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Section 3. Title Commitment and Survey. <br /> A. Purchaser hereby acknowledges receipt, at its sole cost and expense, of a <br /> Preliminary Commitment for a Standard Form Owner's Policy of Title Insurance in the amount of the <br /> Purchase Price("Title Commitment") issued by the Title Company,together with copies of all title <br /> exceptions and encumbrances referred to therein,which Title Commitment shall set forth the status <br /> of the title of the Property and shall show all encumbrances and other matters, if any, relating to the <br /> Property. <br /> B. Purchaser hereby acknowledges receipt of a survey performed by Perteet, Inc. <br /> ("Survey")of the Property and the Retained Property prepared as part of the Survey, consisting of a <br /> plat and field notes describing the Property, and has delivered a copy of such Survey to Seller. The <br /> cost of this Survey has and will be borne by the parties fifty percent(50%) each. The Survey shall <br /> be prepared pursuant to a current on-the-ground staked survey performed by a registered public <br /> surveyor or engineer selected by Purchaser and reasonably acceptable to Seller as evidenced by <br /> Seller's written approval. The Survey shall (i)reflect the actual dimensions of and the total number <br /> of gross acres and gross square feet of land within the Property, (ii) identify any rights-of-way, <br /> easements or other encumbrances by applicable recording reference, (iii) satisfy any standards <br /> prevailing in the State of Washington so as to permit the Survey to be insured by the Title Company <br /> and (iv) include the Surveyor's registered number and seal, the date of the Survey and narrative <br /> certificate reasonably acceptable to Seller and Purchaser. The legal description of the Property <br /> prepared as a part of the Survey will be used in all of the documents set forth herein that require a <br /> description of the Property, including the Deed. <br /> C. Purchaser has evaluated the status of title as reflected in the Title Commitment and <br /> Survey and hereby accepts the status of title and all issues disclosed by the Survey. As used <br /> herein, the term "Permitted Encumbrances" shall mean the Assumed Taxes (as hereinafter <br /> defined) and any easements, restrictions, claims, rights-of-way, encroachments or other <br /> encumbrances or other matters whatsoever affecting the Property as shown in the Title Commitment <br /> and/or Survey, together with all municipal and other governmental zoning laws, regulations and <br /> ordinances, if any, affecting the Property, and the consensual Deed of Trust granted to Seller to <br /> secure its Note under this Agreement. <br /> D. The Permitted Encumbrances shall be listed and attached to the Deed as Schedule <br /> 1 thereto as constituting the Permitted Encumbrances. <br /> Section 4. Closing. <br /> A. The Closing("Closing")of the sale of the Property by Seller to Purchaser shall occur <br /> in and through the office of the Title Company, with Title Company acting as escrow agent, on or <br /> before December 29, 2005, which is a strict and non-extendable date. <br /> B. On or before December 28, 2005,all of the following shall occur,all of which shall be <br /> deemed concurrent conditions: <br /> 1. Seller, at Seller's sole cost and expense,shall deliver or cause to be delivered <br /> to Title Company, as escrow agent, for the immediate disbursement and delivery by the Title <br /> Company as hereinafter set forth, the following: <br /> a. A Warranty Deed ("Deed"), in form and substance identical to that <br /> attached hereto as Exhibit "B" and by this reference made a part hereof, fully executed and <br /> - 2 - <br />