Correcting Defects. If the Property does not comply with Section 11 of this Agreement, then Purchaser shall notify Seller in writing within five (5) business days of Purchaser's receipt of the initial report of title or any update thereof, and Seller shall have a period of sixty (60) days within which to make it comply and the Closing Date shall be adjourned for up to sixty (60) days to permit such curative action. If the Property still does not comply after that date, then Purchaser may terminate this Agreement (in which event Purchaser shall serve a Deposit Demand upon Escrow Agent and Escrow Agent shall deliver the Deposit and all interest thereon to Purchaser) or proceed to Closing and waive such non-compliance, without any reduction in the Purchase Price. Notwithstanding the foregoing, Seller shall have the obligation, at Seller's sole cost and expense, to satisfy and remove of record all liens, encumbrances or other title matters, other than Permitted Exceptions, which (i) can be satisfied or removed by the payment of a liquidated sum of money (such as a mortgage, a tax lien or a judgment) in an amount not to exceed $50,000 in the case of a judgment or a lien not created by Seller; or (ii) first arise of record after the date of Purchaser's initial title examination. Nothing in this Section 12 shall prohibit Purchaser from notifying Seller prior to or at Closing of Title of any additional title objections which did not exist as of the Due Diligence Termination Date and Seller shall have the obligation to clear such objections (unless they do not render title unmarketable or uninsurable at regular title rates, or do not impair the development of the Property as contemplated by Purchaser herein) within sixty (60) days and if such defect shall not be cleared by Seller, Purchaser may elect to terminate this Agreement (in which event Purchaser shall serve a Deposit Demand upon Escrow Agent and Escrow Agent shall deliver the Deposit and all interest thereon to Purchaser). 11 13.
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Sources: Agreement for Sale of Real Estate
Correcting Defects. If the Property does not comply with Section 11 of this Agreement, then Purchaser shall notify Seller in writing within five (5) business days of Purchaser's receipt of the initial report of title or any update thereof, and Seller shall have a period of sixty (60) days within which to make it comply and the Closing Date shall be adjourned for up to sixty (60) days to permit such curative action. If the Property still does not comply after that date, then Purchaser may terminate this Agreement (in which event Purchaser shall serve a Deposit Demand upon Escrow Agent and Escrow Agent shall deliver the Deposit and all interest thereon to Purchaser) or proceed to Closing and waive such non-compliance, without any reduction in the Purchase Price. Notwithstanding the foregoing, Seller shall have the obligation, at Seller's sole cost and expense, to satisfy and remove of record all liens, encumbrances or other title matters, other than Permitted Exceptions, which (i) can be satisfied or removed by the payment of a liquidated sum of money (such as a mortgage, a tax lien or a judgment) in an amount not to exceed $50,000 in the case of a judgment or a lien not created by Seller; or (ii) first arise of record after the date of Purchaser's initial title examination. Nothing in this Section 12 shall prohibit Purchaser from notifying Seller prior to or at Closing of Title of any additional title objections which did not exist as of the Due Diligence Termination Date and Seller shall have the obligation to clear such objections (unless they do not render title unmarketable or uninsurable at regular title rates, or do not impair the development of the Property as contemplated by Purchaser herein) within sixty (60) days and if such defect shall not be cleared by Seller, Purchaser may elect to terminate this Agreement (in which event Purchaser shall serve a Deposit Demand upon Escrow Agent and Escrow Agent shall deliver the Deposit and all interest thereon to Purchaser). 11 13.
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