Common use of Review of Commitment and Survey Clause in Contracts

Review of Commitment and Survey. Purchaser shall have ten (10) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten five (105) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) business days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed or refuses to arrange to have the Title Defects removed. If Seller elects Purchaser’s failure to remove any Title Defect from obtain an Updated Survey in a timely manner shall not extend the Title period for review of the Commitment or Survey beyond the SurveyInspection Period, as provided that Purchaser may terminate this Agreement prior to the case may be, pursuant to clause (a) expiration of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) Inspection Period in accordance with the provisions of this Agreement as a result of any such defaultSection 3.3.

Review of Commitment and Survey. Purchaser shall have ten five (105) business days (the “Title "Review Period”") after the actual receipt of the last of the Commitment, legible copies of all the instruments referred to in Schedule B and Schedule C thereofaffecting title, and the Survey (the "Title Documents") to review the Title Documents and to give Seller written notice of each condition and exception to which Purchaser objects. All conditions and exceptions shown in the Title Documents to which Purchaser does not object within the Review Period and any objection which Purchaser timely makes but is subsequently cured or ten (10) business days after the Effective Date if all of such items are delivered prior waived shall be considered "Permitted Exceptions". However, notwithstanding anything to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contrary contained in this Contract, if at Closing there is any mechanic's or materialmen's lien or mortgage, deed of trust or other instrument creating a lien for borrowed money against all or any part of the Commitment or the Survey; providedProperty (a "Lien"), however, that Purchaser such Lien shall not have be a Permitted Exception and Seller shall discharge all such Liens of record and apply such portions of the right Purchase Price or Seller's funds as may be necessary to object to any Permitted Exceptions described in Section 2.5 belowaccomplish the same. If Purchaser fails to object in writing to gives Seller written notice of any item contained in objections within the Commitment or the Survey during the Title Review Period, Purchaser Seller shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, notify Purchaser in writing within five (5) days following (the date of Purchaser’s notice "Cure Period") after receipt of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior notice in which to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removedsatisfy Purchaser. If Seller elects is unable or chooses not to remove satisfy any Title Defect from of such objections within the Title Commitment or Cure Period, then Purchaser may terminate this Contract by written notice to the Survey, as the case may be, pursuant to clause Seller within three (a3) days after expiration of the foregoing sentenceCure Period, in which case this Contract shall terminate and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure the Earnest Money shall be a default hereunder and Purchaser shall be entitled immediately returned to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such defaultPurchaser.

Review of Commitment and Survey. Purchaser For purposes hereof, the term “Title Review Period” shall have mean the period commencing on the Effective Date and ending ten (10) business days (the “Title Review Period”) after the receipt by Purchaser of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereofthe Title Exceptions, and the Survey (or ten (10) business days after Survey. Purchaser shall have the Effective Date if all of such items are delivered prior to the Effective Date) Title Review Period within which to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment Commitment, the Title Exceptions or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment Commitment, the Title Exceptions or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment Commitment, the Title Exceptions or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten (10) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five ten (510) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten fifteen (1015) business days (the “"Title Review Period”") after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Existing Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Existing Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Existing Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Existing Survey within the Title Review Period (such items being herein referred to as “"Title Defects”"), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s 's notice of such Title Defects (the “"Cure Period”") that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Existing Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten five (105) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Existing Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten fifteen (1015) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Notwithstanding anything contained in this Agreement to the contrary, Seller elects shall have no obligation whatsoever to remove expend or agree to expend any Title Defect from the Title Commitment funds, to undertake or the Survey, as the case may be, pursuant agree to clause (a) of the foregoing sentenceundertake any obligations or otherwise to cure or agree to cure any title or survey objections, and Seller fails shall not be deemed to cause have any obligation to cure unless Seller expressly undertakes such Title Defect an obligation by written notice to be so removed or written agreement with Purchaser given or entered into on or prior to Closingthe expiration of the Cure Period; provided, then such failure however, that Seller shall be a default hereunder pay or discharge any lien or encumbrance arising after the date hereof and voluntarily created or assumed by Seller and not created by or resulting from the acts of Purchaser shall be entitled or other parties not related to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such defaultSeller.

Review of Commitment and Survey. Subject to Section 2.7 below, Purchaser shall have within ten (10) business days after the Effective Date (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Existing Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Existing Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Existing Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Updated Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten (10) business days (the “Title Review Period”) after the receipt Section 2.3 of the last of Agreement is amended in its entirety to read as follows: “Purchaser acknowledges that it has received the Title Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey and a draft of an Updated Survey and has advised Seller that there are numerous defects in the draft Updated Survey. Purchaser shall have until 5 p.m. eastern time on July 27, 2012 to provide a written list of the defects in the draft updated Survey to the surveyor and to Seller. In the event that Purchaser does not deliver a list of purported defects to the Updated Survey by July 27, 2012, the Title Review Period (or ten as defined below), will be deemed to commence on July 30, 2012. Thereafter, Purchaser shall have five (105) business days after the Effective Date if all receipt of a revised Updated Survey purporting correct such items are delivered prior to defects (the Effective Date“Title Review Period”) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the revised Updated Survey, including any defects contained in Purchaser’s written notice that were not corrected in the revised Updated Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the revised Updated Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) business days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed or refuses to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled not direct the surveyor to all remedies available pursuant delay or not deliver a revised Updated Survey.” First Amendment to Sections 6.2(aPurchase Agmt (Cxxx Road) or (b) of this Agreement as a result of any such default.1

