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Form Simplicity 9/2/20, 4:38 PM
<br />109 amount of the purchase price for fee simple title subject only to the exceptions stated above. If Buyer is
<br />110 paying for the owner's title insurance policy and Seller has an owner's policy, Seller will deliver a copy to
<br />III Buyer within 15 days after Effective Date,
<br />112* (2) 0 an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an
<br />113 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy
<br />114 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will
<br />115 include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy
<br />116 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents
<br />117 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller,
<br />118 then (1) above will be the title evidence,
<br />119* (b) Title Examination: After receipt of the title evidence, Buyer will, within - days (10 days if left blank) but
<br />120 no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable to
<br />121 Buyer if (1) Buyer falls to deliver proper notice of defects or (ii) Buyer delivers proper written notice and $offer
<br />122* cures the defects within - days (30 days if left blank) ("Cure Period") after receipt of the notice. If the
<br />123 defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice of
<br />124 such cure. Seller may elect not to cure defects it Seller reasonably believes any defect cannot be cured within
<br />126 the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after receipt of
<br />126 notice of Seller's inability to cure the defects to elect whether to terminate this contract or accept title subject
<br />127 to existing defects and close the transaction without reduction in purchase price.
<br />128 (c) Survey: Buyer may, at Buyer's expense, have the Property surveyed and must deliver written notice to
<br />129 Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any
<br />130 encroachments on the Property, encroachments by the Property's improvements on other lands, or deed
<br />131 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a
<br />132 title defect and Seller's and Buyer's obligations will be determined in accordance with Paragraph 8(b).
<br />133 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress.
<br />134 9. Property Condition: Seller will deliver the Property to Buyer at closing in its present "as is" condition, with
<br />135 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or
<br />136 permit any activity that would materially alter the Property's condition without the Buyers prior written consent.
<br />137 (a) Inspections: (Check (1) or (2))
<br />138 (1) El Feasibility Study: Buyer will, at Buyer's expense and within days (30 days if left blank)
<br />139 ("Feasibility Study Period") after Effective Date and in Buyer's sole and absolute discretion, determine
<br />140 whether the Property is suitable for Buyer's Intended use, During the Feasibility Study Period, Buyer may
<br />141 conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and investigations
<br />142 ("Inspections") that Buyer deems necessary to determine to Buyer's satisfaction the Property's
<br />143 engineering, architectural, and environmental properties; zoning and zoning restrictions; subdivision
<br />144 statutes; soil and grade; availability of access to public roads, water, and other utilities; consistency with
<br />146 local, state, and regional growth management plans; availability of permits, government approvals, and
<br />146 licenses; and other inspections that Buyer deems appropriate. If the Property must be rezoned, Buyer will
<br />147 obtain the rezoning from the appropriate government agencies. Seller will sign all documents Buyer is
<br />148 required to file in connection with development or rezoning approvals. Seller gives Buyer, its agents,
<br />149 contractors, and assigns, the right to enter the Property at any time during the Feasibility Study Period for
<br />150 the purpose of conducting Inspections, provided, however, that Buyer, its agents, contractors, and assigns
<br />151 enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller
<br />152 harmless from losses, damages, costs, claims, and expenses of any nature, including attorneys' fees,
<br />153 expenses, and liability incurred in application for rezoning or related proceedings, and from liability to any
<br />154 person, arising from the conduct of any and all Inspections or any work authorized by Buyer. Buyer will
<br />155 not engage in any activity that could result in a construction lien being filed against the Property without
<br />156 Seller's prior written consent. If this transaction does not close, Buyer will, at Buyer's expense, (1) repair
<br />167 all damages to the Property resulting from the Inspections and return the Property to the condition it was in
<br />158 before conducting the Inspections and (ii) release to Seller all reports and other work generated as a
<br />159 result of the Inspections.
<br />160 Before expiration of the Feasibility Study Period, Buyer must deliver written notice to Seller of Buyer's
<br />161 determination of whether or not the Property is acceptable. Buyers failure to comply with this notice
<br />162 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is"
<br />163 condition, If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to
<br />164 Seller, this cont ct will be deemed terminated, and Buyer's deposit(s) will be returned.
<br />Buyer and Sell r acknowledge receipt of a copy of this page, which is 3 of 8 pages.
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