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2. Purchase Price. The total purchase price (the "Purchase Price") for the <br /> Property shall be $180,000.00. The Purchase Price, less the credit for the Deposit paid <br /> under Section 3, shall be paid to Seller in cash through escrow upon Closing. <br /> 3. Deposit. Within ten days after the full execution and delivery of this <br /> Agreement (such execution and delivery date, the "Effective Date"), Buyer shall deposit <br /> with Closing Agent (as defined in Section 4.1) check or wire transfer of immediately <br /> available funds in the amount of$5,000.00 as an earnest money deposit (the "Deposit"). <br /> The entire Deposit shall be refundable if this Agreement is terminated by Buyer in <br /> accordance with the terms of this Agreement. The Deposit shall be applied to the <br /> Purchase Price at closing. <br /> 4. Conveyance of Title. At closing, Seller shall convey to Buyer fee simple <br /> title to the Real Property by duly executed and acknowledged statutory warranty deed <br /> (the "Deed"), conveying good and marketable title to the Property to Buyer, free and clear <br /> of all defects and encumbrances and subject only to those exceptions that Buyer <br /> approves pursuant to Section 5 below ("Permitted Exceptions"). <br /> 5. Title Insurance. <br /> 5.1 Preliminary Commitment. Within ten (10) business days after the <br /> Effective Date of this Agreement, Buyer will obtain a preliminary commitment for owner's <br /> standard coverage policy of title insurance issued by Rainier Title Company, 2722 Colby <br /> Ave, Everett, WA 98201 ("Title Company") together with a copy of all instruments listed <br /> as exceptions in the commitment. Buyer shall notify Seller, by written notice, what <br /> exceptions to title, if any, are disapproved by Buyer ("Disapproved Exceptions") within <br /> ten (10) business days after receipt of the commitment or supplement, as applicable, and <br /> legible copies of exceptions to shown in the commitment or supplement. Seller will have <br /> five (5) business days after receipt of Buyer's notice to give Buyer notice that Seller will <br /> remove Disapproved Exceptions or Seller elects not to remove Disapproved Exceptions. <br /> If Seller fails to give Buyer notice before the expiration of the five (5) business day period, <br /> Seller will be deemed to have elected not to remove Disapproved Exceptions. <br /> 5.2 Monetary Encumbrances. Buyer shall not be required to object to, <br /> and Seller hereby agrees to remove, any exceptions to title arising out of financial or <br /> monetary encumbrances such as deeds of trust, liens, judgments, mortgages and past <br /> due taxes and assessments. <br /> 5.3 Seller Non-Removal of Disapproved Exceptions. If Seller elects <br /> not to remove any nonmonetary Disapproved Exceptions, Buyer may elect to either <br /> proceed with the purchase of the Property subject to those exceptions or to terminate this <br /> Agreement. If Seller gives notice that it will cause one or more nonmonetary Disapproved <br /> Exceptions to be removed but fails to remove them from title on or before the Closing <br /> Date, or fails to remove from title any monetary encumbrance on or before the Closing <br /> Date, Buyer will have the right to either elect to terminate this Agreement or proceed with <br /> the purchase, with an abatement of the Purchase Price equal to the actual cost of <br /> removing from title those exceptions not approved by Buyer and to take the Property <br /> 2 <br />