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<br />4 <br /> <br />Regardless of whether this transaction closes, the Commission shall be responsible for the <br />title search charges, the cost of the Title Commitment and owner’s policy as well as any <br />endorsements thereto. Within thirty (30) days after the Commission’s receipt of the Title <br />Commitment, the Commission shall give the Owner written notice of any objections to the <br />Title Commitment. Within thirty (30) days after the Commission’s receipt of the Survey, <br />if one is obtained, the Commission shall give the Owner written notice of any objections <br />to the Survey. Any exceptions identified in the Title Commitment or Survey to which <br />written notice of objection is not given within such period shall be a “Permitted <br />Encumbrance.” If the Owner is unable or unwilling to correct the Commission’s title and <br />survey objections within the Due Diligence Period, the Commission may terminate this <br />Agreement by written notice to the Owner prior to expiration of the Due Diligence Period. <br />If the Commission fails to so terminate this Agreement, then such objections shall <br />constitute “Permitted Encumbrances” as of the expiration of the Due Diligence Period, and <br />the Commission shall acquire the Property without any effect being given to such title and <br />survey objections. <br /> <br />6. THE OWNER’S REPRESENTATIONS AND WARRANTIES <br /> <br />The undersigned Owner represents and warrants to the Commission that the Owner owns <br />in fee simple title to the Property and has not granted any option or right of first refusal to <br />any person or entity to acquire the Property or any interest therein. The undersigned Owner <br />further represents and warrants it is fully empowered to donate the Property to the <br />Commission under the terms and conditions stated in this Agreement, and that it has <br />disclosed to the Commission any notifications from any local, state, or federal authority <br />regarding environmental matters pertaining to the Property. The Owner shall provide the <br />Commission a copy of all known environmental inspection reports, engineering, title, and <br />survey reports and documents in the Owner’s possession relating to the Property. In the <br />event the Closing does not occur, the Commission will immediately return all such reports <br />and documents to the Owner. <br /> <br />7. CLOSING <br /> <br />A. Timing of Closing. Unless this Agreement is earlier terminated, the transfer <br />of title contemplated by this Agreement (the “Closing”) shall be held at the office of the <br />Title Company on a mutually agreeable date not later than sixty (60) days after the end of <br />the Due Diligence Period, unless mutually agreed to in writing by the Parties. <br /> <br />B. Closing Procedure. <br /> <br />(1) At Closing, subject to the performance by the Commission of its <br />obligations under this Agreement, the Owner shall deliver the special warranty deed, <br />substantially in the form attached hereto as Exhibit B, conveying the Property to the <br />Commission, subject only to Permitted Encumbrances, and the Title Company’s delivery <br />of the Title Commitment to the Commission in accordance with Section 5 above.