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(3) Notwithstanding Purchaser's failure to object to any encumbrances related to options to purchase the Property between Seller and any third party, Seller shall be required to remove from title any such options to purchase (the "Prior Options"). d. Purchaser's Rights if Seller Fails to Cure Objections. If Seller delivers written notice to Purchaser on or before the Closing Date that Seller is unable or unwilling to satisfy any Objection, or if, for any reason, Seller is unable to convey title in accordance with Section 12.b.(1), Purchaser may, in addition to its other remedies hereunder, elect to do any of the following: (1) waive such Objection and accept such title as Seller is able to convey; (2) terminate this Contract by written notice to Seller pursuant to Section 14; or (3) attempt to satisfy such Objection at Purchaser's expense and delay Closing for up to sixty (60) days and, if Purchaser does not satisfy such Objection, Purchaser may take either of the actions in (1) or (2). e. Permitted Exceptions. The following shall be deemed to be "Permitted Exceptions ": (1) any item, except for the Monetary Liens and Prior Options, disclosed by the Title Commitment or Survey and any Additional Exception to which Purchaser does not timely object; (2) applicable zoning ordinances and governmental regulations; and (3) the lien for current taxes. 6. INSPECTION PERIOD. a. Engineering and Feasibility Study. From and after the date hereof Purchaser, at its expense, may conduct such inspections and studies of the Property as Purchaser shall desire, including without limitation, architectural, geotechnical, environmental, marketing, engineering and financial feasibility studies to determine whether or not the Property is suitable to Purchaser. b. Notice of Suitability. In the event that Purchaser determines in its sole judgment and discretion that the Property is suitable to Purchaser, Purchaser shall send written notice (the "Notice of Suitability") to Seller on or before the last day of the Inspection Period, which Notice of Suitability shall be subject to the terms and conditions of Section 17. As used herein, the "Inspection Period" means the period commencing with the date hereof and ending sixty (60) days thereafter. (1) Termination. (i) If Purchaser fails to send Seller the Notice of Suitability on or before the last day of the Inspection Period, and such failure continues for a period of 4 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx