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In the event the Grantee has any objections to title, the Grantee shall notify the Grantor of said <br />objections in writing. If the Grantor is unable or unwilling to cure such defects, to the satisfaction <br />of the Grantee, then the Grantee shall have the option of terminating this Agreement. As of the <br />Date of Transfer, the Grantor shall provide the Grantee with a title insurance policy insuring over <br />all objections to or defects in title of the Grantor and on a standard form ALTA Owner's Policy. <br />4. The risk of loss or damage to said Real Estate or to improvements on said Real <br />Estate is assumed by the Grantor until delivery of said quit claim deed by the Grantor to the <br />Grantee at the Date of Transfer. <br />5. The Grantor agrees to deliver possession of the Real Estate, pursuant to this <br />Agreement, to the Grantee on or before the 1st day of October, 2009, (the "Date of Transfer") <br />contingent upon satisfaction of the covenants contained herein. On the Date of Transfer, the <br />Grantor shall warrant that there are no existing leases on the Real Estate or tenants who have any <br />right to occupy the Real Estate. <br />6. Prior to the Date of Transfer, if the Grantor has a Phase 1 and Phase 2 <br />environmental study report on the Real Estate, it will provide them to the Grantee. If the Grantor <br />does not have the studies in hand, the Grantee, at its option, may obtain a Phase I Environmental <br />Report of the Real Estate at the Grantee's cost, and a Phase II study if recommended by the <br />environmental engineers. This Agreement is contingent upon the Grantee being able to determine <br />to its satisfaction that: (a) the Real Estate is not in any way contaminated with any hazardous <br />substance; (b) the Real Estate is not subject to any federal, state or local "superfund" lien, <br />proceedings, claim, liability or action, or the threat or likelihood thereof, for the clean-up, removal <br />or remediation of any such hazardous substance from the Real Estate or from any other real <br />property owned or controlled by the Grantor or in which the Grantor has an interest, legal or <br />equitable; (c) there is no asbestos on the Real Estate; and (d) there is no underground storage tank <br />3 <br />