Common use of Subsequently Disclosed Exceptions Clause in Contracts

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an update to any Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. At its sole cost and expense, Seller shall cause the Title Company to update the Title Commitment at least ten (10) but not fewer than five (5) days prior to the Closing. If at any time after following the date that is ten (10) days prior to the expiration of the Feasibility Due Diligence Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially Materially adversely affects title to the applicable Property which that was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to during the expiration of the Feasibility Due Diligence Period (the “New Exception”), Purchaser shall have a period of five ten (510) Business Days days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. “Materially”, as used herein, means such New Exception that would hinder Purchaser’s ability to use the Property for its intended purpose, preclude such use altogether, or would, in Purchaser’s sole discretion, have the effect of adversely affecting the value or use of the Property by an amount exceeding five percent (5%) of the value of the Purchase Price. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments extension of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect eithereither to: (ia) to terminate this Contract with respect to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Agreement or (iib) to waive the New Exception and proceed with the transactions contemplated by this Contractto Closing, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract Agreement in accordance with the foregoing sentence by the later of within ten (a) the end of the Feasibility Period and (b) the date which is six (610) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New ExceptionException but not beyond the expiration of Purchaser’s mortgage commitment or rate lock. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date of up to 10 days in order to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception; provided, however, that Seller shall be obligated to cure monetary liens of a specific and ascertainable amount if such monetary liens are caused by Seller, by causing the Title Insurer to either, in Seller's sole discretion, delete or insure over such monetary liens in the Title Policy. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed 30 days in the aggregate and, in such event, Seller shall be responsible for the incremental expense charged by the Selected Lender, if any, incurred by Purchaser to extend to the Closing Date any expiring interest rate lock in connection with Purchaser's financing of the acquisition of the Property. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by within the later earlier of (ai) the end of the Feasibility Period and (b) the date which is six (6) 6 days after the expiration of the New Exception Review Period, or (ii) the Closing Date, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any a Title Commitment or Existing Survey discloses any additional new item that did not arise until after expiration of the Feasibility Period and that materially adversely affects title to the applicable Property Properties which was not disclosed on any version of, of or update to, the to a Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s its sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such the applicable Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that such Seller shall be entitled to reasonable adjournments of the Closing Date (not to exceed thirty (30) days) to cure the New Exception, and, notwithstanding anything to the contrary herein, Purchaser shall not be permitted to exercise the termination right set forth in this Section 4.5 until the expiration of such adjournment. If such the applicable Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that such Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such any Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (ia) to terminate this Contract with respect in its entirety regarding all Properties (but not less than all Properties), in which event the Deposit shall be promptly returned to Purchaser, less the Independent Contract Consideration (which Escrow Agent shall deliver to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative ), or (iib) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative applicable Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is within six (6) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser fails to notify Seller of its approval or disapproval of a New Exception within the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at At any time after the expiration Effective Date but prior to the Closing, Purchaser may order any updates, continuations of, and supplements to, any of the Feasibility PeriodTitle Commitments or Surveys (each, an update to a “Title Update”). If any Title Commitment or Existing Survey Update discloses any additional item that materially adversely affects title to item(s) (i) not caused by or the applicable Property result of any act or omission or fault of Purchaser, Purchaser’s Affiliate(s) or any Purchaser Party, and (ii) which was are not disclosed on any version of, or update to, any of the Title Commitment Commitments, Surveys or Existing Survey Title Updates previously delivered to Purchaser prior to the expiration of the Feasibility Period (the each, a “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of such New Exception not later than the date that is the earlier of (i) ten (10) Business Days after the date of its receipt of such Title Update and (ii) the Closing Date (the “New Exception Review Period Expiration Date”). If Purchaser fails to deliver written notice of its approval or disapproval of any New Exception prior to the New Exception Review Period Expiration Date (but in any event prior to Closing), such New Exception shall be deemed to be a Permitted Exception. If Purchaser disapproves of the New ExceptionException prior to the New Exception Review Period Expiration Date, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure attempt to Remove the New ExceptionException (and Seller shall have the right to adjourn the Closing Date for a period of up to five (5) days in order to make such election). If such Seller elects to cure (or cause the Title Insurer attempt to omit as an exception to title insurance coverage) Remove the New Exception, that Seller shall be entitled to any reasonable adjournments of the Closing Date to cure Remove the New Exception, not to exceed thirty (30) days in the aggregate. If such Seller fails to deliver a written notice of its election to Purchaser within three prior to the date that is five (35) days after the expiration receipt of the Seller’s written notice of disapproval of any New Exception Review PeriodException, that Seller shall be deemed to have elected not to cure Remove the New Exception. If Purchaser Seller does not elect to Remove any New Exception, is dissatisfied with deemed to have made such Seller’s responsean election, or lack thereofSeller fails to Remove any New Exception prior to the Closing Date, Purchaser may, as its exclusive remedy elect either: to either (i) to terminate this Contract Agreement in its entirety and receive a return of the Deposit