Common use of Title and Survey Clause in Contracts

Title and Survey. Purchaser has ordered, at its expense (and upon receipt, Purchaser shall promptly deliver copies to Seller): (i) a commitment for a 1992 form ALTA Owner's title insurance policy with respect to the Property from Commonwealth Land Title Insurance Company (the "Title Insurer") in the amount of the Purchase Price, and (ii) copies of all documents relating to title exceptions referred to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have to any exceptions reported in the commitment or any matter shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten (10) days after receipt of Purchaser's notice within which to notify Purchaser whether Seller elects to either (a) eliminate or induce the Title Insurer to insure over (subject to Purchaser's consent, not to be unreasonably withheld) the Unacceptable Exceptions or (b) terminate this Agreement. If Seller agrees to eliminate or induce to the Title Insurer to insure over (with Purchaser's consent) the

Title and Survey. Purchaser has orderedNot less than thirty (30) days prior to the Closing ----------------- Date, Landlord shall deliver to Tenant a commitment (the "Commitment") in the amount of the Purchase Price issued by the Title Company as shall be acceptable to the parties and a current survey ("Survey") of the Premises prepared by a registered New York land surveyor in accordance with 1999 ALTA/ASCM Minimum Survey Standards certified to Tenant and the Title Company which contains an accurate legal description of the Premises and indicates the following: (i) the boundary lines of the Premises and the number of square feet contained therein; (ii) the location and course of all utility and other lines and easements, either visible or recorded, and the recording references thereof; (iii) all public and private streets, roads, driveways, and rights-of-way on or abutting the Premises; and (iv) no encroachments by any improvements from adjoining property onto the Premises. The Survey shall be in form and content sufficient to cause the Title Company to delete all survey exceptions from the "Title Policy" (as hereinafter defined). If the Commitment discloses encumbrances or exceptions to title other than the Permitted Exceptions (such other exceptions being referred to as "Unpermitted Exceptions"), or the Survey furnished to Tenant does not comply with the foregoing requirements (any items which cause the Survey not to comply being referred to as "Survey Defects"), Landlord, at its expense (sole cost and expense, shall cause the Unpermitted Exceptions to be removed from the Commitment and Survey Defects to be removed prior to the Closing. If the Survey Defects and Unpermitted Exceptions, if any, have not been so removed prior to the Closing, Tenant, at is sole option and upon receiptnotice to Landlord, Purchaser may elect to terminate its exercise of the Option or proceed to Closing, and accept title subject to such Survey Defects and Unpermitted Exceptions. In the event the Option is so terminated, neither party shall promptly deliver copies have any further liability or obligation hereunder. Landlord, at Landlord's expense, shall furnish through the Escrow to Seller): (i) a commitment for a 1992 form Tenant, and the consummation of the Closing shall be conditioned upon the issuance to Tenant by the Title Company of an ALTA Owner's title insurance policy with respect to the Property from Commonwealth Land Title Insurance Company Policy Form B-1992 (the "Title InsurerPolicy") in the amount of the Purchase Price, and insuring fee simple title to the Premises in Tenant (ii) copies of all documents relating or Tenant's nominee), subject only to title exceptions referred to therein. Seller has already orderedthe Permitted Exceptions, and Purchaser has receivedcontaining such endorsements as are specified by Tenant, at Purchaser's sole expenseincluding, a plat of survey of without limitation, an extended coverage endorsement deleting the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have to any general exceptions reported customarily set forth in the commitment or any matter shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten (10) days after receipt of Purchaser's notice within which to notify Purchaser whether Seller elects to either (a) eliminate or induce the Title Insurer to insure over (subject to Purchaser's consent, not to be unreasonably withheld) the Unacceptable Exceptions or (b) terminate this Agreement. If Seller agrees to eliminate or induce to the Title Insurer to insure over (with Purchaser's consent) thePolicy.

