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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />384 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller
<br />385 in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is
<br />386 delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of
<br />387 receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period") after
<br />388 receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer
<br />389 shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver
<br />390 written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will close this
<br />391 Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Seller's notice). If
<br />392 Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of Cure Period,
<br />393 deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days within which
<br />394 Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or
<br />395 (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has
<br />396 passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or (c)
<br />397 electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all
<br />398 further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects, and
<br />399 Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit,
<br />400 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />401 B. SURVEY: If Survey discloses encroachments on the Real Property or,that improvements located thereon
<br />402 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable
<br />403 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of
<br />404 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later
<br />405 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and
<br />4� Survey shall constitute a title defect, subject to cure obligations of STANDARD A above, If Seller has delivered a
<br />prior survey, Seller shall, at Buyer's request, execute an affidavit of. "no' change" to the Real Property since the
<br />a preparation of such prior survey, to the extent the affirmations therein are true and correct.
<br />409 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to
<br />410 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
<br />411 D.
<br />412 tenant s t s) specifying nature and duration of occupancy, rental rates, advanced re security
<br />413 deposits paid by ten ccupant(s)("Estoppel Letter(s)"). If Seller is,unable to obt stoppel Letters)
<br />�41 e information shall be u Seller to Buyer within that time e form of a Seller's affidavit
<br />415 r ay thereafter contact tenants ant(s) to ugh information. If Estoppel Letter(s) or
<br />416 a idavit, if any, differ materially from Seller's r s and lease(s) provided pursuant to Paragraph
<br />417 6, or if tenants)/occupant(s) fail or refuse rm Seller's affidava, may deliver written notice to Seller
<br />418 within 5 days after receipt of rmation, but no later than 5 days prior Date, terminating this
<br />419 Contract and receive of the Deposit, thereby releasing Buyer and Seller from all fu ions under
<br />420 this Cont er shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's o
<br />421
<br />422 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing
<br />423 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or
<br />424 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been
<br />425 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all
<br />426 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth
<br />427 names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges
<br />428 for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been
<br />429 paid or will be paid at Closing.
<br />430 F. TIME: Time is of the essence in this Contract. Calendar days, based on where the Property is located, shall
<br />431 be used in computing time periods. Other than time for acceptance and Effective Date as set forth in Paragraph 3,
<br />432 any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or
<br />433 inserted herein, which shall end or occur on a Saturday, Sunday, national legal public holiday (as defined in 5
<br />434 U.S.C. Sec. 6103(x)), or a day on which a national legal public holiday is 6bserved because it fell on a Saturday or
<br />435 Sunday, shall extend to the next calendar day which is not a Saturday, Sunday, national legal public holiday, or a
<br />436 day on which a national legal public holiday is observed.
<br />437 G. FORCE MAJEURE: Buyer or Seller shall not be required to exercise or perform any right or obligation under
<br />438 this Contract or be liable to each other for damages so long as performance or non-performance of the right or
<br />439 obligation, ortheavailability of services, insurance, or required approvals essential to Closing, is disrupted, delayed,
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<br />Buyer's Initials% / - Page 8 of 13 Seller' nitial a
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