from the Escrow Agent, and neither party shall have any further obligation or liability to the other except with respect to the Property subjected to such New Exception only by delivering those provisions of this Agreement which expressly survive a Termination Notice to Sellers’ Representative termination of this Agreement, or (ii) waive its objection to waive the New Exception and proceed with the transactions contemplated by this ContractTransactions without a reduction in the Purchase Price, in which event Purchaser shall be deemed to have approved the New Exception and such New Exception shall be a Permitted Exception. If Purchaser fails to timely notify the Sellers’ Representative Seller in writing of its election to terminate this Contract in accordance with the foregoing sentence by sentence, the later of same shall be deemed to be an election under clause (ai) the end of the Feasibility Period and (b) immediately preceding sentence. Notwithstanding the date which is six (6) days after the expiration foregoing provisions of the New Exception Review Periodthis Section 4.6, if Purchaser consummates this Agreement, Purchaser shall be deemed to have elected to approve accepted any New Exception as a Permitted Exception and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property have no further rights or remedies with respect to which this Contract has been so terminatedsuch New Exception.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed 30 days in the aggregate; provided, however, that Seller may not adjourn the Closing Date beyond the day that Purchaser’s lender’s commitment to provide financing expires. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date of up to 10 days in order to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration delivery of the Feasibility PeriodTitle Commitment, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments (not to exceed 10 days) of the Closing Date to cure the New Exception; provided, however, that if Seller is unable to cure the New Exception within such 10 day period, Purchaser may, as its exclusive remedy elect either to: (i) terminate this Contract, in which event the Deposit shall be promptly returned to Purchaser or (ii) waive such New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception and the Closing shall occur, subject to the other extension rights set forth in this Contract, within 2 business days following the Closing Date, as the same was extended in accordance with this sentence. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or the Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to each Closing, Purchaser may request that the expiration Title Company issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a “Takedown Commitment”), an update to any Title Commitment or Existing Survey discloses together with copies of any additional item instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any prior Takedown Commitment. Additional items disclosed by a Takedown Commitment that materially adversely affects affect title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered are referred to Purchaser prior as “New Exceptions”. New Exceptions affecting title to the expiration Property that are expressly permitted or contemplated by the provisions of the Feasibility Period (the this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception”). Other New Exceptions which do not materially adversely affect title to the Lots or the construction or use of a Home (as hereinafter defined) thereon, shall also be Permissible New Exceptions. Purchaser shall have a period of five seven (57) Business Days business days from the date of its receipt of such update Takedown Commitment and a copy of the New Exceptions (the “"New Exception Review Period”") to review and notify to approve or disapprove any Other New Exceptions. If the applicable Seller Other New Exception is unacceptable to Purchaser, Purchaser shall object to the Other New Exception in writing within seven (7) business days from the date of Purchaser’s approval or disapproval receipt of the Takedown Commitment, together with a copy of the New ExceptionExceptions (the "New Exception Objection"). If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration Upon receipt of the New Exception Review PeriodObjection, that Seller shall cure the New Exception Objection (by deletion, insuring over, or endorsement) to the extent that such Other New Exception was caused or created by Seller or affiliates of Seller and is not otherwise permitted or contemplated by this Contract ("Seller Caused Exception"). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), Seller may, at its sole discretion, cure the New Exception Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be deemed extended to have elected accommodate the Seller Cure Period. In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (15) day period, the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser mayPurchaser, as its exclusive remedy sole remedy, may elect within seven (7) business days after the end of the Seller Cure Period either: (i) to terminate this Contract with respect Contract, in which event that portion of the Deposit not previously applied to the Property subjected Purchase Price at a Closing shall be refunded to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser and the parties shall have no further rights or obligations under this Contract, or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within seven (a7) the end of the Feasibility Period and (b) the date which is six (6) business days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences (ii), and irrevocably waive any objections all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If Purchaser may order any updates, continuations of, and supplements to, any of the Title Commitments or Existing Surveys (each, a “Title Update”) at Purchaser’s sole cost and expense. Purchaser shall instruct the Title Company and any surveyor to simultaneously deliver directly to Purchaser and Seller (and their respective counsel referenced in Section 14.6 of this Agreement) copies of each Title Update (including tax and departmental searches) ordered by Purchaser or otherwise issued by the Title Company or any surveyor, and copies of all underlying documentation referenced as an exception as soon as available. If, at any time after the expiration of Effective Date but prior to the Feasibility PeriodClosing, an update to any Title Commitment or Existing Survey Update discloses any additional item item(s) (i) not caused by or the result of any act or omission or fault of Purchaser, Purchaser’s Affiliate(s) or any Purchaser Consultant, (ii) that materially adversely affects title individually or in the aggregate with any other items first reflected on any Title Update that satisfies clauses (i), (ii) and (iii) of this Section 4.5, would have, or would reasonably be expected to have, a material adverse effect on the applicable Property current use or value of a Facility and (iii) which was are not disclosed on any version of, or update to, any of the prior Title Commitment or Existing Survey Commitments delivered to Purchaser prior to the expiration of the Feasibility Period Effective Date (the each, a “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of such New Exception not later than the date that is the