Title and Survey. Seller shall convey good marketable and insurable fee simple title to the Property to Purchaser, by execution and delivery of the Deed (as hereinafter defined), free and clear of all liens and encumbrances, subject only to the Permitted Title Exceptions, as defined herein, the leases and any other matter of title which Purchaser has orderedshall approve or waive in accordance with this Agreement. "Good, marketable and insurable fee simple title" shall mean such title as is insurable by the Escrow Holder at standard rates on its expense ALTA Form 1992 owner's policy without exception, except for the leases and the Permitted Title Exceptions (the "Title Commitment"). Seller agrees to order (and upon receipt, Purchaser shall to promptly deliver copies to Seller): (iPurchaser) a commitment for a 1992 form ALTA Owner's title insurance policy an "as-built" survey of the Property, which shall be prepared in accordance with respect to the Property from Commonwealth Land Title Insurance Company requirements set forth on Schedule 4 attached hereto (the "Title InsurerSurvey"). Within ten (10) in the amount business days following Purchaser's receipt of the Purchase Price, and (ii) copies of all documents relating to title exceptions referred to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey later of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant to the accuracy standards of an Urban Commitment and Survey. On or before January 30, 1998, Purchaser agrees to shall notify Seller of any objection reasonable objections Purchaser may have to any exceptions reported in the commitment or any matter exception shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to PurchaserCommitment or Survey. If Purchaser fails to give such any notice to Seller, Purchaser shall be deemed to have waived such right to object to any title exceptions shown on the survey Title Commitment or matters shown on the Survey, and all the matters shown on the Title Commitment and disclosed on the Survey shall be the "Permitted Title Exceptions." In the event that the legal description of the exceptions Property as determined by the Survey differs from the legal description by which the Property was conveyed to Seller, then, at the request of Purchaser, Seller shall also execute and deliver at Closing a quitclaim deed in favor of Purchaser containing the title commitment will be deemed acceptable to Purchaserlegal description as determined by the Survey. Seller will shall remove any monetary liens (except property taxes not yet due and payable), judgments, all assessments levied and payable at the time of Closing or other monetary encumbrances encumbering title to the Property and held by persons claiming through or under Seller at or before Closing (collectively, "Seller Defects"). If Seller fails to do so, Purchaser shall have the right at Closing to satisfy any Seller Defects by withholding the required amount from the Purchase Price and paying and discharging the Seller Defects. If Purchaser does give Seller timely notice of objection to any title exception or matters of survey, Seller shall then have the right, but not the obligation, except as herein expressly provided, for a period of ten (10) days after such notice, to cure or satisfy or undertake to cure or satisfy such objection by the Closing. All title exceptions and matters of survey not objected to are Permitted Title Exceptions. If such objection is not so timely cured or satisfied or undertaken to be cured or satisfied by Seller, then Purchaser shall, within (5) days after receipt by Purchaser of Purchasernotice of Seller's election to undertake a cure or not and as its only remedy, elect, by written notice within which to notify Purchaser whether be delivered to Seller elects on or before such fifth (5th) day, either to either (a) eliminate or induce terminate this Agreement, in which case the Title Insurer to insure over (subject to Purchaser's consentDeposit, not less $100.00 to be unreasonably withheld) paid to Seller, shall be returned to Purchaser by Escrow Holder, and the Unacceptable Exceptions parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination, or (b) terminate waive its objection hereunder and proceed with the transaction pursuant to the remaining terms and conditions of this Agreement. If Seller does so cure or satisfy, or undertake to cure or satisfy, such objections, then this Agreement shall continue in full force and effect. Purchaser shall have the right at any time prior to termination to waive any objections that it may have made and, thereby, to preserve this Agreement in full force and effect. Except as otherwise expressly permitted herein with respect to leasing, Seller agrees not to eliminate further alter or induce encumber in any way Seller's title to the Title Insurer to insure over (with Property after the execution hereof without Purchaser's prior written consent. Purchaser shall have the right to object to any change in title occurring after the effective date of the Title Commitment and prior to the Closing, and if Seller cannot or will not cure or satisfy any such objection (or any objection which Seller has previously undertaken to cure or satisfy) theby the Closing, Buyer may exercise the option set forth in clause (a) or (b) above. The Closing Date shall be automatically extended to permit all time periods in this Paragraph 4 to run fully. Failure of Purchaser to elect either option (a) or option (b) when available, shall be deemed to be an election of option (a).

