Common use of Preliminary Title Report Clause in Contracts

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. Seller has delivered a preliminary title report for the Property to Buyer and Seller (athe "PTR"). Buyer shall until 5:00 p.m. Pacific Time on December 21, 2012 to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer's failure to deliver to Seller written notice of any Disapproved Exceptions within such time period shall be deemed approval by Buyer of all exceptions to title reported in the PTR. In the event Buyer shall give notice of any Disapproved Exception, Seller shall have three (3) Within two Business Days after receipt of such notice to notify Buyer and Escrow Holder either (1) that Seller will cure or insure over such Disapproved Exception; or (2) days following the Opening of Escrow, that Seller will not cure or insure over such Disapproved Exception. Seller's failure to give such notice with respect to a Disapproved Exception shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title constitute an election not to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions cure or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any insure over such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instructionDisapproved Exception; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money cure any Disapproved Exception which is a deed of trust encumbering the Property and any delinquent property taxes or obtain any endorsements in order to remove any title exceptionsassessments. Seller shall, however, cause any consensual monetary liens, if any, affecting shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the PTR, except for current real property taxes. In the event Seller elects or is deemed to be removed as elect not to cure or insure over any Disapproved Exception, Buyer shall have the option at any time prior to the end of the ClosingFeasibility Period to terminate this Agreement by notice to Seller and Escrow Holder to that effect, and no party shall have any further rights or obligations under this Agreement except those which by their terms, survive the termination hereof.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance receipt of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report Report. Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. Seller will, within five (a5) Within two (2) days following Business Days after the Opening of Escrow, Seller shall provide Buyer cause the Title Company to deliver a copy of its existing preliminary title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance report for the Property showing all liens, encumbrances to Buyer and other matters affecting the title to the Property Seller (the “"Title Report”") and will provide a copy thereof together along with legible copies of the all plotted easements and underlying documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report referenced therein. Buyer shall have until the end of the Review Feasibility Period to object notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any items contained Disapproved Exceptions by the end of the Feasibility Period shall be deemed approval by Buyer of all exceptions to title reported in the Survey (as that term is defined in Section 3.2)Title Report. Should In the event Buyer object to shall give notice of any provisions contained thereinDisapproved Exception, Seller shall, within shall have five (5) days of the Business Days after receipt of any such objections, advise notice to notify Buyer of which title objections it and Escrow Holder either (1) that Seller will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period cure or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instructioninsure over such Disapproved Exception; or (ii2) Buyer can choose that Seller will not cure or insure over such Disapproved Exception. Seller's failure to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any give such notice with respect to a Disapproved Exception shall constitute an election not to cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If or insure over such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instructionDisapproved Exception; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money cure any Disapproved Exception which is a deed of trust or obtain other monetary lien encumbering the Property not caused by or on behalf of Buyer and any endorsements in order to remove any title exceptionsdelinquent property taxes or assessments. Seller shall, however, cause any consensual monetary liens, if any, affecting shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to be removed as elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within three (3) Business Days after receipt (or three (3) Business Days after the date Seller’s response was due if not given) to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the ClosingDeposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereof.

Preliminary Title Report. (a) Within two Not later than four (4) business days after the date of this Agreement, Seller, with Buyer's assistance and cooperation as necessary, shall arrange for the Title Company to prepare and deliver to Buyer a preliminary title report (the "Title Report") covering the Real Property dated not earlier than the date of this Agreement, such report showing all matters of record and all items which would be shown as exceptions on a ALTA owner's policy of title insurance, together with a recent ALTA survey of the Real Property certified by a licensed land surveyor and a legible copy of each recorded document underlying any exceptions shown in the Title Report. Subject only to the following permitted exceptions (the "Permitted Exceptions"), Seller shall cause all exceptions to title to the Real Property set forth in such Title Report to be removed prior to the Closing: (1) the standard printed exceptions contained in the Title Company's form of Owner's Policy; (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents building restrictions and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and zoning regulations heretofore or hereafter adopted by any municipal or other matters affecting the title public authority relating to the Property Property; (3) current property taxes not yet delinquent; (4) the “Title Report”exceptions approved by Buyer in accordance with Section 5.13(b); and (5) any exception to which Buyer, in Buyer's sole discretion, specifically and will provide a copy thereof together with legible copies of expressly consents in writing prior to the documents shown as title exceptions or requirements therein to SellerClosing. Buyer shall pay all fees and costs associated with obtaining the Title Report. (b) Buyer shall have ten until 5:00 p.m. (10Los Angeles time) days on the fifth (5th) calendar day following issuance Buyer's receipt of the Title Report to objectdisapprove, in Buyer’s 's sole and absolute discretion, to any other items contained matters set forth in the Title Report Report; provided, however, that Buyer may not disapprove of the exceptions described in items (1), (2) and (3) of Section 5.13(a). If Buyer timely disapproves of any matters set forth in the Title Report, other than with respect to the exceptions described in items (1), (2) and (3) of Section 5.13(a), Seller shall have until three (3) business days to indicate in writing whether Seller will cause such disapproved matters to be removed as exceptions to title prior to or concurrently with the end of the Review Period Closing. Seller's failure to object timely respond shall be deemed to any items contained in the Survey (constitute Seller's irrevocable agreement to remove all such disapproved matters as exceptions to title. If Seller timely indicates that term it is defined in Section 3.2). Should Buyer object unwilling to any provisions contained therein, Seller shall, within five (5) days of the receipt of remove any such objections, advise Buyer of which title objections it will cure. Thereafter, prior disapproved matters as exceptions to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response noticetitle, Buyer may either: elect to (i) reject proceed with the Title Report transaction contemplated hereby and take title subject to such disapproved matters, or (ii) terminate this Agreement. Buyer's failure to make such election within three (3) business days after being informed of Seller's decision shall be deemed an election of option (i). If Buyer terminates this Agreement pursuant to this Section 5.13(b), the Deposit (and all interest accrued thereon) shall be returned to Buyer, and the Survey, in which case this Agreement is terminated, the parties will shall have no further rights or obligations hereunder (to one another except those which specifically for any obligations that, by their terms, survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer Seller will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to SellerBuyer. Buyer shall have ten (10) days following issuance receipt of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property Properties showing all liens, encumbrances and other matters affecting the title to the Property Properties (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance receipt of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report Report. Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property Properties or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property Properties to be removed as of the Closing.

Preliminary Title Report. Seller will, within five (a5) Within two (2) days following Business Days after the Opening of Escrow, Seller shall provide Buyer cause the Title Company to deliver a copy of its existing preliminary title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance report for the Property showing to Buyer and Seller (the "Title Report") along with copies of all liens, encumbrances plotted easements and other matters affecting the title underlying documents referenced therein. Buyer shall have until thirty (30 days prior to the Property end of the Feasibility Period (the “"Title Disapproval Deadline") to notify Seller and Title Company what exceptions to title shown thereon, if any, are unacceptable to Buyer ("Disapproved Exceptions"). Buyer’s failure to deliver to Seller written notice of any Disapproved Exceptions by the end of the Title Disapproval Deadline shall be deemed approval by Buyer of all exceptions to title reported in the Title Report”) and will provide a copy thereof together with legible copies . In the event Buyer timely gives notice of the documents shown as title exceptions or