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10-28-2015 Additions
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10/29/2015 7:26:54 AM
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(e) <br />(f) <br />Other Costs. All other operating costs of the Property, will be allocated between <br />Seller and Buyer as of the Possession Date, so that Seller pays that part of such <br />other operating costs payable before the Closing Date, and Buyer pays that part of <br />such operating costs payable from and after the Closing Date. <br />Attorney's Fees. Each of the parties will pay its own attorneys fees, except that a <br />party defaulting under this Agreement or any closing document will pay the <br />reasonable attorney's fees and court costs incurred by the nondefaulting party to <br />enforce its rights regarding such default. <br />6. Title Examination. Title Examination will be conducted as follows: <br />(a) Seller's Title Evidence. Seller shall within fifteen (15) days after the date of this <br />Agreement, furnish the following (collectively the "Title Evidence") to Buyer: <br />(1) Title Evidence. If the Real Property is abstract property, Seller shall deliver to <br />Title or Buyer an Abstract of Title to the Real Property certified to a current <br />date to include all appropriate judgment and bankruptcy searches. If the Real <br />Property is registered property, Seller shall deliver to Title or Buyer a <br />Registered Property Abstract to the Real Property certified to a current date to <br />include all appropriate judgment and bankruptcy searches. In lieu of an <br />Abstract or a Registered Property Abstract Seller may, at its cost, provide a <br />Commitment for an ALTA Owner's Policy of Title Insurance insuring title to <br />the Real Property, deleting standard exceptions and including affirmative <br />insurance regarding zoning, appurtenant easements, and such other matters as <br />may be identified by Buyer, in the amount of the Purchase Price. The Seller <br />shall provide the Buyer with copies of all documents referenced in the Title <br />Commitment, Abstract of Title, or RPA. Title evidence shall also include all <br />surveys of the property prepared either on behalf of the Seller or Buyer. <br />(b) Buyer's Objections. Within ten (10) days after receipt of the last title evidence, <br />Buyer will examine the title to the property and make written objections <br />("Objections") to the form and/or contents of the Title Evidence. Buyer's failure <br />to make Objections within such time period will constitute a waiver of <br />Objections. Any matter shown on such Title Evidence and not objected to by <br />Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have up to <br />thirty (30) days after receipt of the Objections to cure the Objections, during <br />which period the Closing Date will be postponed as necessary. Seller shall use its <br />best efforts to correct any Objections. To the extent an Objection can be satisfied <br />by the payment of money, Buyer shall have the right to apply a portion of the cash <br />payable to Seller at the Closing to satisfaction of such Objection and the amount <br />so applied shall reduce the amount of cash payable to Seller at the Closing. If the <br />Objections are not cured within such 30 -day period, Buyer will have the option to <br />do any of the following: <br />(1) Terminate this Agreement. <br />10 <br />
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