Review of Commitment and Survey. Purchaser shall have ten until the twenty-fifth (1025th) business days day after the Effective Date (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser PURCHASE AGREEMENT BHDOCS 089930.000022 603549929.9 Purchase and Sale Agreement - Beacon/Energy (Xxxxxxx) may have to anything contained in the Commitment or the Existing Survey or in the Updated Survey, but only if an Updated Survey was obtained and delivered by Purchaser to Seller and the Title Company not later than the fifth (5th) day prior to the expiration of the Title Review Period; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have until the earlier of (i) ten (10) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey or (or ten ii) five (105) business days after the Effective Date if all of such items are delivered prior to the Effective Dateexpiration of the Inspection Period (the “Title Review Period”) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. During the Title Review Period, Purchaser may order lien letters and reports and planning and zoning reports (“PZR”) (collectively, the “Title Reports”) indicating any zoning ordinances, variances, open permits, code violations or other similar matter affecting the use or development of the Property. In the event that Purchaser objects to any item contained in the Commitment Commitment, Title Reports, or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) business days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed or refuses to arrange to have the Title Defects removed. If In no event shall the failure of Seller elects to remove any Title Defect from the Title deliver a Commitment or a Survey satisfying the Survey, as requirements of this Section 2.3 extend the case may be, pursuant to clause (a) period for review of such Commitment or Survey beyond the foregoing sentence, Inspection Period; and Seller fails to cause Purchaser’s sole remedy on account of any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of terminate this Agreement as a result prior to the expiration of any such defaultthe Inspection Period in accordance with the provisions of Section 3.3.

Review of Commitment and Survey. Purchaser shall have ten (10) business days (the “Title Review Period”) after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, and the Survey (or ten (10) business days after the Effective Date if all of such items are delivered prior to the Effective Date) to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “Title Defects”), Seller shall, subject to Section 2.4 of this Agreement, shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure Period”) that either (a) the Title Defects have been, or will be at or prior to Closing, removed from the Commitment or the Survey, as the case may be, or (b) Seller has failed to arrange to have the Title Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closing, then such failure shall be a default hereunder and Purchaser shall be entitled to all remedies available pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any such default.

Review of Commitment and Survey. Purchaser shall have ten (10) business days (the “"Title Review Period”") after the receipt of the last of the Commitment, legible copies of all instruments referred to in Schedule B and Schedule C thereof, Commitment and the Survey (or Survey, but in any event not later than ten (10) business days after before the Effective Date if all expiration of such items are delivered prior to the Effective Date) Inspection Period, to notify Seller in writing of such objections as Purchaser may have to anything contained in the Commitment or the Survey; provided, however, that Purchaser shall not have the right to object to any Permitted Exceptions described in Section 2.5 below. If Purchaser fails to object in writing to any item contained in the Commitment or the Survey during the Title Review Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be deemed a Permitted Exception. In the event that Purchaser objects to any item contained in the Commitment or the Survey within the Title Review Period (such items being herein referred to as “"Title Defects”"), Seller shall, subject to Section 2.4 of this Agreement, notify Purchaser in writing within shall have until the date which is five (5) days following the date of Purchaser’s notice of such Title Defects (the “"Cure Period”") that either (a) Seller has elected to cause the Title Defects have been, to be removed from the Commitment or will be the Survey at or prior to Closing, removed from the Commitment or the Survey, as the case may be. Seller’s failure to deliver such written notice shall constitute Seller’s election not to cure Purchaser’s Title Defects. If Purchaser obtains an Updated Survey prior to the expiration of the Inspection Period and the Updated Survey reveals matters of survey not shown on the Survey, or Purchaser may make objections to such new matters of survey (b) "New Survey Defects"); provided if Seller has failed to arrange not notified Purchaser that Seller has arranged to have the Title New Survey Defects removed. If Seller elects to remove any Title Defect from the Title Commitment or the Survey, as the case may be, pursuant to clause (a) of the foregoing sentence, and Seller fails to cause any such Title Defect to be so removed prior to Closingthe expiration of the Inspection Period, then such failure shall be a default hereunder and if Purchaser shall be entitled to all remedies available does not exercise Purchaser's Termination Right pursuant to Sections 6.2(a) or (b) of this Agreement as a result of any Section 3.3 such defaultNew Survey Defects shall thereafter be deemed Permitted Exceptions.