of all exceptions to title reported in the Title Report. In the event Buyer shall give notice of any Disapproved Exception, Seller shall have five (5i) Business Days 15 days after receipt of the completed Survey or (ii) the expiration date of the Due Diligence Period, shall notify the Seller of any defects in title shown by such notice examination or by the Survey that the Purchaser is unwilling to accept by delivering a written memorandum outlining such defects in title, or a pro forma copy of the Preliminary Title Report that reflects such unacceptable defects in title, which shall be designated as the Title Objections. The Purchaser agrees that UCC financing statements securing only debt in the maximum amount of $400,000 payable to Mercantile Bank, 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxx in connection with the purchase of golf carts shall constitute a Permitted Title Exception. Within ten (10) days after such notification, the Seller shall notify Buyer the Purchaser whether the Seller is willing to cure such defects. If the Seller is willing to cure such defects, the Seller shall act promptly and Escrow Holder either diligently to cure such defects at its expense. If any defects in title consist of mortgages, deeds of trust, construction or mechanics Liens, tax Liens or other Liens, in a liquidated sum or capable of computation as a liquidated sum, then, to that extent, and notwithstanding the foregoing, the Seller shall be obligated to pay and discharge such defects at Closing whether or not such title defects are referenced in the Purchaser's written memorandum, and a failure to do so shall constitute a default by the Seller hereunder. For such purposes, the Seller may use all or a portion of the Purchase Price. If the Seller is unable to cure any other defects by Closing, after having attempted to do so diligently and in good faith, the Purchaser shall elect (1) that Seller will cure or insure over to waive such Disapproved Exception; defects and proceed to Closing without any abatement in the Purchase Price, or (2) that Seller will not cure or insure over such Disapproved Exceptionto terminate this Agreement. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that The Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Reportnot, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days after the date Seller’s response was due if of this Agreement, subject the Property or any portion thereof, or permit the Property or any portion thereof to be subjected, to any Liens, leases, covenants, conditions, restrictions, easements or other title matters or seek any zoning changes or take any other action which may affect or modify the status of title without the Purchaser's prior written consent which may be withheld in the Purchaser's sole and absolute discretion, except the transfer of sewer lines and roads as set forth in SCHEDULE 2.2(d) which shall be subject to the Purchaser's reasonable approval. All title matters revealed by the Purchaser's title examination during the Due Diligence Period and not given) objected to terminate this Agreement by written notice the Purchaser as provided above shall be deemed Permitted Title Exceptions. Notwithstanding the foregoing, except as provided in the second preceding sentence, the Purchaser shall not be required to Seller and Escrow Holder take title to that effect, in the Property subject to any matters which case Buyer shall receive a refund may arise subsequent to its examination of title to the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive Property made during the termination hereofDue Diligence Period.

Preliminary Title Report. Seller will(a) Buyer acknowledges the receipt on January 25, within five 2008 of the current commitment for title insurance (5the “Report”) Business Days after the Opening of Escrow, cause the Title Company to deliver a preliminary title report for on the Property showing the status of title to Buyer the Property as of the date of the Report and Seller (the "Title Report") along with accompanied by legible copies of all plotted easements and underlying documents referenced therein. referred to in the Report, whether as exception or otherwise. (b) Buyer shall have until February 7, 2008 at 5:00 p.m. Arizona time (the end “Review Period”) to approve or disapprove of the Feasibility Period to notify Seller and Title Company what status of title as shown by the Report. If Escrow Agent issues a supplemental or amended title report showing additional exceptions to title (an “Amended Report”), Buyer shall have three (3) business days (a “Supplemental Review Period”) from the date of receipt of the Amended Report, including copies of each document referred to in the Amended Report, in which to give notice of