earlier of (i) three (3) Business Days after the date of its receipt of such Title Update and (ii) the Closing Date (the “New Exception Review Period Expiration Date”). If Purchaser fails to deliver written notice of its approval or disapproval of any New Exception prior to the New Exception Review Period Expiration Date (but in any event prior to Closing), such New Exception shall be deemed to be a Permitted Exception. If Purchaser disapproves of the New ExceptionException prior to the New Exception Review Period Expiration Date, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure attempt to Remove the New ExceptionException (and Seller shall have the right to adjourn the Closing Date for a period of up to five (5) days in order to make such election). If such Seller elects to cure (or cause the Title Insurer attempt to omit as an exception to title insurance coverage) Remove the New Exception, that Seller shall be entitled to any reasonable adjournments of the Closing Date to cure Remove the New Exception, not to exceed thirty (30) days in the aggregate (and subject to the third sentence of Section 5.1). If such Seller fails to deliver a written notice of its election to Purchaser within three prior to the date that is five (35) days after the expiration receipt of the Seller’s written notice of disapproval of any New Exception Review PeriodException, that Seller shall be deemed to have elected not to cure Remove the New Exception. If Purchaser Seller does not elect to Remove any New Exception, is dissatisfied with deemed to have made such Seller’s responsean election, or lack thereofSeller fails to Remove any New Exception prior to the Closing Date, Purchaser may, as its exclusive remedy elect either: to either (i) to terminate remove from this Contract with respect Agreement the Facility that is subject to the New Exception, in which event the Purchase Price shall be reduced by an amount equal to the Allocated Purchase Price for such Facility and the parties shall proceed to Closing as if such Facility and any portion of the Property subjected relating exclusively to such New Exception only by delivering a Termination Notice to Sellers’ Representative Facility shall no longer be part of the Property (collectively, the “Excluded Property”), or (ii) waive its objection to waive the New Exception and proceed with the transactions contemplated by this ContractTransactions without a reduction in the Purchase Price, in which event Purchaser shall be deemed to have approved the New Exception and such New Exception shall be a Permitted Exception. If Purchaser fails to notify the Sellers’ Representative Seller in writing of its election to terminate this Contract in accordance with the foregoing sentence by the later of within ten (a) the end of the Feasibility Period and (b) the date which is six (610) days after the expiration of the New Exception Review PeriodPeriod Expiration Date, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to Notwithstanding the forgoing provisions of this Section 4.44.5, then if the provisions existence of any New Exception that is not a Permitted Exception constitutes a breach by Seller of Section 13.33 7.2 of this Agreement, Purchaser shall apply have the rights and remedies set forth in Article X in connection with such breach, and if Purchaser consummates this Agreement, Purchaser shall be deemed to the Property have accepted any New Exception as a Permitted Exception and shall have no further rights or remedies with respect to which this Contract has been so terminatedsuch New Exception.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an update to any the Title Commitment or Existing Survey discloses any additional item that materially and adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period Effective Date (the “New Exception”), Purchaser shall have a period ending on the earlier of five (5) Business Days days from the date of its receipt of such update or one (1) day prior to the Outside Closing Date (as applicable, the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, but not beyond the Outside Closing Date. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (ia) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (iib) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is within six (6) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. In the event of a New Exception which is timely disapproved as provided herein, the Closing Date shall be adjusted as necessary so that it will not occur sooner than two (2) Business Days following the earlier of (a) Seller’s cure of the New Exception, and (b) Purchaser’s approval or deemed approval of the same. If Sellers’ Representative receives a Termination Notice pursuant Seller fails to this Section 4.4cure any New Exception which Seller agreed in writing to cure, then Purchaser shall have the provisions of rights provided in Section 13.33 shall apply to the Property 10.2 with respect to which this Contract has been so terminateda default by Seller.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser fails to approve or disapprove of any New Exception, such New Exception shall be deemed to be a Permitted Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility PeriodEffective Date, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property Properties, in Purchaser’s sole discretion, which was is not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period a Permitted Exception (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 10 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that such Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the (it being agreed that, if such New Exception. If Exception is a monetary judgment or lien, then such Seller elects to cure (or cause shall have “cured” such New Exception if the Title Insurer has agreed to omit such New Exception as an exception to title insurance coverage) such New Exception by causing the Title Insurer to omit such New Exception as an exception to title insurance coverage. If such Seller elects to cure the New Exception, that Seller Sellers shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed 30 days in the aggregate; provided, however, that if such adjournments would adversely affect the Loan Assumption and Release or Purchaser’s financing, then Purchaser may elect to terminate this Contract, in which event the Deposit shall be promptly returned to Purchaser. If such Seller fails to deliver a notice to Purchaser within three (3) 5 days after the expiration of the New Exception Review Period, that such Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Sellers of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 10 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Initial Deposit shall be released to Seller and the Property subjected Additional Deposit shall be returned to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If Not less than fifteen (15) days prior to the each Closing, at any time after Seller’s expense, Purchaser may request that the expiration Title Company issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a “Takedown Commitment”), an update together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any Title prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or Existing Survey discloses any additional item by an amendment to the Master Commitment that materially adversely affects affect title to the applicable subject Property are referred to as “New Exceptions”. New Exceptions affecting title to the subject Property that are allowed by the provisions of this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception. Other New Exceptions which was do not disclosed on any version ofmaterially adversely affect title to a Lot, or update toPurchaser’s ability to construct Homes (as hereinafter defined) thereon, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period (the “shall also be Permissible New Exception”), Exceptions. Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “New Exception Review Period”) to review and notify the applicable Seller to approve or disapprove any Other New Exceptions. If any Other New Exception is unacceptable to Purchaser, Purchaser shall object to such Other New Exception(s) in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure within seven (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (37) days after the expiration date of Purchaser’s receipt of the Takedown Commitment, together with a copy of the New Exceptions (the “New Exception Objection”). Upon receipt of the New Exception Review PeriodObjection, that Seller shall cure the New Exception Objection (by deletion, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller and is not otherwise permitted by this Contract (“Seller Caused Exception”). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), Seller may, at its sole discretion, cure the New Exception Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be deemed extended to have elected accommodate the Seller Cure Period. In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (15) day period, the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser mayPurchaser, as its exclusive remedy sole remedy, may elect within five (5) days after the end of the Seller Cure Period either: (i) to terminate this Contract with respect Contract, in which event that portion of the Deposit not previously applied to the Property subjected Purchase Price at a Closing, shall be refunded to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser and the parties shall have no further rights or obligations under this Contract; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractapplicable Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of sentences within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences and irrevocably waive any objections (ii) all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Initial Deposit shall be returned to Purchaser (less the Property subjected Non-Refundable Portion which shall be released to such New Exception only by delivering a Termination Notice Seller) and the Additional Deposit shall be returned to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception; provided, however, that Seller may not disclaim any Must Cure Objections. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed thirty (30) days in the aggregate. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (ia) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (iib) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception, but nothing stated herein shall limit Seller’s obligation to cure or otherwise remove any Must Cure Objections. If Sellers’ Representative receives a Termination Notice pursuant Seller fails to this Section 4.4cure such New Exception by the Closing Date (as may be adjourned), then Purchaser may, as its exclusive remedy, either (a) accept the provisions Title Documents and Survey without resolution of such New Exception without any reduction or abatement of the Purchase Price, or (b) terminate this Contract, in which event the Deposit shall be returned to Purchaser (subject to Purchaser’s obligations under Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated3.5.2).

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an update to any Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coveragecoverage or otherwise insure against collection against the Property) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract in its entirety with respect to both Properties (but not in part with respect to one Property), whereupon the Property subjected Deposit shall be returned to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser, or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the ““ New Exception”), Purchaser shall have a period of five (5) Business Days calendar days from the date of its receipt of such update (the ““ New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, but not beyond the expiration of Purchaser’s mortgage loan commitment or rate lock unless Seller agrees to pay for an extension of such commitment or rate lock. If such Seller fails to deliver a notice to Purchaser within three (3) calendar days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is clause within six (6) calendar days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to the expiration each Closing, Seller shall cause the Title Company to issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a “Takedown Commitment”), an update together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any Title prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or Existing Survey discloses any additional item by an amendment to the Master Commitment that materially adversely affects affect title to the applicable subject Property are referred to as “New Exceptions”. New Exceptions affecting title to the subject Property that are allowed by the provisions of this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception. Other New Exceptions which was do not disclosed on any version materially adversely affect title to, or use of, or update toa Lot, as reasonably agreed upon by the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period (the “parties, shall also be Permissible New Exception”), Exceptions. Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “New Exception Review Period”) to review and notify the applicable Seller to approve or disapprove any Other New Exceptions. If any Other New Exception is unacceptable to Purchaser, Purchaser shall object to such Other New Exception(s) in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as prior to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review PeriodPeriod (the “New Exception Objection”). Upon receipt of the New Exception Objection, that Seller shall cure the New Exception Objection (by deletion, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller and is not otherwise permitted by this Contract (“Seller Caused Exception”). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), Seller may, at its sole discretion, cure the New Exception Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be deemed extended to have elected accommodate the Seller Cure Period. In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (15)-day period, the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser mayPurchaser, as its exclusive remedy sole remedy, may elect within five (5) days after the end of the Seller Cure Period either: (i) to terminate this Contract with respect in its entirety, in which event that portion of the Deposit not previously applied to the Property subjected Purchase Price at a Closing, shall be refunded to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser and the parties shall have no further rights or obligations under this Contract; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractapplicable Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of sentences within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences regarding such items, and irrevocably waive any objections (ii) all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, not to exceed thirty (30) days in the aggregate. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is within six (6) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “" New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “" New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date Date, not exceeding 7 days, to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an Period any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser, or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of clause within seven (a) the end of the Feasibility Period and (b) the date which is six (67) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility PeriodEffective Date, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period and which is not a Permitted Exception (the “" New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “" New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coveragecoverage or otherwise insure against collection against the Property) the New Exception. If Seller elects to cure the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three five (35) days Business Days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of within five (a5) the end of the Feasibility Period and (b) the date which is six (6) days Business Days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception, provided that if the New Exceptions include any items described in Section 4.4.1(b) and represent lien(s) valued at $30,000 or less in the aggregate together with any other Objections Seller is deemed to have agreed to cure pursuant to Section 4.3, Seller shall be deemed to have agreed to cure such New Exceptions up to the aggregate amount of $30,000 together with such other Objections. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an update to any Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect to the Property subjected to such New Exception only by delivering a Termination Notice notice to Sellers’ Representative ' Representative, in which event the Deposit (including the Non-Refundable Initial Deposit Component), shall be promptly returned to Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ ' Representative of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) clause within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If 4.6.1 Purchaser may order any updates, continuations of, and supplements to, the Title Commitment or Survey (each, a “Title Update”) at Purchaser’s sole cost and expense. Purchaser shall instruct Royal Abstract (the “Title Company”), as agent for First American Title Insurance Company and any surveyor to simultaneously deliver directly to Purchaser and Seller (and their respective counsel referenced in Section 14.6 of this Agreement) copies of each Title Update (including tax and departmental searches) ordered by Purchaser or otherwise issued by the Title Company or any surveyor, and copies of all underlying documentation referenced as an exception as soon as available. If, at any time after the expiration of Effective Date but prior to the Feasibility PeriodClosing, an update to any Title Commitment or Existing Survey Update discloses any additional item items that materially adversely affects title to (a) are not Required Curable Objections under Section 4.4, (b) are not caused by or the applicable Property which was result of any act or omission or fault of Purchaser, Purchaser’s Affiliate(s) or any Purchaser Consultant, and (c) are not disclosed on any version of, or update to, the prior Title Commitment or Existing Survey delivered to by Purchaser prior to the expiration of the Feasibility Period as provided in Section 4.1 (the each, a “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and may notify the applicable Seller in writing of Purchaser’s approval or disapproval of such New Exception not later than the date that is the earlier of (i) five (5) Business Days after the date of its receipt of such Title Update and (ii) the Closing Date (the “New Exception Review Period Expiration Date”). If Purchaser fails to deliver written notice of its approval or disapproval of any New Exception prior to the New Exception Review Period Expiration Date, such New Exception shall be deemed to be a Permitted Exception. If Purchaser disapproves of a New Exception prior to the New ExceptionException Review Period Expiration Date, the applicable Seller may, in that Seller’s sole discretion, may notify Purchaser as to whether it is willing Seller elects to cure Remove the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the Remove any New Exception, that Seller shall be entitled Remove the same prior to reasonable adjournments of the Closing Date to cure the New ExceptionClosing. If such Seller fails to deliver a notice to Purchaser a written notice of Seller’s election within three five (35) days Business Days after the expiration receipt of the Purchaser’s written notice of disapproval of such New Exception Review PeriodException, that Seller shall be deemed to have elected not to cure Remove the New Exception. If Purchaser Seller elects or is dissatisfied with such Seller’s response, deemed to have elected not to Remove any New Exception or lack thereofif Seller elects to seek to remove a non-Required Curable Objection and fails to do so at or prior to Closing, Purchaser may, as its exclusive remedy may elect either: by delivery of written notice to Seller to either (ix) to terminate this Contract Agreement and receive a return of the Deposit from Seller, minus the Independent Consideration, and neither party shall have any further obligation or liability to the other except with respect to the Property subjected to such New Exception only by delivering those provisions of this Agreement which expressly survive a Termination Notice to Sellers’ Representative termination of this Agreement, or (iiy) waive its objection to waive the New Exception and proceed with the transactions contemplated by this ContractTransaction without a reduction in the Purchase Price, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period Exception and (b) the date which is six (6) days after the expiration of the such New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New a Permitted Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to the expiration each Closing, Purchaser may request that the Title Company issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a “Takedown Commitment”), an update together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any Title prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or Existing Survey discloses any additional item by an amendment to the Master Commitment that materially adversely affects affect title to the applicable Property are referred to as “New Exceptions”. New Exceptions affecting title to the Property that are expressly permitted or contemplated by the provisions of this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception. Other New Exceptions which was do not disclosed materially adversely affect