Title and Survey. Purchaser Blackstone has ordered, at its expense (and upon receipt, Purchaser shall promptly deliver copies to Seller): (i) a commitment for a 1992 form ALTA Owner's ordered title insurance policy commitments from the Title Company (the “Title Commitments”) for the issuance of the Title Policies for each of the Properties, together with complete, legible copies of all requirement and exception documents referenced in each such Title Commitment and Steadfast has delivered to Blackstone copies of the most recent version of any land title surveys for each of the Properties (the “Surveys”) in Steadfast’s possession and control. Blackstone has given Steadfast written notice of which exceptions to the title to such Property disclosed by the Title Commitments are acceptable and which are unacceptable to Blackstone (all unacceptable exceptions are hereinafter referred to as “Title Objections”). Steadfast and Blackstone have resolved all outstanding Title Objections and hereby agree that the specific exceptions to title included on the owner pro formas identified on Schedule 8.1 attached hereto, shall constitute the “Permitted Exceptions” hereunder with respect to the applicable Property noted therein. Notwithstanding the foregoing, Blackstone may have the Title Commitment for any Property updated from Commonwealth Land Title Insurance Company (time to time up to and through the "Title Insurer") Closing Date and Blackstone may give Steadfast notice of any additional title exceptions disclosed thereby or otherwise disclosed in writing to Blackstone that were not listed in the amount original Title Commitment for such Property or any previous update thereof obtained by Blackstone (“Additional Title Objections”) and which are not acceptable to Blackstone (in which case the Parties will follow the procedure for Title Objections with respect to the same that is outlined in Section 8.2 below). The Parties agree that if the Title Company or Blackstone shall become aware of any monetary lien which encumber any Property as a result of any action or agreement executed by any predecessor owner of the Purchase PriceProperty, which lien or agreement was not assumed by Steadfast or a Property Owner, then such lien shall constitute an Additional Title Objection and (ii) copies the terms of all documents relating to title exceptions referred to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have to any exceptions reported in the commitment or any matter shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten (10) days after receipt of Purchaser's notice within which to notify Purchaser whether Seller elects to either (a) eliminate or induce the Title Insurer to insure over (subject to Purchaser's consent, not to be unreasonably withheld) the Unacceptable Exceptions or (b) terminate this Agreement. If Seller agrees to eliminate or induce to the Title Insurer to insure over (with Purchaser's consent) theSection 8.2 shall apply.

Title and Survey. Purchaser has orderedPrior to the date hereof, Seller has, at its expense sole cost and expense, obtained and delivered to Purchaser: (and upon receipt, Purchaser shall promptly deliver copies to Seller): (ia) a commitment for a 1992 form an ALTA Extended Owner's ’s policy of title insurance policy (the “Title Commitment”) on the Real Property issued by the Title Company and (b) the underlying title documents. Purchaser has, at its sole cost and expense, obtained an update of the Seller’s existing survey delivered in accordance with respect Section 3.1 above (the updated survey hereinafter referred to as the “Survey”). Purchaser has prior to the Property from Commonwealth Land date hereof reviewed the Title Insurance Company Commitment and Survey and agrees that all the exceptions identified on Exhibit T, including any exception raised for unfinished construction relating to the Construction Contracts (as defined in Section 15.4 hereof), to the Title Commitment and the form and substance of the Survey, are acceptable (the "“Permitted Exceptions”). If (i) the Title Insurer"Company revises the Title Commitment to add or modify exceptions, or to add or modify the conditions to obtaining any endorsement requested by Purchaser, except for any exceptions resulting from (a) in the amount of the Purchase Price, and (ii) copies of all documents relating to title exceptions referred to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey ’s acts or inspections of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have to any exceptions reported in the commitment or any matter shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten (10) days after receipt of Purchaser's notice within which to notify Purchaser whether Seller elects