requirements therein to Seller. Buyer any Disapproved Exception, Seller shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the Business Days after receipt of any such objections, advise notice to notify Buyer of which title objections it and Escrow Holder either (1) that Seller will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period cure or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instructioninsure over such Disapproved Exception; or (ii2) Buyer can choose that Seller will not cure or insure over such Disapproved Exception. Seller's failure to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any give such notice with respect to a Disapproved Exception shall constitute an election not to cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If or insure over such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instructionDisapproved Exception; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money cure any Disapproved Exception which is a deed of trust or obtain other monetary lien encumbering the Property not caused by or on behalf of Buyer and any endorsements in order to remove any title exceptionsdelinquent property taxes or assessments. Seller shall, however, cause any consensual monetary liens, if any, affecting shall keep the Property free and clear of all monetary liens and encumbrances not reflected in the Title Report, except for current real property taxes. In the event Seller elects or is deemed to be removed as elect not to cure or insure over any Disapproved Exception, Buyer shall have the option within five (5) Business Days after receipt (or five (5) Business Days after the date Seller’s response was due if not given) to terminate this Agreement by written notice to Seller and Escrow Holder to that effect, in which case Buyer shall receive a refund of the ClosingDeposit and accrued interest thereon, and no party shall have any further rights or obligations under this Agreement except those which, by their terms, survive the termination hereof.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no No later than five (5) days prior Business Days after the Effective Date, Seller shall, or shall cause Title Company to, deliver to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject a preliminary title report (the "TITLE REPORT") on the Property issued by Title Company; (ii) copies of all documents shown as exceptions in the Title Report; (iii) a copy of the most recent tax ▇▇▇▇ for the Property; and (iv) per Buyer's request, title insurance commitment (which, in the event of termination of this Agreement for any reason, including a failure to close, shall be charged solely to Buyer by Title Company). If Buyer desires to obtain, at Buyer's sole expense, an American Land Title Association ("ALTA") Extended Coverage Owner's Policy of Title Insurance in lieu of a California Land Title Association ("CLTA") Owner's Title Insurance Policy, then within ten (10) Business Days after Buyer shall have received the Title Report and copies of all documents shown therein as exceptions to title (but in all events prior to expiration of the SurveyFeasibility Period), Buyer shall notify Seller thereof. If any exceptions appear in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports that are issued from the same title company after unacceptable to Buyer, then Buyer shall, before the expiration of such ten (10) Business Day period (but in all events prior to expiration of the Review Feasibility Period), provide written notice to Seller, which notice shall specify all such unacceptable exceptions to title (collectively, "BUYER'S TITLE OBJECTIONS") and describe why each such title exception is unacceptable to Buyer. Upon the earlier of the end of the Feasibility Period or expiration of such ten (10) Business Day period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given all exceptions to Seller title and all matters shown on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report other than Buyer's Title Objections, and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit such exceptions shall be immediately refunded included in the term "PERMITTED ENCUMBRANCES" as used herein. The Feasibility Period shall not be extended if Buyer elects to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Surveyobtain an ALTA policy. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Escrow Agent has issued and delivered to Seller shall provide and Buyer a copy of its existing Preliminary title insurance policyreport (commitment for title insurance) concerning the Real Property, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of all instruments referred to therein (collectively, the documents shown as "Report"). The Report is to be preliminary to the extended coverage owner's policy or policies of title exceptions or requirements therein insurance to Sellerbe issued through Fidelity National Title Insurance Company, ▇▇▇▇ ▇. Buyer shall have ten (10) days following issuance ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attn: ▇▇▇▇▇ ▇▇▇▇▇▇ insuring Buyer's fee simple title to the Real Property in the amount of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained Purchase Price. Seller shall be responsible for the premium for an extended coverage owner's policy in the Title Report amount of the Purchase Price, plus providing typical owner's declarations respecting the absence of mechanic's liens. The cost of all endorsements to the title policy shall be borne by Seller as provided below (b) Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Feasibility Period or (y) receipt of Seller’s title response notice, Buyer may in which to advise Seller in writing either: (i) reject that the