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5 <br /> <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 /> 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 (10th) 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 />Docusign Envelope ID: 6FA32B3A-54E4-43D1-ADFC-0E9AD5C2D12E