to either (a) eliminate or induce the Title Insurer to insure over (subject to Purchaser's consent, not to be unreasonably withheld) the Unacceptable Exceptions or (b) a tenant’s actions in contravention of its lease at the Property (“New Title Exceptions”), and/or (ii) any materially adverse matter (not including any Permitted Exceptions) appears on any update to the Survey (“New Survey Exceptions”; New Survey Exceptions and New Title Exceptions are collectively referred to as “New Exception(s)”), Seller shall have the right, but not the obligation, to cure (by removal, endorsement (in a form reasonably approved by Purchaser) or otherwise) such objections on or before the Closing Date. If the New Exception(s) are not cured by Seller, or waived by Purchaser, by the scheduled Closing Date then Purchaser may, at its option, and as its sole and exclusive right and remedy, terminate this Agreement. If Seller agrees , in which event the Exxxxxx Money shall be returned to eliminate or induce Purchaser and neither party shall have any further obligations to the other party except for the Surviving Obligations. Notwithstanding anything in this Agreement to the contrary, and notwithstanding any approval or consent given or deemed given by Purchaser hereunder, Seller shall, at no cost or expense to Purchaser: (i) remove, by payment or endorsement (on a form reasonably approved by Purchaser), any liens or encumbrances securing a mortgage debt or any mechanics’, materialman’s or other liens arising from Seller’s intentional acts or omissions and any judgments against Seller (collectively, “Monetary Liens”) at or prior to the Closing; (ii) satisfy the Title Insurer Company as to insure over Seller’s power and authority to enter into this Agreement and to convey the Property to Purchaser and otherwise consummate the transactions contemplated hereby; and (with Purchaser's consentiii) theexecute such customary affidavits as are reasonably requested by the Title Company.

Title and Survey. Purchaser has ordered, at its expense Within five (and upon receipt, Purchaser shall promptly deliver copies to Seller): 5) business days of Purchaser's receipt of (i) a commitment for a 1992 form an ALTA Owner's title insurance policy with respect to Owners Title Insurance Policy for the Property from Commonwealth Land Title Insurance Company in conformity with paragraph 10 of the Letter Agreement (the "Title InsurerCommitment") in the amount together with legible copies of the Purchase Price, any and all title exception documents referenced therein; and (ii) copies of all documents relating the Survey required to title exceptions referred be delivered by Seller pursuant to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey paragraph 15 of the Property made Letter Agreement (the "Survey"), Purchaser may deliver to Seller a notice (the "Title and Survey Notice") identifying any matters referenced in or shown on the Title Commitment and/or the Survey (including, without limitation, the Deed Exceptions) that are not acceptable to Purchaser in its sole and absolute discretion (the "Title/Survey Objections"). All other matters shown and referenced thereon and therein shall be deemed "Permitted Exceptions". If Purchaser shall deliver a Title and Survey Notice to Seller in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys the foregoing, Seller shall, within five (1992) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have to any exceptions reported in the commitment or any matter shown on the plat of survey (the "Unacceptable Exceptions"). Seller will be responsible for satisfaction of the Title Insurer's Schedule B-1 seller requirements. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten (105) days after receipt of Purchaser's notice within which to such notice, notify Purchaser in writing whether Seller intends to cause any Title/Survey Objections to be removed, obtain affirmative title insurance acceptable to Purchaser with respect thereto, or take no further action. In the event Seller elects to take no further action, Purchaser may elect to either (a) eliminate terminate the Purchase Agreement and receive a return of the Deposit or induce waive the Title Insurer Title/Survey Objections whereupon they shall be deemed Permitted Exceptions. Notwithstanding the foregoing, Seller shall be obligated to insure over (subject remove any Title/Survey Objections relating to Purchaser's consent, not to mortgages or monetary liens incurred or assumed by Seller that can be unreasonably withheld) satisfied solely by the Unacceptable Exceptions or (b) terminate this Agreement. If Seller agrees to eliminate or induce to the Title Insurer to insure over (with Purchaser's consent) thepayment of money.