dissatisfaction as to any additional exceptions which materially and adversely affect the marketability of the title or value to the Property. If Buyer is dissatisfied in accordance with the paragraph with any exception to title as shown thereonin the Report or an Amended Report, if anythen, are unacceptable at Buyer’s sole option, Buyer may within the Review Period or Supplemental Review Period either cancel this Agreement by giving written notice of cancellation to Seller and Escrow Agent within the Review Period, or Supplemental Review Period, as appropriate, or Buyer may give notice that it provisionally accepts the title subject to Seller’s removal of any disapproved matters, exceptions or objections ("Disapproved ExceptionsObjection Notice"). Seller shall in writing, within three (3) days of receipt of Buyer’s failure 's Objection Notice, notify Buyer that it elects to: a) cure the title or otherwise remove from the Report the matters to deliver which Buyer has stated an objection, or proffer protective endorsements acceptable to Seller written notice of any Disapproved Exceptions by Buyer in its sole discretion; or b) not to cure title or to remove such exceptions (the end of the Feasibility Period shall be deemed approval by Buyer of all exceptions to title reported in the Title Report“Objection Rejection Notice”). In the event Buyer shall give notice of any Disapproved Exception, Seller shall have five (5) Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election elects not to cure title or insure over to remove such Disapproved Exception; providedexceptions, howeverelects to do so but fails to do so on or before the Closing, or in the event Buyer does not accept any endorsements proffered, Buyer may cancel this Agreement and all Xxxxxxx Money deposits shall then be returned to Buyer upon demand and all obligations of the parties hereunder shall terminate, or, alternatively, Buyer may waive such objections and the transaction shall close as scheduled. (c) Notwithstanding anything herein contained to the contrary, it is understood and agreed that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering title to the Property not caused by or on behalf shall be delivered to Buyer at the Close of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property Escrow free and clear of all monetary liens and encumbrances not reflected in encumbrances, other than the Title Report, except lien for current real property taxestaxes and assessments or any monetary lien resulting from an action or agreement of Buyer, and that such monetary liens and encumbrances shall be released from the Property by Seller at Seller’s sole expense on or before the Close of Escrow. In It is further understood and agreed that the event Seller elects existing lease of the Property, being that certain "Lease" dated as of November 15, 2002, as amended by that certain letter agreement of April 20, 2003 (the "Lease"), is the only lease impacting or is affecting the Property. The parties agree that the Lease shall be deemed cancelled and terminated at the Close of Escrow, but shall remain in full force and effect should this transaction fail to close. (d) If Buyer does not object to an exception to title as disclosed by a Report or Amended Report within the applicable time period, then except as provided in Section 3.1(c) above, such matter shall be deemed to have been approved by Buyer. If Seller does not timely elect not and deliver its response to cure Buyer's Objection Notice, Seller shall be deemed to have given the Objection Rejection Notice. On or insure over any Disapproved Exceptionbefore the date which is the earlier of (i) 3 days after Seller’s delivery or deemed delivery of the Objection Rejection Notice and (ii) the Closing, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days after the date Seller’s response was due if not given) may elect to terminate cancel this Agreement by delivery of written notice of such cancellation to Seller and Escrow Holder Agent (the “Cancellation Notice”). If Buyer fails to that effecttimely deliver the Cancellation Notice, such matters shall be deemed to have been approved by Buyer. Exceptions in the Report which case are approved or deemed approved by Buyer pursuant to the provisions hereof shall receive be deemed to be acceptable to Buyer and shall be referred to herein as the “Permitted Exceptions.” (e) Upon a refund cancellation in accordance with the provisions of the Deposit and accrued interest thereonthis Section 3.1, all Xxxxxxx Money deposits shall be returned to Buyer, together with all documents deposited in escrow by Buyer. All documents deposited in escrow by Seller shall be returned to Seller, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereofshall terminate.