Title Report and condition of title to the Survey, in which case this Agreement Real Property is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instructionacceptable; or (ii) Buyer can choose of Buyer's objections to accept any easements, liens, encumbrances or other items, exceptions or requirements in the Title Report (except for real property taxes not due and Survey by payable which may constitute a lien on the placement of Property) ("Buyer's Objections"). If Buyer's Objections are made within the Additional Deposittime specified, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than have until five (5) days prior Business Days before the Closing Date within which to cure Buyer's Objections. Subject to the Closing Datecure standards set forth in PARAGRAPH 8(d) hereof, Seller shall have the affirmation obligation to cure Buyer's Objections. If Seller should be unable to cure Buyers' Objections within such cure has not been completed by such period of time, Seller shall notify Buyer may at of the same in writing within such time period and Buyer shall have five (5) Business Days thereafter to either: ; (ia) reject waive in writing the Title Report and the Survey, in which case curing of such Buyer's Objections as Seller shall have been unable to cure; or (b) cancel this Agreement is terminatedby written notice to Seller and Escrow Agent. In the event of such cancellation, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit Deposit, shall be immediately returned or refunded to Buyer without further instruction; or (ii) Buyer can choose to accept and, except for the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Periodindemnity provisions set forth in this Agreement, neither Seller nor Buyer shall have until five (5) business days following receipt of any further liability or obligation under this Agreement. Buyer's failure either to give such a written waiver or to cancel this Agreement in writing within the same time specified above shall be deemed an election by Buyer to review the amendment waive such uncured Buyer's Objections and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to close the amended Title Report which do escrow hereunder. If Buyer shall not arise from have notified Seller of Buyer's Objections within the act or omission to act on the part of time specified above, Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection approved of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination condition of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey title as shown by the placement of the Additional Deposit, which signifies acceptance of the Title Report and SurveyReport. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance from the ------------------------ Commencement Date, Seller shall order and deliver to Purchaser a preliminary title report from Commonwealth Land Title Company which shall be accompanied by all underlying documents of record (the preliminary title report and underlying documents being collectively referred to as the "PTR") which shall reflect the condition of title to the Property as of a date not earlier than the Commencement Date. If Purchaser does not receive the PTR within the 10-day period, all time frames identified below as a condition of purchase and the date for Close of Escrow shall be extended by the same number of days the receipt of the Title Report PTR is delayed, up to objecta maximum of seven (7) days, at which ▇▇▇▇ ▇▇▇▇▇▇ shall be deemed in Buyer’s sole and absolute discretion, default of its obligations under this Article 3(b). Purchaser shall have fifteen (15) days after receipt of the PTR within which to approve or send written objection to any item, exception, or condition shown on the PTR other than current taxes. Those items contained not objected to in writing within the Title Report 15-day period shall be deemed approved by Purchaser. Buyer If Purchaser disapproves in writing of any items, exceptions or conditions shown on the PTR within the 15-day period, Seller shall have until seven (7) days from the end date of any such notice in which to cause the Review Period same to object be removed, or to any otherwise satisfy Purchaser with respect to the same. If Seller is unable to cure or remove all disapproved items contained from the PTR within such time frame, Purchaser may either (i) waive its objections and accept title to the Property in the Survey its then-current condition, or (as that term is defined in Section 3.2). Should Buyer object ii) terminate this Agreement by giving notice to any provisions contained therein, Seller shall, (with a copy to Escrow Holder) within five (5) days of Seller notifying Purchaser that it is unable to cure or remove such items. If Purchaser duly exercises its right of termination under this section then Escrow Holder shall return the receipt Deposit to Purchaser as Purchaser's sole remedy. If Purchaser fails to exercise its right of termination under this section, then Purchaser shall be required to accept any such objectionsand all uncured title defects and lack of insurability, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration without postponement of the Review Period Closing Date or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject reduction in the Title Report Purchase Price and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to claim against Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Surveyaccount thereof. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance receipt of the Title Report to object, in Buyer’s 's sole and absolute discretion, to any other items contained in the Title Report Report. Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. Attached hereto as EXHIBIT "C" and incorporated herein by reference is Commonwealth Land Title Insurance Company (a"Title Company"), Commitment for Title Insurance Number TP229157("Title Commitment") Within two (2) days following for the Opening real estate which is included in the Property in the amount of Escrowthe Purchase Price, Seller shall provide Buyer a accompanied by one copy of its existing title insurance policy, exception all documents affecting such real estate and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title which constitute exceptions to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to SellerCommitment. Buyer shall have give Seller written notice within the earlier of (i) five (5) days after receipt of the Survey (as hereinafter defined) or (ii) the date of Closing, whether such title is or is not satisfactory, in Buyer's sole discretion. In the event that the condition of title is not acceptable, Buyer's notice shall specify which exceptions to the Title Commitment are not acceptable; provided, however, that Buyer shall not object to the matters described in EXHIBIT "D" hereto. Any matters revealed by the Title Commitment which are not cited in Buyer's notice shall be deemed to be Permitted Exceptions. In the event Seller fails to cure or remove the cited objections to the satisfaction of the Title Company prior to or at Closing, then the Closing shall be extended for an additional period of ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as provided that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report Lease (as hereinafter defined) is modified to reflect the new closing date and (ii) Buyer acknowledges in writing that the Property is acceptable to Buyer pursuant to Section 4.1 hereof, the conditions set forth in Section 6 hereof have been met, and the SurveyDeposit is non-refundable except for failure of Seller to cure the cited objections or Seller's default. If Seller fails to cure the objections within the ten (10) day extended period, Buyer may, at its option, (i) accept title subject to the objections raised by Buyer, without an adjustment in the Purchase Price, in which case this Agreement is terminated, event the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit objections shall be immediately refunded deemed to Buyer without further instruction; be waived for all purposes, or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Depositcancel this Agreement, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior whereupon, subject to the Closing Date. If such cure has not been completed by such timeprovisions of Section 4.1, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and , the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded returned to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and this Agreement shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) force and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Surveyeffect. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide deliver, or cause Escrow Holder to deliver, to Buyer a copy of its existing current preliminary title insurance policy, exception documents and survey, and within twelve report (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies showing the state of the documents shown as title of the Property, and the underlying title exceptions or requirements therein to Sellerreferenced in the Title Report. Buyer shall have until forty-five (45) days following the Effective Date of this Agreement to notify Seller, in writing, of Buyer’s objection to any exceptions contained in the Title Report (hereinafter referred to as “Title Defects”). If Buyer does not approve or disapprove such Title Report in writing within such forty-five (45) day period referred to in the immediately preceding sentence, then Buyer shall be deemed to have approved all of the title exceptions set forth in the Title Report. Upon receipt of notification of any Title Defects by Buyer within the forty-five (45) day period referred to above, Seller shall have ten (10) days following issuance of the Title Report within which to objectelect, in by written notice to Buyer’s sole and absolute discretion, to remove or delete from the title to be conveyed to Buyer any other items contained in the Title Report Defects objected to by Buyer. Buyer shall have until the end of the Review Period If Seller so elects to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained thereincure such Title Defects, Seller shall, within five (5) days of shall remove the receipt of any such objections, advise Buyer of which same from record title objections it will cure. Thereafter, at Seller’s expense at or prior to the later close of five escrow and such Title Defects shall not constitute Approved Exceptions (5defined below). If Seller does not elect to cure such Title Defects, Seller shall notify Buyer thereof in writing within said ten (10) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response noticeday period, and Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey elect by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless giving written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer the Feasibility Period referred to below to either waive its objections and Seller does not, within five (5) business days after Buyer’s rejection proceed with the purchase of the New Exception, agree Property pursuant to remove the New Exception, Buyer may either: (i) reject the Title Report terms of this Agreement or terminate this Agreement and the Surveyall of its obligations, in which case event Buyer shall be entitled to the immediate return of Buyer’s Deposits and all interest accrued thereon while