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APR 19 '96 14�14 KENNEDY & GRAVEN
<br />P.5
<br />development contemplated hereunder pla�ed on the Property on or
<br />after the date of this Agreement. Seller and Buyer shaYl prorate
<br />taxes due and payable in the year of Closing as of the Closing
<br />Date_ �
<br />6. Preliminar� Deve�opment and AcceSS to the PropertY.
<br />Buyez sh��l have the ��ght, prior to the Cloging Date, to enzer
<br />up4n the Property tor the purpose of taking SoiZ tests, borings,
<br />making surveys and maps and periozming other preliminary
<br />investigative work, provided, howev��, that Buyer shall indemnify
<br />and hold harmless Seller fro� a�y mechanic's li�ns or claims
<br />arising out of such preliminary developm�nt work by Buyez. Prior
<br />to the C�os�ng Date, Buyez shalZ not construct or cause the
<br />construction of any improvem��ts on the Property.
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<br />8. This paragraph has been intentiona}.1y amitted.
<br />9 Examination of Title Sel�.er shaJ.l. /� �;�5>��::�:�"���»,���;�°;����.
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<br />�';s�� ���-� ���`'��� iurnish Bu er a commitment for an. or,�ner s�poY�cy� of �'�:���:'e
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<br />�i.nsurance on the Property, which shall include p�op�r sea�ches
<br />cavering bankruptcies, state and federal judgments and liens.
<br />�uye� shal.i be a�.Ioc,red thirty ( 30 ) days af ter r��eipt thereof and
<br />reCeipt oE �he Suxvey Po� examination oE said titlE and the maki�g
<br />of any obj�ctions thereto, said objectzons to be made in writing or
<br />deemed ta be wai,v�d. The Seller sha11 use its best eEfort� tv make
<br />such title mark�table within six ( 6) rrton�.�hs from its receipt o�
<br />Buyer�wz�.tten objection. Pending correction of ti�l.e, the payments
<br />� hereunder required shall be postpoaed, but upon carrectlon of tit1�
<br />and within ten (10) days after �rrStten notice, Buyer sha1Z perform
<br />as provided in this Agreement. If said title is not marke�ab�.e and
<br />� is not made so within szx (6) months from the date a� written
<br />�. abjections thereto �s above pzov,idedP Buyer may either:
<br />( i} terminate this tj�;�;:�`:A;� Agreement by giving w�i�ten
<br />� notice by registered mai�'tb �eller, �in which event this
<br />;t�;�,�;�i;� Agreement sha].]. become null and void and neith�r party
<br />s%alI"�be �.iable �or damages hereundEr to the other pa=ty,and
<br />the �ption money shall �.mmediately be returned to Buyer; or
<br />(iij elect to accept title in its unmazketable condition
<br />' by gtving written not3.c� by registered mai]. to Seller, in
<br />which e�rent the warranty deed to be delivezed at Closing Da.te
<br />sha1.Z except such objections.
<br />At closing, Seller sha.l.� pay all premiums for an owner's po3icy of
<br />title insurance in the amount of tha purchase price and shalZ
<br />deliv�ez an abst�ac�C o� title to the Property if the Property is not
<br />entire].y registered.
<br />� l0. 'SurveY. A�'� =�,a��� t�a�;,��'u�e;;;,3��`�'�1�.��;�: Seiler sha11
<br />de].iver to Buyer an Ai.'I'1� survey' of�`���he �roperty prepared by a
<br />registered land surveyorp certified to Buyer and the t.ztle company
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<br />re�axW�e �}
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