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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 /> 111 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(i)Buyer fails to deliver proper notice of defects or(ii)Buyer delivers proper written notice and Seller
<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 if Seller reasonably believes any defect cannot be cured within
<br /> 125 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 dosing 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 Buyer's prior written consent.
<br /> 137 (a) Inspections: (Check(1)or(2))
<br /> 138 (1) 1$Due Diligence Period: Buyer will, at Buyer's expense and within 90 days(30 days if left blank)
<br /> 139 ('Due Diligence 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 Due Diligence 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 /> 14-4 statutes; soil and grade;availability of access to public roads,water,and other utilities;consistency with
<br /> 145 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 Due Diligence Period for the
<br /> 150 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,(i)repair
<br /> 157 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 Due Diligence Period, Buyer must deliver written notice to Seller of Buyer's
<br /> 161 determination of whether or not the Property is acceptable.Buyer's 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 Contract will be deemed terminated, and Buyer's deposit(s)will be returned.
<br /> Buyer( )and Seller
<br /> VAC-1 Rev et24 L�- ( )acknowledge receipt of a copy of this page,which is 3 of 8 pages.
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