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406 ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title
<br /> 407 insurance company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title
<br /> 409 Deadline Seller must furnish to Buyer, a current commitment for an owner's title insurance policy Title
<br /> 409 � y p Y(
<br /> 410 Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title certified
<br /> 411 to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as
<br /> 412 practicable at or after Closing.
<br /> 413 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title
<br /> 414 ❑ Y p Y• Y
<br /> 415 insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title
<br /> 416 Deadline, Buyer must furnish to Seller, a current commitment for owner's title insurance policy(Title Commitment),
<br /> 417 in an amount equal to the Purchase Price.
<br /> 418neither box n . . or . . s checked, . . applies.
<br /> 419 Ifith b i
<br /> § 811 § 812 is § 811 ppies.
<br /> 420 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ❑Will C Will Not contain
<br /> 421 Owner's Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure
<br /> 422 over the standard exceptions which relate to: (1)parties in possession, (2) unrecorded easements, (3)survey
<br /> 423
<br /> 424 matters, (4)unrecorded mechanics' liens, (5)gap period (period between the effective date and time of
<br /> 425 commitment to the date and time the deed is recorded)and (6) unpaid taxes, assessments and unredeemed tax
<br /> 426 sales prior to the year of Closing.Any additional premium expense to obtain OEC will be paid by❑Buyer
<br /> 427 ❑Seller❑One-Half by Buyer and One-Half by Seller ❑Other.
<br /> 429 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete
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<br /> 430 or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may require a New
<br /> 431 Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance Commitment is not
<br /> 432 satisfactory to Buyer, Buyer has a right to object under§ 8.5 (Right to Object to Title, Resolution).
<br /> 433 i ll f f th t i t D Title
<br /> t D Title
<br /> 4 1
<br /> 8. . . e Documents. e Documents consist of following: 1 co of an
<br /> 434 9� ( )copies any plats,
<br /> P
<br /> 435 declarations, covenants, conditions and restrictions burdening the Property and (2)copies of any other documents
<br /> 436 (or, if illegible, summaries of such documents)listed in the schedule of exceptions (Exceptions) in the Title
<br /> 437 Commitment furnished to Buyer(collectively,Title Documents).
<br /> 438 439 p Buyer 8.1.5. Co of Title Documents. Bu er must receive, on or before Record Title Deadline,
<br /> 440 copies of all Title Documents.This requirement pertains only to documents as shown of record in the office of the
<br /> 441 clerk and recorder in the county where the Property is located.The cost of furnishing copies of the documents
<br /> 442 required in this Section will be at the expense of the party or parties obligated to pay for the owner's title insurance
<br /> 443 OIIC
<br /> 444 policy.
<br /> 445 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title
<br /> 446 covering all or any portion of the Property(Abstract of Title)in Seller's possession on or before Record Title
<br /> 447 Deadline.
<br /> 449 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment
<br /> 450 and any of the Title Documents as set forth in§8.5(Right to Object to Title, Resolution)on or before Record Title
<br /> 451 Objection Deadline. Buyer's objection may be based on any unsatisfactory form or content of Title Commitment
<br /> 452 or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer's sole subjective
<br /> 45
<br /> 454 Y Buyer discretion. If the Abstract of Title, Title Commitment or Title Documents received b on or before the
<br /> cumens are no rece
<br /> 455 Record Title Deadline, or if there is an endorsement to the Title Commitment that adds a new Exception to title, a
<br /> 456 copy of the new Exception to title and the modified Title Commitment will be delivered to Buyer. Buyer has until the
<br /> 457 earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1)any required
<br /> 459 Title Document not time) received b Buyer, 2 an change to the Abstract of Title, Title Commitment or Title
<br /> 459 Y Y Y ( ) Y 9
<br /> 46o Documents, or(3)any endorsement to the Title Commitment. If Seller receives Buyer's Notice to Terminate or
<br /> 461 Notice of Title Objection, pursuant to this§8.2 (Record Title), any title objection by Buyer is governed by the
<br /> 462 provisions set forth in §8.5 (Right to Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any,
<br /> 463 to deliver to Buyer all documents required b 8.1 Evidence of Record Title and Seller does not receive Buyer's
<br /> 464 Y q v§ ( ) Y
<br /> 465 Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the
<br /> 466 condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory.
<br /> 467 8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies
<br /> 469 of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all easements,
<br /> 469 9 Y P p 9 P Y Y
<br /> 470 liens(including,without limitation, governmental improvements approved, but not yet installed)or other title
<br /> 471 matters(including, without limitation, rights of first refusal and options)not shown by public records, of which Seller
<br /> 472 has actual knowledge (Off-Record Matters).This Section excludes any New ILC or New Survey governed under§
<br /> 473 g New ILC, New Survey). Buyer has the right to inspect the Property to investigate if an third a has an right
<br /> 474 ( Y)• Y 9 p p Y 9 Y party Y "
<br /> 475 in the Property not shown by public records(e.g., unrecorded easement, boundary line discrepancy or water
<br /> 476 rights). Buyer's Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed
<br /> 477 by Seller or revealed by such inspection, notwithstanding § 8.2 (Record Title)and § 13 (Transfer of Title)), in
<br /> 479 Buyer's sole subjective discretion, must be received b Seller on or before Off-Record Title Objection Deadline.
<br /> 479 Y 1 Y 1
<br /> 480 If an Off-Record Matter is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of
<br /> 481 Closing or ten days after receipt by Buyer to review and object to such Off-Record Matter. If Seller receives
<br /> 482 Buyer's Notice to Terminate or Notice of Title Objection pursuant to this §8.3(Off-Record Title), any title objection
<br /> 484 b Buyer is governed b the provisions set forth in 8.5 (Right to Object to Title Resolution). If Seller does not
<br /> 484 Y Y 9 Y p § ( 9 1 ,
<br /> 485 receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer
<br /> 486 accepts title subject to such Off-Record Matters and rights, if any, of third parties not shown by public records of
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