Title and Survey. Seller has provided Purchaser has ordered, at its expense (and upon receipt, Purchaser shall promptly deliver copies to Seller): (i) with a preliminary title commitment for a 1992 form ALTA Owner's title insurance policy with respect to the Property from Commonwealth Land Title Insurance Company (the "Title Insurer") in the amount each of the Purchase PriceProperties (individually, a “Seller’s Title Commitment”, and collectively, the “Seller’s Title Commitments”). Purchaser shall have the right, but not the obligation, to order at Purchaser’s expense from the Title Company, a preliminary title commitment with respect to each of the Properties (ii) individually, a “Purchaser’s Title Commitment”, and collectively, the “Purchaser’s Title Commitments”). Purchaser shall direct the Title Company to send a copy of each of the Purchaser’s Title Commitments to Seller. “Title Commitment” shall mean a Seller’s Title Commitment or a Purchaser’s Title Commitment. The Seller’s Title Commitments and Purchaser’s Title Commitments are collectively referred to as the “Title Commitments”. Promptly upon execution of this Agreement, Purchaser may arrange, also at its expense, for the preparation of one or more updates of each Existing Survey (individually, a “Survey”, and collectively, the “Surveys”). Purchaser likewise shall make copies of all documents relating such Surveys available to title exceptions referred Seller prior to thereinClosing. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat of survey shall have until the end of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Inspection Period to give written notice (the “First Title Surveys (1992Notice”) pursuant to the accuracy standards of an Urban Survey. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection such objections as Purchaser may have to any exceptions reported to title disclosed in the Title Commitments or in the Surveys or otherwise in Purchaser’s examinations of title. From time to time at any time after the First Title Notice and prior to the Closing Date, Purchaser may give written notice (a “Subsequent Title Notice”) to Seller of exceptions to title first appearing of record with respect to a Property after the effective date of the most recent previous title commitment or any matter shown on the plat updated title commitment with respect to such Property or matters of survey (which matters of record or matters of survey would not have been disclosed by an accurate updated examination of title or preparation of an updated ALTA survey prior to date of the "Unacceptable Exceptions")initial Title Commitment with respect to such Property or the initial Survey with respect to such Property. Seller will be responsible for satisfaction of shall have the Title Insurer's Schedule B-1 seller requirementsright, but not the obligation (except as to Monetary Objections), to attempt to remove, satisfy or otherwise cure any exceptions to title to which the Purchaser so objects. All other exceptions and survey matters will be deemed acceptable to Purchaser. If Purchaser fails to give such notice to Seller, the survey and all of the exceptions in the title commitment will be deemed acceptable to Purchaser. Seller will have ten Within five (105) days Business Days after receipt of Purchaser's ’s First Title Notice, Seller shall give written notice to Purchaser informing the Purchaser of the election of Seller with respect to the objections in the First Title Notice. Within five (5) Business Days after receipt of any Subsequent Title Notice, Seller shall give written notice to Purchaser informing the Purchaser of the election of Seller with respect to the objections in such Subsequent Title Notice. If Seller fails to give written notice of election within which such five (5) Business Day period, Seller shall be deemed to notify Purchaser whether have elected not to attempt to cure the objections (other than Monetary Objections) set forth in the First Title Notice or such Subsequent Title Notice, whichever is applicable. If Seller elects to either attempt to cure any objections, Seller shall be entitled to one or more reasonable adjournments of the Closing of up to but not beyond the thirtieth (a30th) eliminate day following the initial date set for the Closing to attempt such cure, but, except for Monetary Objections, Seller shall not be obligated to expend any sums, commence any suits or induce the Title Insurer take any other action to insure over (subject effect such cure. Except as to Purchaser's consentMonetary Objections, if Seller elects, or is deemed to have elected, not to cure any exceptions to title to which Purchaser has objected or if, after electing to attempt to cure, Seller determines that it is unwilling or unable to remove, satisfy or otherwise cure any such exceptions, Purchaser’s sole remedy hereunder in such event shall be unreasonably withheldeither (i) to accept title to the Unacceptable Exceptions applicable Property subject to such exceptions as if Purchaser had not objected thereto and without reduction of the Purchase Price, (ii) if such exceptions are matters first appearing of record after the date of this Agreement, and arise by, through or (b) under Seller, to terminate this Agreement, or (iii) to terminate this Agreement within five (5) Business Days after receipt of written notice from Seller either of the election of Seller not to attempt to cure any objection or of the determination of Seller, having previously elected to attempt to cure, that Seller is unable or unwilling to do so, or five (5) Business Days after Seller is deemed hereunder to have elected not to attempt to cure such objections (and upon any such termination under clause (ii) or (iii) above, Escrow Agent shall return the Xxxxxxx Money to Purchaser). If Seller agrees to eliminate or induce Notwithstanding anything to the Title Insurer contrary contained elsewhere in this Agreement, Seller shall be obligated to insure over cure or satisfy all Monetary Objections at or prior to Closing, and may use the proceeds of the Purchase Price at Closing for such purpose. All exceptions to title to which Purchaser fails to object in accordance with this Section 3.4, and all exceptions to title which Purchaser elects (with Purchaser's consentor is deemed to have elected) theto accept title to the applicable Property subject to, shall be deemed to be added to, be a part of, and included as “Permitted Exceptions”.

