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5.3 Monetary Encumbrances. Seller hereby agrees to remove any <br /> exceptions to title arising out of financial or monetary encumbrances such as deeds of <br /> trust, liens, judgments, mortgages and past due taxes and assessments. <br /> 5.4 Title Policy. Seller shall cause Title Company to issue an owner's <br /> policy of title insurance acceptable to Buyer, subject only to the.Permitted Exceptions (the <br /> "Title Policy"). At closing, Seller will pay the cost for a standard owner's policy of title <br /> insurance insuring Buyer's title to the Real Property in the full amount of the Purchase <br /> Price. Buyer shall pay the costs of extended coverage and any endorsements specified <br /> by Buyer or its counsel. Issuance of the standard coverage Title Policy shall be a <br /> condition of closing. Issuance of an extended coverage Title Policy is not a condition of <br /> closing. <br /> 6. Closing Conditions. <br /> 6.1 Mutual Closing Conditions. The respective obligations of Seller <br /> and Buyer to close the transaction contemplated in this Agreement are subject to the <br /> satisfaction at or prior to Closing of the following conditions precedent (the "Mutual <br /> Closing Conditions"): <br /> (i) Adverse Proceedings. No litigation or other court action <br /> shall have been commenced seeking to obtain an injunction or other relief from such <br /> court to enjoin the consummation of the transaction described in this Agreement, and no <br /> preliminary or permanent injunction or other order, decree, or ruling shall have been <br /> issued by a court of competent jurisdiction or by any governmental authority, that would <br /> make illegal or invalid or otherwise prevent the consummation of the transaction <br /> described in this Agreement; provided if any of the foregoing shall occur or be in effect <br /> as a direct or indirect result of Seller's or Buyer's acts or omissions taken or omitted by <br /> such party, the failure of such party to close by reason of any of the foregoing shall <br /> constitute a default by such party hereunder, entitling the other party to its rights and <br /> remedies hereunder. <br /> (ii) Adverse Law. No law, statute, rule, or regulation shall have <br /> been enacted that would make illegal or invalid or otherwise prevent the consummation <br /> of the transaction described in this Agreement. <br /> If any of the Mutual Closing Conditions is not satisfied at Closing, then each party shall <br /> have the right to terminate this Agreement by providing written notice to the other party, <br /> in which case the Earnest Money shall be refunded to Buyer, and the parties shall have <br /> no further rights or obligations under this Agreement, except for those which expressly <br /> survive such termination. <br /> 6.2 Seller Closing Conditions. In addition to the Mutual Closing <br /> Conditions, Seller's obligations to close the transactions contemplated in this <br /> Agreement are subject to the satisfaction at or prior to Closing of the following <br /> conditions precedent (the "Seller Closing Conditions"): <br /> 3 <br />