Preliminary Title Report. Seller willBuyer may, within five at its cost and expense, obtain a title insurance commitment (5“Title Commitment”) Business Days after from the Opening Escrow Agent, accompanied by one copy of Escrow, cause all documents affecting the Property and which constitute exceptions to the Title Company Commitment. Notwithstanding anything to deliver a preliminary title report for the contrary contained herein, the Property shall not be subject to Buyer any (i) mortgage, deed to secure debt, deed of trust, security agreement, judgment, lien or claim of lien, or any other title exception or defect that is monetary in nature, Seller hereby agreeing to pay and satisfy of record any such title defects or exceptions prior to or at Closing at Seller’s expense (provided that said title defects or exceptions were entered into or caused by Seller), or (ii) any leases, rental agreements or other rights of occupancy of any kind, whether written or oral, Seller hereby agreeing to terminate any such occupancy agreements prior to or at Closing at Seller’s expense (provided that such occupancy agreements were entered into by Seller). As to any other title matters not covered by the "Title Report") along with copies preceding sentence, such as easements or restrictions, and as to matters of all plotted easements and underlying documents referenced therein. survey, Buyer shall have until the end of the Feasibility Inspection Period to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to give Seller written notice of any Disapproved Exceptions by on or before the end expiration of the Feasibility Period shall be deemed approval by Buyer Inspection Period, that the condition of all exceptions to title reported as set forth in the Title ReportCommitment and the survey is or is not satisfactory, in Buyer’s sole discretion. In the event that the condition of title is not acceptable (including, without limitation, any matters listed on Schedule 5.01), Buyer shall give notice of any Disapproved Exception, state which exceptions to the Title Commitment are not acceptable and Seller shall have five (5) Business Days after receipt of such notice undertake to notify Buyer and Escrow Holder either (1) that Seller will eliminate or cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exceptionsaid objections; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust at Closing, mortgages may be satisfied or other monetary lien encumbering the liens thereof partially released as the case may be, as to the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessmentsfrom the sale proceeds. Seller shall, at its sole cost and expense, promptly undertake and use its good faith efforts to eliminate or modify all unacceptable matters to the reasonable satisfaction of Buyer; provided, however, that in no event shall keep the Property free and clear of all monetary liens and encumbrances not reflected Seller be obligated to eliminate or modify any matter identified on Schedule 5.01 hereto or spend more than $12,500.00 in the Title Report, except for current real property taxesaggregate to eliminate or modify any unacceptable matters. In the event Seller elects is unwilling or unable to satisfy all of said objections prior to Closing, Seller shall notify Buyer of same within ten (10) days after receipt of Buyer's notice of its objections (the “Seller Title Notice”), and Buyer shall, at its option, elect by written notice delivered to Seller on or before the date which is ten (10) days after receipt of the Seller Title Notice to: (i) accept title subject to the objections raised by Buyer, without an adjustment in the Purchase Price, in which event said objections shall be deemed to be waived for all purposes; or (ii) rescind this Agreement, whereupon the Deposit, less One Hundred Dollars ($100.00) which shall be paid to Seller as consideration for entering into this Agreement, shall be immediately returned to Buyer, and this Agreement shall be of no further force and effect, except as otherwise set forth herein. Notwithstanding any of the provisions of this Section 2.01 to the contrary, if Buyer fails to notify Seller that the condition of title as set forth in the Title Commitment and survey is or is not acceptable, the parties hereby agree that the condition of title shall be deemed acceptable to elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days Buyer. From and after the date Seller’s response was due if of this Agreement, Seller shall not given) modify, change or alter the state of title to terminate this Agreement by the Property without Buyer's prior written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereofconsent.