in escrow. If Buyer fails to make such election prior to the expiration of the Feasibility Period, then Buyer shall be deemed to have elected not to terminate this Agreement is terminatedas provided in the immediately preceding sentence. The preceding to the contrary notwithstanding, Seller hereby agrees that on or before the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of Closing under this Agreement) and the Initial Deposit , Seller shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liensremove, or documents evidencing lienscause to be removed, securing any indebtednessfrom the condition of title to the Property, any mechanics’ or materialmen’s at no cost to Buyer, all deeds of trust and other monetary liens or any claims or potential claims therefor covering (other than non-delinquent real property taxes and assessments) affecting the Property Property, or any portion thereof thereof. Without having to object in writing to the same during the forty-five (“45) day title objection period set forth above, Seller Liens”)acknowledges that Buyer objects to any and all deeds of trust or mortgages affecting the Property, each of which shall be paid in full by and Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer agrees to cause unacceptable matters the same to be removed from the Title Report, provided, however, that Seller shall have no obligation title to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property on or prior to the close of escrow hereunder and the same shall not be removed as Approved Exceptions. For purposes of this Agreement, the Closingterm “Approved Exceptions” shall mean those title exceptions applicable to the Property which are accepted by Buyer in accordance with the terms of this Section 4.1.1.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of cause the Escrow Agent, as agent for [TITLE COMPANY NAME] (in its existing capacity as title insurance policyinsurer, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title ReportCompany”) to issue and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein deliver to Seller. Buyer shall have Purchaser within ten (10) days following issuance from the execution of this Contract, an ALTA title commitment (on ALTA Form 2006 or the then-current ALTA form) (“Title Commitment”) in the amount of the Purchase Price, accompanied by copies of all documents constituting exceptions to the Title Report to objectCommitment. Within thirty (30) days after the Effective Date, in Buyer’s sole and absolute discretion, to Purchaser shall give Seller written notice (the “Title Notice”) of any other objectionable items contained found in the Title Report . Buyer shall have until Commitment or shown on the end of Survey, as defined below (collectively, if any, the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2“Title Objections”). Should Buyer object to any provisions contained therein, Seller shall, within Within five (5) days of the receipt of any such objectionsthe Title Notice, advise Buyer of which title objections Seller shall provide Purchaser with a response indicating whether it will cure. Thereafter, prior has elected to eliminate or modify the Title Objections to the later reasonable satisfaction of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response Purchaser; if Seller does not provide such notice, Buyer may either: Seller shall be deemed to have elected not to cure such Title Objections. Seller shall be under no obligation to cure any Title Objection; provided, however, that Seller shall satisfy (i) reject any lien, money charge, judgment, deed of trust, mortgage or other encumbrance that can be removed by the payment of a specified sum, (ii) any other title matter that first appears after the date of the Title Report Commitment that is caused, allowed or consented to by Seller and the Surveyis not authorized by this Contract, in which case this Agreement is terminatedand (iii) any ad valorem taxes or assessments that constitute title exceptions that would be delinquent if unpaid at Closing (collectively, the parties will “Mandatory Cure Items”). Purchaser may at any time waive in writing one or more Title Objections and accept title to the Property subject thereto. In the event Purchaser does not waive its Title Objections and if Seller is unwilling, or has been deemed to have no further rights or obligations hereunder declined, to cure such Title Objections within ten (except those 10) days after receipt of the Title Notice, then Purchaser may, at its option (i) accept the Property subject to the Title Objections, which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; deemed waived for all purposes, or (ii) Buyer can choose to accept the Title Report rescind this Contract, whereupon this Contract shall terminate and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the all ▇▇▇▇▇▇▇ Money Deposit Money, together with interest thereon, shall be immediately refunded returned to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and SurveyPurchaser. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.

