SSLM Properties LLC 7/26/2016 - Laserfiche WebLink

"Title Company") as the earnest money deposit (the "Earnest Money"). The Earnest Money shall be nonrefundable following the expiration or earlier waiver by Buyer of the Inspection Period contingencies, except in the event of Seller's default or as otherwise expressly provided for hereunder. The Title Company shall deposit the Earnest Money in an interest-bearing account at a financial institution approved by Buyer and Seller. All interest earned thereon shall be added to and become a part of the Earnest Money. 2.2 Purchase Price. The total purchase price for the Property (the "Purchase Price") shall be Four Million dollars ($4,000,000.00), subject to the adjustments, if any, as provided for under this Agreement. For closing purposes, Seller and Buyer agree that no portion of the Purchase Price is allocated to personal property. 2.3 Payment of Purchase Price. The Earnest Money and any interest earned thereon shall be credited against the Purchase Price at Closing. Buyer shall pay the remainder of the Purchase Price at Closing in immediately available U.S. funds ARTICLE III. TITLE 3.1 Review of Title. Buyer has ordered from the Title Company a commitment for an owner's policy of extended coverage title insurance for the Property (the "Preliminary Commitment"), together with copies of any and all instruments referred to in the Preliminary Commitment. Within ten(10)days after the Effective Date, Seller shall deliver to Buyer a copy of any existing survey covering the Property (the "Existing Survey"). (a) Within twenty (20) days after the latter of the Effective Date or Buyer's receipt of the Preliminary Commitment together with all instruments referred to therein and any Existing Survey, Buyer shall deliver written notice to Seller of any title exception to which it objects(such exceptions,the"Defects"); provided,however,that if any new title exception is disclosed by a supplement or amendment to the Preliminary Commitment, then Buyer shall have until the latter of(i) the expiration of the Inspection Period, or (ii) seven (7) business days after Buyer's receipt of such supplement or amendment to the Preliminary Commitment(together with a copy of all new instruments shown in such supplement or amendment) to deliver to Seller written notice of any new title exceptions appearing in such supplement or amendment to which Buyer objects(the previous Defects and such new exceptions are collectively,the "Defects"). (b) Title will be deemed acceptable to Buyer if (a) Buyer fails to deliver timely written notice of Defects or (b) Buyer delivers timely written notice of Defects and Seller, within seven (7) business days after receipt of the notice (the "Curative Period"),cures the Defects or commits in writing to do so at or before Closing. If Seller does not elect to cure the Defects of which Buyer has timely given written notice 2