Preliminary Title Report. Seller willagrees to provide to Buyer, within five (5) Business Days business days following the Effective Date, a copy of any existing title insurance policies which Seller may have in its possession or control covering the Real Property, together with legible copies of all exception documents referred to therein. Within ten (10) business days following the Effective Date, Seller shall provide to Buyer a Title Commitment. Prior to the expiration of the Due Diligence Period, Buyer shall notify Seller of any defects in title shown by such examination of the Title Commitment that Buyer in its sole and absolute discretion, is unwilling to accept by delivering a written statement that reflects such unacceptable defects in title, which shall be designated as the Title Objections. Within ten (10) days after such notification, Seller shall notify Buyer whether Seller is willing to cure such defects. If Seller is willing to cure such defects, Seller shall act promptly and diligently to cure such defects at its expense. If any of such defects consist of mortgages, deeds of trust, construction or mechanics, liens, tax liens or other liens or charges in a fixed sum or capable of computation as a fixed sum, then, to that extent, and notwithstanding the foregoing, Seller shall be obligated to pay and discharge such defects at Closing. For such purposes, Seller may use all or a portion of the cash payable by Buyer at Closing to cure such defects. If Seller is unable to cure such defects by Closing, after having attempted to do so diligently and in good faith, Buyer shall elect (1) to waive such defects and proceed to Closing without any abatement in the Purchase Price, or (2) to terminate this Agreement; provided, however that Buyer may pursue any and all remedies in the event that Seller fails to cure any defect which is required to cure under the terms of this Agreement. Seller shall not, after the Opening date of Escrowthis Agreement, cause the Title Company to deliver a preliminary title report for subject the Property to Buyer any liens, encumbrances, leases, covenants, conditions, restrictions, easements or other title matters or seek any zoning changes or take any other action which may affect or modify the status of title without Buyer's prior written consent. All title matters revealed by Xxxxx's title examination and Seller (the "not objected to by Xxxxx as provided above shall be deemed Permitted Title Report") along with copies of all plotted easements and underlying documents referenced thereinExceptions. If Buyer shall have until the end of the Feasibility Period fail to examine title and notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions such Title Objections by the end of the Feasibility Period Due Diligence Period, all such title exceptions (other than those rendering title unmarketable and those that are to be paid at Closing as provided above) shall be deemed approval by Buyer of all exceptions to title reported in Permitted Title Exceptions. Notwithstanding the Title Report. In the event Buyer shall give notice of any Disapproved Exception, Seller shall have five (5) Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exceptionforegoing, Buyer shall have not be required to take title to the option within three (3) Business Days after receipt (or three (3) Business Days after Property subject to any matters which may arise subsequent to the effective date Seller’s response was due if not given) of its examination of title to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive Property made during the termination hereofDue Diligence Period.

Preliminary Title Report. Seller willagrees to provide to Buyer, within five (5) Business Days after business days following the Opening Effective Date, a copy of Escrowany existing title insurance policies which Seller may have in its possession or control covering the Real Property, together with legible copies of all exception documents referred to therein. During the Due Diligence Period, Buyer, at its expense, shall cause an examination of title to the Title Company Property to deliver be made and a preliminary title report for the Property to Buyer and Seller be issued (the "Preliminary Title Report") along with copies of all plotted easements and underlying documents referenced therein. Buyer shall have until ), and, prior to the end expiration of the Feasibility Period to Due Diligence Period, shall notify Seller and Title Company what exceptions to of any defects in title shown thereon, if any, are unacceptable by such examination that Buyer is unwilling to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions accept by the end delivering a pro forma copy of the Feasibility Period Preliminary Title Report that reflects such unacceptable defects in title, which shall be deemed approval by Buyer of all exceptions to title reported in designated as the Title ReportObjections. In the event Buyer shall give notice of any Disapproved ExceptionWithin ten (10) days after such notification, Seller shall have five (5) Business Days after receipt notify Buyer whether Seller is willing to cure such defects. If Seller is willing to cure such defects, Seller shall act promptly and diligently to cure such defects at its expense. If any of such notice defects consist of mortgages, deeds of trust, construction or mechanics' liens, tax liens or other liens or charges in a fixed sum or capable of computation as a fixed sum, then, to notify that extent, and notwithstanding the foregoing, Seller shall be obligated to pay and discharge such defects at Closing. For such purposes, Seller may use all or a portion of the cash to close. If Seller is unable to cure such defects by Closing, after having attempted to do so diligently and in good faith, Buyer and Escrow Holder either shall elect (1) that Seller will cure or insure over to waive such Disapproved Exception; defects and proceed to Closing without any abatement in the Purchase Price, or (2) that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall constitute an election not to cure or insure over such Disapproved Exception; provided, however, that Seller shall cure any Disapproved Exception which is a deed of trust or other monetary lien encumbering the Property not caused by or on behalf of Buyer and any delinquent property taxes or assessments. Seller shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days after the date Seller’s response was due if not given) to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the Deposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereof.this