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5.SELLER’S DOCUMENTS <br />Seller shall provide Buyer with a copy of all known environmental inspection reports, engineering, <br />title, and survey reports and documents which are public records and in Seller’s possession relating <br />to the Property. In the event the Closing does not occur, Buyer will immediately return all such <br />reports and documents to Seller’s Representatives. <br />6.PRESERVATION OF TITLE <br />After the Contract Date, Seller shall not take any action or provide permission allowing any action <br />to be taken by others under Seller’s name to cause the Property to become subject to any loans, <br />mortgages, financing, liens, real estate restrictions, easements, real estate covenants, leases, or other <br />encumbrances affecting Seller’s title (such matters are referred to as “Encumbrances”). Seller <br />acknowledges that Buyer will promptly obtain, at Buyer’s sole expense, and rely upon a <br />commitment for title insurance on the Property (the “Title Commitment”) and an ALTA survey of <br />the Property (the “Survey”) identifying all Encumbrances as of the Closing Date. The Property <br />shall be conveyed to Buyer free of any Encumbrances other than Permitted Encumbrances (as <br />defined in Section 8 below). <br />7.TITLE COMMITMENT AND POLICY REQUIREMENTS <br />Buyer shall obtain the Title Commitment for an owner’s policy of title insurance issued by a title <br />company selected by Buyer and reasonably acceptable to Seller (the “Title Company”). The Title <br />Commitment shall upon payment of the required premium by Buyer (i) agree to insure good, <br />marketable, and indefeasible fee simple title to the Property (including public road access) in the <br />name of the Buyer for the full amount of the Purchase Price upon delivery and recordation of a <br />warranty deed (the “Deed”) from the Seller to the Buyer, and (ii) provide for issuance of a final <br />ALTA owner’s title insurance policy, with any endorsements requested by Buyer, subject to the <br />Permitted Encumbrances. Regardless of whether this transaction closes, Buyer shall be responsible <br />for all of the Title Company’s charges and all costs of the Title Commitment and owner’s policy. <br />8.REVIEW OF TITLE COMMITMENT AND SURVEY <br />Within five (5) business days after Buyer’s receipt of the Title Commitment, Buyer shall give Seller <br />written notice of any objections to the Title Commitment. Within five (5) business days after <br />Buyer’s receipt of the Survey, Buyer shall give Seller written notice of any objections to the Survey. <br />Any exceptions identified in the Title Commitment or Survey to which written notice of objection <br />is not given within such period shall be a “Permitted Encumbrance.” If the Seller is unable or <br />unwilling to correct the Buyer’s reasonable, standard title and survey objections within the Due <br />Diligence Period, Buyer may terminate this Agreement by written notice to Seller prior to <br />expiration of the Due Diligence Period, in which case the Earnest Money Deposit shall be refunded <br />to Buyer. If Buyer fails to so terminate this Agreement, then such objections shall constitute <br />“Permitted Encumbrances” as of the expiration of the Due Diligence Period, and Buyer shall <br />acquire the Property without any effect being given to such title and survey objections.