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4 <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 />if Buyer objects thereto and Seller gives notice of its election to remove the same, then at Seller’s <br />option, if necessary, the Closing Date shall be extended for up to ten (10) additional business days <br />(or such longer time as Seller and Buyer’s Real Property 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. <br />(d) Surveys. Seller shall provide to Buyer and Title Company any survey of the <br />Property in Seller’s possession or control. If the Buyer chooses to obtain an extended coverage <br />policy and a new survey is required, the Buyer may obtain such survey at Buyer’s expense. <br />(e) Title Not Insurable. If title is not insurable at Closing subject only to the <br />Permitted Exceptions determined in accordance with this Agreement, Buyer may (i) elect to <br />proceed to Closing despite such non-insurability, thereby accepting any such matters as <br />Permitted Exceptions, or (ii) terminate this Agreement and receive a refund of the Deposit. <br />(f) Title Policy. Seller shall cause Title Company at Seller’s expense to issue to <br />Buyer at closing a standard owner’s policy of title insurance insuring Buyer’s title to the Real <br />Property in the full amount of the Purchase Price, subject only to the Permitted Exceptions (the <br />“Title Policy”). The Title Policy must be dated as of the closing date. If Buyer requires an <br />extended coverage title insurance policy, then the term “Title Policy” in this Agreement shall refer