6.B.(3) Option Contract with LaSalle Housing Partners

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commitment bears ~~~ithin ~~~hich to cw~e such defects and to furnish a commitment showing such exceptions removed. If such exceptions are not removed ~~~ithin said thirty (30) da}~s. Purchaser may cancel this Contract or may, at its election. take the title as it then is (with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount), upon ~ivin~a to Seller notice of such election. 12 Closing. The transaction contemplated b~~ this Contract shall be closed, on a date (the "Date of Closing") to be agreed by the parties, but not later than thirty (30) days after Purchaser exercises the option. Purchaser and Seller Shall comply ~~ith the Collo~~°ing procedures relating to the dosing: (a) Seller shall execute. acknov,~ledge and deliver to Purchaser a «~arranty decd conve~~ing the Property to Purchaser, subject only .to the permitted exceptions referred to in Paragraph 1 in the Contract, which shall be i^ form for recording. Seller shall pay the transfer tax (stamp) andior conveyance fee. Seller shall submit the proposed form of warranty deed to Purchaser for approval at least ten (] U) days prior to closing. (b) Seller shall deliver to Purchaser all other documents necessary or advisable to consummate this transaction, including a ~~endor's affidavit and corporate resolutions authorizing this transaction in a form reasonably satisiactorti~ to Nurchaser and the title insurance company. (c) Seller shall cause to be furnished and delivered to Purchaser, at the sole cost and expense of Seller, an owner's title insurance police (ACTH Form f3) (or a marked-up title commitment dated as of the Datc of Closing and insuring the time gap, if any, bettyeen the Date of Closing and the date of recording of the deed(s) to Purchaser) issued by the title insurance company, insuring good and marketable fee simple title to the Property in Purchaser in a face amount equal to the purchase price, and containing no exceptions other than the permitted exceptions referred to in Paragraph 6 herein. Seller shall. at Scllcr's expense, cause the title insurance company to (i) delete or endorse over the Schedule 13 General Exceptions from such title policy, if such deletion or Indorsement is available in the State of Indiana from the title insurance company. and (ii) sho~~~ all taxes paid for the year of closing and all prior years. (d) Sclicr shall deliver to Purchaser, in form satisfactory to Purchaser, a Nonforeign Affidavit complti~ing ~~iih Internal Revenue Code Section 1445. If Seller fails to deliver such Affidavit to Purchaser, Purchaser may withhold, ii~om the funds due Seller at closing" ten percent (10° ~,) of the total purchase price and pay this sum to the IKS. (e) Seller shall execute, acknow~lcdge and deliver to Purchaser a recordable ~~~arranty decd covering any discrepancies bet..°een the recorded and surveyed legal descriptions of the Property, and any gaps bet~~~een the Property and any adjoining 4