title, use, or construction of Homes on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period (the “Lots to be acquired at such Closing shall also be Permissible New Exception”), Exceptions. Purchaser shall have a period of five seven (57) Business Days business days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “New Exception Review Period”) to review and notify the applicable Seller to approve or disapprove any Other New Exceptions. If any Other New Exception is unacceptable to Purchaser, Purchaser shall object to such Other New Exception(s) in writing within seven (7) business days after the date of Purchaser’s approval or disapproval receipt of the Takedown Commitment, together with a copy of the New ExceptionExceptions (the “New Exception Objection”). If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration Upon receipt of the New Exception Review PeriodObjection, that Seller shall cure the New Exception Objection (by deletion, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller or affiliates of Seller and is not otherwise expressly permitted or contemplated by this Contract (“Seller Caused Exception”). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), Seller may, at its sole discretion, cure the New Exception Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be deemed extended to have elected accommodate the Seller Cure Period. In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (15) day period, the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser mayPurchaser, as its exclusive remedy sole remedy, may elect within five (5) business days after the end of the Seller Cure Period either: (i) to terminate this Contract with respect as to the Property subjected Lots affected by such New Exception, in which event the prorata portion of the Deposit for such Lots shall be refunded to Purchaser and the parties shall have no further rights or obligations under this Contract as to such New Exception only by delivering a Termination Notice to Sellers’ Representative Lots; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within five (a5) the end of the Feasibility Period and (b) the date which is six (6) business days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences and irrevocably waive any objections (ii) all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of the Feasibility Period Effective Date (the “New Exception”), Purchaser shall have a period of five (5) Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments adjournment of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (ia) to terminate this Contract with respect Agreement, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (iib) to waive the New Exception and proceed with the transactions contemplated by this ContractAgreement, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract Agreement in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is within six (6) days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to the expiration applicable Closing, Purchaser may request that the Title Company issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a "Takedown Commitment"), an update together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any Title prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or Existing Survey discloses any additional item by an amendment to the Master Commitment that materially adversely affects affect title to the applicable subject Property are referred to as “New Exceptions”. New Exceptions affecting title to the subject Property that are allowed by the provisions of this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception. Other New Exceptions which was do not disclosed on any version ofmaterially adversely affect title, as reasonably determined by Purchaser, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration use of the Feasibility Period (the “a Lot shall also be Permissible New Exception”), Exceptions. Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “"New Exception Review Period”") to review and notify to approve or disapprove any Other New Exceptions. If the applicable Seller Other New Exception is unacceptable to Purchaser, Purchaser shall object to the Other New Exception in writing within seven (7) days from the date of Purchaser’s approval or disapproval receipt of the Takedown Commitment, together with a copy of the New ExceptionExceptions (the "New Exception Objection"). If Purchaser disapproves Upon receipt of the New Exception Objection, Seller shall cure the New Exception Objection (by deletion, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller and is not otherwise permitted by this Contract ("Seller Caused Exception"). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), the applicable Seller may, in that Seller’s at its sole discretion, notify Purchaser as to whether it is willing to cure the New ExceptionException Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be extended to accommodate the Seller Cure Period. If such In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (or cause 15) day period, the Title Insurer to omit Purchaser, as an exception to title insurance coverage) the New Exceptionits sole remedy, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser may elect within three five (35) days after the expiration end of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect Cure Period either: (i) to terminate this Contract with respect as to the Property subjected Lots affected by such New Exception, in which event the prorata portion of the unapplied Deposit for such Lots shall be refunded to Purchaser and the parties shall have no further rights or obligations under this Contract as to such New Exception only by delivering a Termination Notice to Sellers’ Representative Lots; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences (ii), and irrevocably waive any objections all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the ““ New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the ““ New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coveragecoverage or otherwise insure against collection against the Property) the New Exception. If Seller elects to cure the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to the expiration applicable Closing, in conjunction with Seller’s delivery of the Feasibility Periodapplicable Completion Notice (hereafter defined), Seller shall provide the Plat Certification (hereafter defined) and request the Title Company issue an update updated title commitment for that portion of the Property to any Title Commitment or Existing Survey discloses be acquired at such Closing (each a "Takedown Commitment"), together with copies of any additional item instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any prior Takedown Commitment. Additional items disclosed by a Takedown Commitment that materially adversely affects affect title to the applicable subject Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered are referred to Purchaser prior as “New Exceptions”. New Exceptions affecting title to the expiration subject Property that are approved or deemed approved by the provisions of the Feasibility Period (the this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception”), . Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment and a copy of the New Exceptions (the “"New Exception Review Period”") to review and notify to approve or disapprove any Other New Exceptions. If the applicable Seller Other New Exception is unacceptable to Purchaser, Purchaser shall object to the Other New Exception in writing within seven (7) days from the date of Purchaser’s approval or disapproval receipt of the Takedown Commitment, together with a copy of the New ExceptionExceptions (the "New Exception Objection"). If Purchaser disapproves Upon receipt of the New Exception Objection, Seller shall cure the New Exception Objection (by deletion or, with Purchasers approval, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller ("Seller Caused Exception"). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), the applicable Seller may, in that Seller’s at its sole discretion, notify Purchaser as to whether it is willing to cure the New ExceptionException Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be extended to accommodate the Seller Cure Period. If such In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (or cause 15) day period, the Title Insurer to omit Purchaser, as an exception to title insurance coverage) the New Exceptionits sole remedy, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser may elect within three five (35) days after the expiration end of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect Cure Period either: (i) to terminate this Contract with respect as to the Property subjected Lots affected by such New Exception, in which event the Deposit shall be returned to Purchaser and the parties shall have no further rights or obligations under this Contract as to such New Exception only by delivering a Termination Notice to Sellers’ Representative Lots not theretofore purchased; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences (ii), and irrevocably waive any objections all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey that is delivered to Purchaser and that specifically discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “New Exception”), Purchaser shall have a period of five (5) 5 Business Days from the date of its receipt of such update (the “New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception. If Seller elects to cure the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) days 3 Business Days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) days within 6 Business Days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If With respect to the Survey, if at any time within 5 Business Days after Purchaser’s receipt of the Survey, or, with respect to any update to the Title Commitment or Survey after the expiration of the Feasibility Period, an update to any Title Commitment the Survey or Existing Survey such update, as the case may be, discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) 5 Business Days from the date of its receipt of such Survey or update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end timely elect either of the Feasibility Period and options provided in clause (bi) the date which is six or (6ii) days above within 5 Business Days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to disapprove the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which Exceptions and this Contract has been so shall be terminated, in which event the Deposit shall be promptly returned to Purchaser.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the ““ New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the ““ New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable then Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coveragecoverage or otherwise insure against collection against the Property) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that then Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, whereupon the Deposit shall be returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser, or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the ““ New Exception”), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the ““ New Exception Review Period”) to review and notify the applicable Seller in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, or update to, of the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after the expiration Not less than fifteen (15) days prior to each Closing, in conjunction with Seller’s delivery of the Feasibility Periodapplicable Closing Notice (hereafter defined), Seller shall request that the Title Company issue an update updated title commitment for that portion of the Property to be acquired at such Closing (each a “Takedown Commitment”), together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or by an amendment to the Master Commitment that affect title to the subject Property are referred to as “New Exceptions”. New Exceptions affecting title to the subject Property that are allowed by the provisions of this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Title Commitment Permissible New Exception. Other New Exceptions which do not materially increase or Existing Survey discloses any additional item create new costs to construct Homes, or that materially adversely affects affect title to the applicable Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration use of the Feasibility Period (the “a Lot shall also be Permissible New Exception”), Exceptions. Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “New Exception Review Period”) to review and notify the applicable Seller to approve or disapprove any Other New Exceptions. If any Other New Exception is unacceptable to Purchaser, Purchaser shall object to such Other New Exception(s) in writing of Purchaser’s approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure within seven (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser within three (37) days after the expiration date of Purchaser’s receipt of the Takedown Commitment, together with a copy of the New Exceptions (the “New Exception Objection”). Upon receipt of the New Exception Review PeriodObjection, that Seller shall cure the New Exception Objection (by deletion or, with Purchaser’s approval, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller and is not otherwise permitted by this Contract (“Seller Caused Exception”). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), Seller may, at its sole discretion, cure the New Exception Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be deemed extended to have elected accommodate the Seller Cure Period. In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (15) day period, the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser mayPurchaser, as its exclusive remedy sole remedy, may elect within five (5) business days after the end of the Seller Cure Period either: (i) to terminate this Contract with respect as to the Property subjected Lots affected by such New Exception, in which event the prorata portion of the Deposit for such Lots shall be refunded to Purchaser and the parties shall have no further rights or obligations under this Contract as to such New Exception only by delivering a Termination Notice to Sellers’ Representative Lots; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within five (a5) the end of the Feasibility Period and (b) the date which is six (6) business days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences and irrevocably waive any objections (ii) all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.