Preliminary Title Report. Buyer acknowledges receipt of (a) Within two the Updated Preliminary Report dated March 26, 1997, issued by Fidelity National Title (2) days following the Opening of Escrow"Title Company"), Seller shall provide Buyer a copy of its existing title insurance policyOrder No. 61763-CT and the Supplemental Reports dated April 18, exception documents and survey1997, and within twelve April 28, 1997, issued by the Title Company (12) days following collectively, the Opening of Escrow"Preliminary Report"), Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property showing all liens, encumbrances and other matters affecting the title to the Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained described in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Preliminary Report, and (b) ALTA Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the for ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Money Deposit ▇▇▇▇▇ prepared by ▇▇▇▇▇▇▇ Engineering (the "Surveyor") dated April 19, 1997, and the ALTA Survey of 111 Pacifica prepared by the Surveyor dated April 29, 1997 (collectively, the "Surveys") (the Preliminary Report and the Surveys may sometimes collectively be referred to as the "Title Documents"). Buyer shall have the right, on or before May 27, 1997, to object to any exception shown in the Title Documents by notice to Seller (the "Objection Notice"). In the event that Buyer fails to deliver an Objection Notice to Seller on or before May 27, 1997, Buyer shall be immediately refunded conclusively deemed to have approved the Title Documents and the exceptions contained therein, and the transaction contemplated by this Agreement shall proceed. In the event that Buyer timely delivers an Objection Notice to Seller, Seller shall have the right to remove or agree to remove the exceptions disapproved by the terms of the Objection Notice by delivery of notice of its election to do so to Buyer without further instruction; within three business days of receipt of the Objection Notice. If Seller removes or (ii) agrees to remove such exceptions pursuant to this Section 5.1, the transaction contemplated by this Agreement shall proceed. In the event that Seller does not elect to remove or agree to remove such exceptions within five days of receipt of the Objection Notice, Buyer can choose may, on or before the date which is two business days after the earlier of Seller's delivery of notice of its election not to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after remove such exceptions or the expiration of Seller's five-day response period, either waive its objection in writing, in which case the Review Periodtransaction contemplated by this Agreement shall proceed, or cancel the Escrow by written notice to Seller and the Escrow Holder. If Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do does not arise from the act or omission to act on the part of waive such objection in writing by such date, then Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted elected to cancel the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business daysEscrow. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts of such cancellation of the Title ReportEscrow by Buyer, those matters listed on Schedule Bthis Agreement and the Escrow shall terminate as provided in Section 4.3, Section 2 (Exceptions to Title) of Title Report shall be and the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which Cancellation Costs shall be paid in full by Seller and released at Closing. (d) the manner provided in Section 4.6.3 hereof Notwithstanding the foregoing, Seller shall reasonably cooperate with Buyer enforce its rights to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order Existing Owner to remove any title exceptions. Seller shallmonetary liens of record other than liens for non-delinquent bonds, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closingtaxes and assessments.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property Properties showing all liens, encumbrances and other matters affecting the title to the Property Properties (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller. Buyer shall have ten (10) days following issuance of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property Properties or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property Properties to be removed as of the Closing.

Preliminary Title Report. (a) Within two (2) days following the Opening of Escrow, Seller shall provide Buyer a copy of its existing title insurance policy, exception documents and survey, and within twelve (12) days following the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for the Property Properties showing all liens, encumbrances and other matters affecting the title to the Property Properties (collectively, the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to SellerBuyer. Buyer shall have ten (10) days following issuance receipt of the Title Report to object, in Buyer’s sole and absolute discretion, to any other items contained in the Title Report . .. Buyer shall have until the end of the Review Period to object to any items contained in the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days of the receipt of any such objections, advise Buyer of which title objections it will cure. Thereafter, prior to the later of five (5) days following (x) the expiration of the Review Period or (y) receipt of Seller’s title response notice, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior to the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey. (b) If any amended Title Reports are issued from the same title company after the expiration of the Review Period, Buyer shall have until five (5) business days following receipt of the same to review the amendment and to accept or reject any new matters set forth on Schedule B - B—Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless written notice of rejection is given to Seller on or before the expiration of said five (5) business days. If any New Exception(s) is Exception(s)is rejected by Buyer and Seller does not, within five (5) business days after Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property Properties or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property Properties to be removed as of the Closing.

