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<br />b. If the contingency stated in this Paragraph is met, the closing of the sale and <br />purchase of the Property (the "Closing") shall take place no later than January 15, 2005 (the <br />"Closing Date"). <br />5. Title to the Property At the Closing, Seller shall deliver to $uyer a special <br />warranty deed (the "Deed") in form and content reasonably satisfactory to Buyer's counsel with <br />documentary or other required stamps to be affixed thereto at Seller's expense, conveying to <br />Buyer a fee simple, marketable and insurable title to the Property, said title to be insurable both <br />as to fee and marketability at regular rates by a title insurance company of Buyer's choice (the <br />"Title Company"), v+ithout exception except as to those matters specifically enumerated in this <br />Paragraph. <br />The Property shall be conveyed b}+ Seller to Buyer subject to the following: <br />Street rights-of--way; <br />ii. All utility, stonnwater, greenway and drainage easements and rights-of- <br />way; <br />iii. City/Comity ad valorem taxes for the year in which Closing occurs; <br />iv. Covenants, restrictions and easements of record which are not otherwise <br />objected to by Buyer as set forth below; <br />v. Zorring and other applicable local, state and federal laws and regulations, <br />including, but not limited to the Waterstone Master Plan approved by the Town of <br />Hillsborough on March 8, 2004, as amended fi~om time to time thereafter ("Waterstone <br />Master Plan"), including any requirement that the Buyer subsequently obtain a special <br />use permit required in order to develop the Property in the manner contemplated herein. <br />vi. The Declaration (as defined in Paragraph 7(f) below). <br />vii. The Restr~etions (as defined in Paragraph 7(f) below). <br />viii. Encroachments, overlaps, boundary disputes or other matters which would <br />be disclosed by an accurate survey of the Property. <br />If, in the opinion of Buyer's counsel, Seller's title fails to meet the requirements of this <br />Paragraph, then any such deficiency shall be specified in writing to Seller no later than the end of <br />the Buyer's Inspection Period (defined below) except for any such deficiency that is the result of <br />actions, inactions, transactions or other event effecting the title that occur after the Buyer's <br />Inspection Period, and Seller shall have the option for a period of thirty (30) days after the <br />Buyer's Inspection Period or thirty (30) days after discovery of the deficiency whichever is <br />applicable to cure such deficiency to the satisfaction of Buyer's counsel at Seller's sole cost and <br />expense. If Seller fails to cure such defect(s) prior to Closing, Buyer shall have the option of: (i) <br />taking title "as is" and consummating the Closing; (ii) extending the date of Closing for a <br />reasonable period of time to enable Seller to cure such defect(s) if and only if Seller is attempting <br />to cute the same (although Seller has no obligation to do so); or (iii) terminating this Contract. <br />RTP 84406v7 <br />