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91 insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy
<br />92 exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or
<br />93 Buyer's closing agent together with copies of all documents recited in the prior policy and in the update. If such
<br />94 an abstract or prior policy is not available to Seller then (i.) above will be the evidence of title.
<br />95 (b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller
<br />96 of title defects. Title will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2)
<br />97 Buyer delivers proper written notice and Seller cures the defects within 5 days from receipt of the notice
<br />98 ("Curative Period"). Seller shall use good faith efforts to cure the defects. If the defects are cured within the
<br />99 Curative Period, closing will occur on the latter of 10 days after receipt by Buyer of notice of such curing or the
<br />100 scheduled Closing Date. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be
<br />101 cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days
<br />102 from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept
<br />103 title subject to existing defects and close the transaction without reduction in purchase price.
<br />104 (c) Survey: (check applicable provisions below)
<br />105 Fxl Seller will, within days from Effective Date, deliver to Buyer copies of prior surveys,
<br />106 plans, specifications, and engineering documents, if any, and the following documents relevant to this
<br />107 transaction:
<br />108
<br />109 prepared for Seller or in Seller's possession, which show all currently existing structures. In the event this
<br />110 transaction does not close, all documents provided by Seller will be returned to Seller within 10 days from the
<br />111 date this Contract is terminated.
<br />112 ❑x Buyer will, at ❑ Seller's ❑x Buyer's expense and within the time period allowed to deliver and examine
<br />113 title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals
<br />114 encroachments on the Property or that the improvements encroach on the lands of another, ❑ Buyer will
<br />115 accept the Property with existing encroachments X such encroachments will constitute a title defect to be
<br />116 cured within the Curative Period.
<br />117 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress.
<br />118 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition,
<br />119 ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller
<br />120 makes no warranties other than marketability of title. In the event that the condition of the Property has materially
<br />121 changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and receive a
<br />122 refund of any and all deposits paid, plus interest, if applicable, or require Seller to return the Property to the required
<br />123 condition existing as of the end of Due Diligence period, the cost of which is not to exceed $0.00 (1.5% of
<br />124 the purchase price, if left blank). By accepting the Property "as is", Buyer waives all claims against Seller for any
<br />125 defects in the Property. (Check (a) or (b))
<br />126 ❑ (a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its "as is"
<br />127 condition.
<br />128 ; (b) Due Diligence Period: Buyer will, at Buyer's expense and within 45 days from Effective Date ("Due
<br />129 Diligence Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion. During the
<br />130 term of this Contract, Buyer may conduct any tests, analyses, surveys and investigations ("Inspections") which
<br />131 Buyer deems necessary to determine to Buyer's satisfaction the Property's engineering, architectural,
<br />132 environmental properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision
<br />133 regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local,
<br />134 state and regional growth management and comprehensive land use plans; availability of permits, government
<br />135 approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground
<br />136 water contamination; and other inspections that Buyer deems appropriate. Buyer will deliver written notice to
<br />137 Seller prior to the expiration of the Due Diligence Period of Buyer's determination of whether or not the Property
<br />138 is acceptable. Buyer's failure to comply with this notice requirement will constitute acceptance of the Property in
<br />139 its present "as is" condition. Seller grants to Buyer, its agents, contractors and assigns, the right to enter the
<br />140 Property at any time during the term of this Contract for the purpose of conducting Inspections, upon reasonable
<br />141 notice, at a mutually agreed upon tinle; provided, however, that Buyer, its agents, contractors and assigns enter
<br />142 the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from
<br />143 losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from
<br />144 liabilitkrio any person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer
<br />Buyer} 1 and Seller { / J��(( } acknowledge receipt of a copy of this page; which is Page 3 of 8 Pages.
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