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<br />3 <br /> <br />C. Due Diligence Period. The Commission shall have a period of sixty (60) <br />days following the Effective Date to complete its examination of the Property in <br />accordance with this Section 3 (the “Due Diligence Period”). The Commission may, at <br />any time before the expiration of the Due Diligence Period, waive in whole or in part its <br />rights under this Agreement with respect to the Due Diligence Period by delivering written <br />notice to the Owner, and the Parties shall proceed to Closing in accordance with Section 7. <br /> <br />D. Termination of Agreement. If at any time within the Due Diligence Period, <br />the Commission determines, in its sole discretion, not to proceed with the purchase of the <br />Property, the Commission may terminate this Agreement by written notice to the Owner <br />and with no liability to the Commission. <br /> <br />4. PRESERVATION OF TITLE AND CONDITION <br /> <br />A. After the date the Owner executes this Agreement and receives a counter- <br />signed copy of this Agreement from the Commission as described in Section 1, the Owner <br />shall not take any action or allow any action to be taken by others to cause the Property to <br />become subject to any new interests, liens, restrictions, easements, covenants, reservations <br />or other matters affecting the Owner’s title (such matters are referred to as <br />“Encumbrances”). <br /> <br /> B. The Owner hereby covenants that the Owner will not alter the condition of <br />the Property at any time after the date the Owner receives a counter-signed copy of this <br />Agreement from the Commission as described in Section 1. Further, the Owner will not <br />release, or cause to be released, any hazardous substances on or near the Property and will <br />not otherwise collect or store hazardous substances or other materials, goods, refuse or <br />debris at the Property in violation of applicable laws. <br /> <br />5. TITLE COMMITMENT AND SURVEY <br /> <br />The Commission shall obtain the Title Commitment for an owner’s policy of title insurance <br />(the “Title Commitment”) issued by a title company selected by the Commission and <br />reasonably acceptable to the Owner (the “Title Company”) within twenty (20) days after <br />the Effective Date. The Commission, at its option, may obtain a survey of the Property, at <br />its sole expense (the “Survey”). The Property shall be conveyed to the Commission free <br />of all encumbrances, including but not limited to mortgages, judgments, and taxes, unless <br />otherwise waived in writing by the Commission. The Title Commitment will be issued by <br />a title company selected by the Commission and reasonably acceptable to the Owner (the <br />“Title Company”). The Title Commitment shall: <br /> <br />(1) Agree to insure good, marketable and indefeasible fee simple title to the <br />Property in the name of the Commission for the full amount of the Purchase Price upon <br />delivery and recordation of a special warranty deed from the Owner to the Commission. <br />(2) Provide for issuance of a final ALTA owner’s title insurance policy, with <br />any endorsements requested by the Commission, subject only to any encumbrances waived <br />by the Commission.