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9 <br /> (the "Title Company") as the earnest money deposit (the "Earnest Money"). The <br /> Earnest Money shall be nonrefundable following the expiration or earlier waiver by <br /> Buyer of the Inspection Period contingencies, except in the event of Seller's default or <br /> as otherwise expressly provided for hereunder. The Title Company shall deposit the <br /> Earnest Money in an interest-bearing account at a fmancial institution approved by . <br /> Buyer and Seller. All interest earned thereon shall be added to and become a part of the <br /> Earnest Money. <br /> 2.2 Purchase Price. The total purchase price for the Property (the"Purchase <br /> Price")shall be Four Million dollars ($4,000,000.00), subject to the adjustments,if any, <br /> as provided for under this Agreement. For closing purposes, Seller and Buyer agree <br /> that no portion of the Purchase Price is allocated to personal property. <br /> 2.3 Payment of Purchase Price. The Earnest Money and any interest earned <br /> thereon shall be credited against the Purchase Price at Closing. Buyer shall pay the <br /> remainder of the Purchase Price at Closing in immediately available U.S. funds <br /> ARTICLE III. TITLE <br /> 3.1 Review of Title. Buyer has ordered from the Title Company a <br /> commitment for an owner's policy of extended coverage title insurance for the Property <br /> (the "Preliminary Commitment"), together with copies of any and all instruments <br /> referred to in the Preliminary Commitment. Within ten (10) days after,the Effective <br /> Date, Seller shall deliver to Buyer a copy of any existing survey covering the Property <br /> (the"Existing Survey"). <br /> (a) Within twenty (20) days after the latter of the Effective Date or <br /> Buyer's receipt of the Preliminary Commitment together with all instruments referred to <br /> therein and any Existing Survey, Buyer shall deliver written notice to Seller of any title <br /> exception to which it objects (such exceptions, the "Defects"); provided, however, that <br /> if any new title exception is disclosed by a supplement or amendment to the Preliminary <br /> Commitment,then Buyer shall have until the latter of(i)the expiration of the Inspection <br /> Period, or (ii) seven (7) business days after Buyer's receipt of such supplement or <br /> amendment to the Preliminary Commitment (together with a copy of all new <br /> instruments shown in such supplement or amendment)to deliver to Seller written notice <br /> of any new title exceptions appearing in such supplement or amendment to which Buyer <br /> objects(the previous Defects and such new exceptions are collectively,the"Defects"). <br /> (b) Title will be deemed acceptable to Buyer if (a)Buyer fails to <br /> deliver timely written notice of Defects or (b)Buyer delivers timely written notice of <br /> Defects and Seller, within seven (7) business days after receipt of the notice (the <br /> "Curative Period"), cures the Defects or commits in writing to do so at or before <br /> 2 <br /> 95 <br />