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ft (other than liens created by the voluntary action of Seller and which can be removed by the payment of money) shall become Permitted Title Exceptions and Purchaser shall proceed to Closing without any reduction in the Purchase Price; or (ii) terminate this Agreement, in which event Seller and Purchaser shall have no further obligations, duties or liabilities, one to the other, with respect to the subject matter of this Agreement, except for any Surviving Obligations. 5.5. Title Policy. At the Closing, Seller shall cause a standard ALTA Form B owner's policy of title insurance (the "Title Policy") to be furnished to Purchaser. The Title Policy at Closing shall be in the form of an endorsement to, or "mark-up" of, the Title Commitment, and not later than sixty (60) days after the Closing Date, Seller shall cause the final Title Policy to be delivered to Purchaser. The Title Policy shall be in the amount of the Purchase Price, insuring that Purchaser has good and marketable fee simple title to the Property, subject only to the Permitted Title Exceptions and the standard exceptions and exclusions in such form of owner's policy. The basic premium for the Title Policy shall be paid by Seller. Any additional premiums for the modification of the "survey exception," and any additional premiums associated with any available "extended coverage" or endorsements (if Purchaser, at its sole cost and risk, elects to request any of these items) shall be paid by Purchaser; provided, however, that neither the commitment of the Title Company to delete the survey exception nor the issuance by the Title Company of any such extended coverage or endorsements shall be conditions to Purchaser's obligation to close hereunder. Seller hereby discloses to Purchaser and Purchaser hereby acknowledges and consents to the fact that Vista Title Insurance Agency, Inc., an affiliate of Seller, shall receive a portion of the premium for the Title Policy. The provisions of this Section 5.5 shall survive the Closing. 5.6. Survev. Purchaser may, at Purchaser's sole cost and expense, obtain a current boundary survey of the Property (the "Survey") within fifteen (15) days after the Effective Date and in accordance with the Survey Requirements (as such term is defined in this Section 5.6). In the event the Survey shows any encroachment or any violation of a building setback line, property line, or any easement, except those which are expressly provided for in this Agreement or which do not materially and adversely affect Purchaser's intended use of the Property, said encroachment or violation shall be treated in the same manner as an Objection under the procedure set forth in Section 5.3 (Review of Title Commitment) above. Notice of any objectionable Survey matter must be identified and included in the Objections notice delivered by Purchaser to Seller prior to the end of the Title Review Period. The "Survey Requirements" are: (i) the Survey must be prepared by a reputable, licensed surveyor who has actively practiced surveying of commercial real estate and has been in good standing with the appropriate licensing authority for a period of at least five (5) years; (ii) the Survey must comply with the requirements of Florida law and with the "Minimum Standard Detail Requirements for ALTAIACSM Land Title Surveys" as adopted by the American Land Title Association and the American Congress on Surveying & Mapping; and (iii) the Survey must be certified to Seller, Purchaser, and the Title Company. 6. CLOSING. 6.1. Date and Place of Closing. The consummation of the purchase and sale of the Property under this Agreement (the "Closing") shall take place in the offices of Seller in Lake Buena Vista, Florida, at approximately 10:00 a.m., Eastern Time, on the date which is ten (10) days after the approval of this Agreement as provided in Article 4 (Approval By Board of Commissions) above, unless another date is mutually agreed upon in writing by Seller and Purchaser or unless extended pursuant to Section 6.5 (Postponement of Closing Date) (the "Closing Date"). January 8. 3008 3