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10 <br /> constitute a waiver of any condition precedent to Closing or any other obligation of Seller under this <br /> Contract. <br /> ARTICLE IV <br /> Title and Subdivision Plat <br /> 4.1 Title. <br /> 4.1.1 At Closing, Seller shall convey to Buyer good and marketable fee simple title to <br /> the Property. For the purposes of this Contract, "good and marketable fee simple title"means fee simple <br /> ownership that is (a) free of all claims, liens and encumbrances other than the Permitted Exceptions; and <br /> (b) insurable by a title insurance company reasonably acceptable to Buyer at then current standard rates <br /> under the standard form of ALTA owner's policy of title insurance(ALTA Form 2006),with the standard <br /> or printed exceptions deleted and without exception other than for the Permitted Exceptions. <br /> 4.1.2 During the Inspection Period, Buyer shall obtain, at Buyer's expense, from Title <br /> Company a current ALTA Commitment for Title Insurance ("Title Commitment"). Other than <br /> Unpermitted Exceptions,any title exceptions appearing in the Title Commitment that Buyer does not object <br /> to in writing by the end of the Inspection Period will be deemed permitted exceptions to Seller's title(those <br /> exceptions not objected to, together with any other matters approved by Buyer in writing, are called <br /> "Permitted Exceptions"). Each(a)matter affecting title to the Property that arises after the Effective Date <br /> and that is not approved in writing by Buyer; and (b)financial encumbrance such as a deed of trust, <br /> attachment,judgment, lien for delinquent taxes, mechanic's or materialman's lien, or other monetary lien <br /> outstanding against any part of the Property (each a "Financial Encumbrance," collectively, the <br /> "Financial Encumbrances") will be deemed an "Unpermitted Exception". Seller shall cure (by <br /> removing from or satisfying on the public record) all Unpermitted Exceptions by Closing. Buyer's failure <br /> to notify Seller of any Unpermitted Exception will not relieve Seller of its obligation to cure all Unpermitted <br /> Exceptions by Closing. <br /> 4.1.3 Buyer may object to any title or non-title matters affecting the Property by <br /> delivering notice to Seller by the end of the Inspection Period (each an "Objection," collectively, the <br /> "Objections"). Within ten(10)days after Buyer delivers its notice of Objections,Seller shall deliver notice <br /> to Buyer of Seller's election to cure or not cure each Objection("Objection Response"). Seller shall have <br /> no obligation to cure an Objection (other than an Unpermitted Exception) that Seller does not commit to <br /> cure in the Objection Response. If Seller fails to elect to cure any Objection within that ten(10)day period, <br /> then Seller shall be deemed to have elected not to cure that Objection. If the Objection Response indicates <br /> that Seller will not(or if Seller is deemed to have elected to not) cure one or more of the Objections, or if <br /> Seller does not deliver an Objection Response within the time provided, then Buyer may terminate this <br /> Contract on or before the later of the tenth(10`h)day after the Objection Response was received, or twenty <br /> (20)days after the date of the Objection was delivered to Seller if no Objection Response was received,by <br /> delivering notice to Seller, in which event the Earnest Money will be refunded to Buyer and all rights and <br /> obligations of Seller and Buyer under this Contract shall terminate (other than those that expressly survive <br /> termination of this Contract). If the Objection Response indicates that Seller will not(or if Seller is deemed <br /> to have elected to not) cure one or more of the Objections, and Buyer does not terminate this Contract in <br /> accordance with the preceding sentence, then (a)Buyer shall be deemed to have waived any Objection <br /> which Seller did not agree to cure (and that Objection shall be a Permitted Exception), and(b) Seller shall <br /> cure prior to Closing those Objections which Seller agreed to cure in the Objection Response. If Seller fails <br /> to cure any Objection which Seller agreed to cure in the Objection Response or any Unpermitted Exception <br /> by the Closing Date,then that failure shall constitute a material default by Seller, and Buyer may exercise <br /> Buyer's rights under Section 8.2 of this Contract. <br /> 5 <br />