Preliminary Title Report. Buyer's approval of (i) a current extended coverage, owner's preliminary title report for the Real Property issued by Chicago Title Insurance Company ("Title Company"), and (ii) all exceptions to title described in Schedule B of the PTR (which together with complete copies of all documents and instruments referred to in any exceptions set forth therein are collectively referred to as the "PTR"). (a) Within No later than two (2) days following Business Days after the Opening of EscrowEffective Date, Seller shall provide deliver to Buyer (i) a copy of its existing title insurance policy, exception documents the PTR and survey, and within twelve (12ii) days following a copy of each survey of the Opening of Escrow, Buyer will have prepared a Preliminary Title Report/Commitment for owners title insurance for Real Property (including without limitation the Property showing all liens, encumbrances and other matters affecting the title most recently performed survey ) in Seller's possession with respect to the Real Property (the “Title Report”) and will provide a copy thereof together with legible copies of the documents shown as title exceptions or requirements therein to Seller"Survey"). If Buyer shall have ten (10) days following issuance of the Title Report to object, does not expressly object in Buyer’s sole and absolute discretion, writing to any exception or other items contained matter in the Title Report . Buyer shall have until the end of the Review Period to object to any items contained in PTR or the Survey (as that term is defined in Section 3.2). Should Buyer object to any provisions contained therein, Seller shall, within five (5) days Business Days after the later to occur of (x) Seller's delivery of the receipt of any such objectionsPTR and Survey to Buyer, advise or (y) the Effective Date, then Buyer of which title objections it will cureshall be deemed to have approved the PTR and all exceptions set forth therein. Thereafter, prior to the later of Buyer and Seller agree that Buyer shall have five (5) days following (x) Business Days to review the expiration PTR in its entirety, including, without limitation, the legal description of the Review Period or (y) receipt Real Property and all title exceptions referred to in the PTR. If Buyer disapproves of Seller’s title response notice, Buyer may either: (i) reject any item in the Title Report and PTR within the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Survey. Any cure of title objections which Seller has elected to undertake shall be completed no later than five (5) days prior Business Day period, then Buyer shall so notify Seller in writing, specifying in detail the reasons for Buyer's disapproval. Seller shall have the right, but not the obligation, to notify Buyer in writing within five (5) Business Days after Seller's receipt of Buyer's notice that Seller desires to have until the Closing Date. If such cure has not been completed by such time, Buyer may at such time either: (i) reject the Title Report and the Survey, Date in which case this Agreement is terminatedto remove or cure, or agree to remove or cure, such disapproved items, and/or (subject to Buyer's reasonable satisfaction) to obtain a bond or title commitment or endorsement reasonably acceptable to Buyer at the parties will have no further rights or obligations hereunder (except those which specifically survive the termination Close of this Agreement) and the ▇▇▇▇▇▇▇ Money Deposit Escrow insuring Buyer against such disapproved item. Seller's failure to deliver such notice to Buyer shall be immediately refunded deemed an election not to cure the items Buyer without further instruction; or (ii) Buyer can choose has disapproved, and Seller shall be deemed to accept have delivered the Title Report and Surveynotice described in Section 3.3.2(b). (b) If any amended Title Reports are issued from the same Seller is unable or unwilling to cure such disapproved items by removing such items or by obtaining a bond, title company after the expiration of the Review Periodcommitment or endorsement insuring Buyer against such items, then Seller shall so notify Buyer, and Buyer shall have until the right either (i) to waive such exceptions to title, and proceed to take title to the Real Property subject to such exceptions, without any deduction or offset in the Purchase Price, and without any cause of action against Seller, or (ii) to terminate this Agreement and the Escrow by giving written notice of such termination to Seller and to Escrow Holder, on or before five (5) business days following receipt of Business Days after the same date Seller so notifies Buyer. Buyer's failure to review the amendment and to accept provide Seller or reject any new matters set forth on Schedule B - Section 2 (Exceptions) to the amended Title Report which do not arise from the act or omission to act on the part of Buyer or its agents (the “New Exception(s)”) and shall be deemed to have accepted the New Exception(s) unless Escrow Holder with such written notice of rejection is given to Seller termination on or before the expiration of said five (5) business days. If any New Exception(s) is rejected by Buyer and Seller does not, within five (5) business days Business Days after Seller's notice or deemed notice shall constitute Buyer’s rejection of the New Exception, agree to remove the New Exception, Buyer may either: 's election under clause (i) reject the Title Report and the Survey, in which case this Agreement is terminated, the parties will have no further rights or obligations hereunder (except those which specifically survive the termination of this Agreement) and the Initial Deposit shall be immediately refunded to Buyer without further instruction; or (ii) Buyer can choose to accept the Title Report and Survey by the placement of the Additional Deposit, which signifies acceptance of the Title Report and Surveyabove. (c) In the event that Buyer accepts the Title Report, those matters listed on Schedule B, Section 2 (Exceptions to Title) of Title Report shall be the “Permitted Exceptions”. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any indebtedness, any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and released at Closing. (d) Seller shall reasonably cooperate with Buyer to cause unacceptable matters to be removed from the Title Report, provided, however, that Seller shall have no obligation to expend money or obtain any endorsements in order to remove any title exceptions. Seller shall, however, cause any consensual monetary liens, if any, affecting the Property to be removed as of the Closing.