Subsequently Disclosed Exceptions. If at any time after the expiration of the Feasibility Period, an any update to any the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the applicable Property which was not disclosed on any version of, of or update to, to the Title Commitment or Existing Survey delivered to Purchaser prior to the expiration of during the Feasibility Period (the “"New Exception”"), Purchaser shall have a period of five (5) Business Days 5 days from the date of its receipt of such update (the “"New Exception Review Period”") to review and notify the applicable Seller in writing of Purchaser’s 's approval or disapproval of the New Exception. If Purchaser disapproves of the New Exception, the applicable Seller may, in that Seller’s 's sole discretion, notify Purchaser as to whether it is willing to cure the New Exception. If such Seller elects to cure (or cause the Title Insurer to omit as an exception to title insurance coverage) the New Exception, that 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 such Seller fails to deliver a notice to Purchaser within three (3) 3 days after the expiration of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s 's response, or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Contract with respect Contract, in which event the Deposit shall be promptly returned to the Property subjected to such New Exception only by delivering a Termination Notice to Sellers’ Representative Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract in accordance with the foregoing sentence by the later of (a) the end of the Feasibility Period and (b) the date which is six (6) within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminated.

Subsequently Disclosed Exceptions. If at any time after Not less than fifteen (15) days prior to the expiration applicable Closing, Purchaser may request that the Title Company issue an updated title commitment for that portion of the Feasibility PeriodProperty to be acquired at such Closing (each a "Takedown Commitment"), an update together with copies of any additional instruments listed in the schedule of exceptions which are not reflected in the Master Commitment furnished pursuant to Section 4(a) above or in any Title prior Takedown Commitment. Additional items disclosed by a Takedown Commitment or Existing Survey discloses any additional item by an amendment to the Master Commitment that materially adversely affects affect title to the applicable subject Property which was not disclosed on any version of, or update to, the Title Commitment or Existing Survey delivered are referred to Purchaser prior as “New Exceptions”. New Exceptions affecting title to the expiration subject Property that are allowed by the provisions of the Feasibility Period (the this Contract are referred to as “Permissible New Exceptions” and all other New Exceptions are referred to as “Other New Exceptions”. Purchaser has no right to object to any Permissible New Exception”), . Other New Exceptions which do not materially adversely affect title or use of a Lot shall also be Permissible New Exceptions. Purchaser shall have a period of five seven (57) Business Days days from the date of its receipt of such update Takedown Commitment or amendment to the Master Commitment and a copy of the New Exceptions (the “"New Exception Review Period”") to review and notify to approve or disapprove any Other New Exceptions. If the applicable Seller Other New Exception is unacceptable to Purchaser, Purchaser shall object to the Other New Exception in writing within seven (7) days from the date of Purchaser’s approval or disapproval receipt of the Takedown Commitment, together with a copy of the New ExceptionExceptions (the "New Exception Objection"). If Purchaser disapproves Upon receipt of the New Exception Objection, Seller shall cure the New Exception Objection (by deletion, insuring over or endorsement) to the extent that such Other New Exception was caused or created by Seller and is not otherwise permitted by this Contract ("Seller Caused Exception"). If the New Exception Objection relates to an Other New Exception that was not caused by Seller (“Non-Seller Caused Exception”), the applicable Seller may, in that Seller’s at its sole discretion, notify Purchaser as to whether it is willing to cure the New ExceptionException Objection, within fifteen (15) days of receipt of the New Exception Objection (“Seller Cure Period”) and the applicable Closing Date will be extended to accommodate the Seller Cure Period. If such In the event Seller fails, or elects not to cure a Non-Seller Caused Exception within such fifteen (or cause 15) day period, the Title Insurer to omit Purchaser, as an exception to title insurance coverage) the New Exceptionits sole remedy, that Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception. If such Seller fails to deliver a notice to Purchaser may elect within three five (35) days after the expiration end of the New Exception Review Period, that Seller shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with such Seller’s response, or lack thereof, Purchaser may, as its exclusive remedy elect Cure Period either: (i) to terminate this Contract with respect as to the Property subjected Lots affected by such New Exception, in which event the prorata portion of the Deposit for such Lots shall be refunded to Purchaser and the parties shall have no further rights or obligations under this Contract as to such New Exception only by delivering a Termination Notice to Sellers’ Representative Lots; or (ii) to waive the New Exception such objection and proceed with the transactions contemplated by this Contractacquisition of the Lots in such Takedown, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify the Sellers’ Representative Seller of its election to terminate this Contract as to the applicable Lots in accordance with the foregoing sentence by the later of sentences within five (a) the end of the Feasibility Period and (b) the date which is six (65) days after the expiration of the New Exception Review Period, Seller Cure Period (i) Purchaser shall be deemed to have elected to approve waive its objections as described in the preceding sentences (ii), and irrevocably waive any objections all such items shall be deemed to the New Exception. If Sellers’ Representative receives a Termination Notice pursuant to this Section 4.4, then the provisions of Section 13.33 shall apply to the Property with respect to which this Contract has been so terminatedbe Permitted Exceptions.