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4 <br />6. TITLE INSURANCE. <br />(a) Preliminary Commitment. Within ten (10) business days after the Effective <br />Date of this Agreement <br />designee may agree in writing), Buyer <br />coverage policy of title insurance issued by the Title Company set forth in the Basic Provisions <br />naming Buyer as the insured in the amount of the Purchase Price, together with a copy of all <br />instruments listed as exceptions in the commitment. Buyer shall notify Seller, by written notice, <br />Disapproved Exceptions <br />(10) business days after receipt of the commitment or supplement, as applicable, and legible <br />copies of exceptions to shown in the commitment or supplement. <br />(i) <br />to give Buyer notice that Seller will remove Disapproved Exceptions or Seller elects not to remove <br />Disapproved Exceptions. If Seller fails to give Buyer notice before the expiration of the five (5) <br />business day period, Seller will be deemed to have elected not to remove Disapproved <br />Exceptions. <br />(ii) If the time period for delivery of any notice extends beyond the <br />Closing Date, such period shall expire on the Closing Date; provided, however, that if a new <br />exception first appears at any time within ten (10) days prior to the scheduled Closing Date, and <br />option, if necessary, the Closing Date shall be extended for up to ten (10) additional business days <br />rty Manager or designee may agree in <br />writing) to permit Seller to take the actions necessary to cause the Title Company to deliver the <br />Title Policy at Closing without such new exception. <br />(b) Monetary Encumbrances. Buyer shall not be required to object to, and <br />Seller hereby agrees to remove, any exceptions to title arising out of financial or monetary <br />encumbrances such as deeds of trust, liens, judgments, mortgages and past due taxes and <br />assessments. <br />(c) Seller Non-Removal of Disapproved Exceptions. If Seller elects not to <br />remove any nonmonetary Disapproved Exceptions, Buyer may elect to either proceed with the <br />purchase of the Property subject to those exceptions or to terminate this Agreement. If Seller <br />gives notice that it will cause one or more nonmonetary Disapproved Exceptions to be removed <br />but fails to remove them from title on or before the Closing Date, or fails to remove from title <br />any monetary encumbrance on or before the Closing Date, Buyer will have the right to either <br />elect to (i) terminate this Agreement or (ii) proceed with the purchase, with a credit against the <br />Purchase Price equal to the actual cost of removing those exceptions from title and to take the <br />Property subject to those exceptions with such exceptions deemed Permitted Exceptions. If <br />Buyer elects to terminate this Agreement under this subsection, the escrow will be terminated, <br />the Deposit shall be returned immediately to Buyer, all documents and other funds will be <br />returned to the party who deposited them, and (if this Agreement or a memorandum hereof was <br />recorded) a notice of termination shall be recorded, after which all rights and obligations of Seller <br />and Buyer under this Agreement shall terminate and be of no further force or effect.