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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"') 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 />