Title and Survey. Seller has delivered to Purchaser has ordered, at its expense (and upon receipt, Purchaser shall promptly deliver copies to Seller): (i) a copy of a title commitment for a 1992 form ALTA Owner's title insurance policy with respect to the Property from Commonwealth Land Title Insurance Company (the "Title Insurer") in the amount of the Purchase PriceProperty, and (ii) copies of all documents relating to title exceptions referred to therein. Seller has already ordered, and Purchaser has received, at Purchaser's sole expense, a plat copy of a recent survey of the Property made in accordance with Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys (1992) pursuant the "Existing Survey"), which Purchaser has approved. Seller shall deliver to Purchaser, prior to the accuracy standards Closing, an updated survey of an Urban the Property substantially similar to the Existing Survey and certified to Purchaser, its land trust, its beneficiary, and Lasalle National Bank, N.A. ( the "New Survey"), which certification shall be in the form of Exhibit F attached hereto. On or before January 30, 1998, Purchaser agrees to notify Seller of any objection Purchaser may have take title subject to any exceptions reported in the commitment or any matter shown title exemptions listed on the plat of survey Exhibit D attached hereto (the "Unacceptable Permitted Exceptions"). Seller will shall use reasonable efforts to cure any title or survey objection (i.e., any survey defect reflected on the New Survey which was not reflected on the Existing Survey) other than the Permitted Exceptions, either by removing same or by insurance over such objected-to exception, subject to the provisions set forth below. The policy of title insurance to be responsible for issued by Escrow Holder shall be a 1970 ALTA Form B Owner's Title insurance Policy in an amount equal to the purchase price, subject to the Permitted Exceptions and shall contain full extended coverage over all general title exceptions contained in such policy, a 3.1 zoning endorsement with parking, a tax parcel identification endorsement confirming that all property included with each tax parcel identification number affecting the Property consists solely of property included within the definition of Property herein, a location endorsement, an access endorsement, a contiguity endorsement, and an endorsement insuring no violation of building lines, covenants, easements or restrictions pertaining to the Property (collectively, the "Title Policy"). Seller shall work with the Escrow Holder to obtain such endorsements. Purchaser shall satisfy itself (i) with regard to the form of the above endorsements and (ii) that the New Survey does not raise any new title defects, and the Closing shall be contingent upon the satisfaction of the Title Insurer's Schedule B-1 seller requirementssuch matters. All other If, prior to Closing, Seller is unable to remove or provide insurance over any exceptions and to title or survey matters will that arise after the date hereof and are not Permitted Exceptions, and Purchaser is unwilling to take title subject thereto, then Purchaser may terminate this Agreement and the Deposit, and all interest thereon, shall be deemed acceptable returned to Purchaser. If Purchaser fails However, if such exceptions to give such notice to Seller, title or survey matters are not removed or insured over by the survey and all date of the exceptions in Closing, Purchaser may elect to accept title subject thereto and to discharge any tax, mortgage, financing or mechanic's lien of any amount or any other unpermitted monetary liens or encumbrances which can be discharged by the title commitment will payment of $150,000 or less and to deduct from the purchase price the amount necessary to do so. The above referenced $150,000 limit shall not be deemed acceptable applicable to Purchaser. Seller will have ten (10) days after receipt mortgages or liens recorded against the Property with the consent of Purchaser's notice within which to notify Purchaser whether Seller elects to either (a) eliminate or induce the Title Insurer to insure over (subject to Purchaser's consent, not to be unreasonably withheld) the Unacceptable Exceptions or (b) terminate this Agreement. If Seller agrees to eliminate or induce to the Title Insurer to insure over (with Purchaser's consent) theSeller.