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1 <br /> coverage owner's policy of title insurance, including"gap" and mechanics lien coverage, <br /> insuring title to the Land, including legal access, as of the Closing Date in the amount of the <br /> Purchase Price, (b) a Certificate of'faxes Due evidencing that the current installment of all <br /> taxes owing on the Land have been paid in full: and(c)a copy of the current and previous <br /> year's Notice of Assessment, or other satisfactory evidence of the current and previous year's <br /> assessed value and assessment category for the Land. Seller shall pay all costs and expenses <br /> related to the Title Commitment, including all search fees. Purchaser shall further have the <br /> right,at its sole cost and expense, to secure a survey of the Land in a form satisfactory to <br /> Purchaser(the"Survey"). At Closing, Seller shall pay the premium for the owner's title <br /> insurance policy(the"Title Policy') issued pursuant to the Title Commitment, together with <br /> the premium for any endorsements to the Title Policy which Seller agrees to provide to <br /> address any objections from Purchaser and all standard fees incurred for the services of the <br /> Title Company in handling the Closing. Purchaser shall have the right to review the Title <br /> Commitment and the Survey, if obtained.and approve or disapprove those items which may <br /> affect the title of the Land. If the Title Commitment or the Survey reflects any exceptions to <br /> title or other issues which are not acceptable to Purchaser, in Purchaser's sole discretion(with <br /> any such unacceptable exception or issue being referred to herein as a"Title Defect"): then <br /> Purchaser shall,on or before that date which is thirty (30) days following the Effective Date <br /> (the"'Title Approval Date") (or, in the case of a Title Defect that arises as a result of any <br /> update to the Title Commitment occurring after expiration of the Title Approval Date, within <br /> fifteen (15) days after the Title Company's issuance of any such update to the Title <br /> Commitment along with a copy of any new exception), give Seller written notice of such Title <br /> Defect. <br /> Seller shall thereafter have the right, but not the obligation,during the fifteen (15)day <br /> period after receipt of Purchaser's written notice of a Title Defect (the"Seller Response <br /> Period"), within which to advise Purchaser in writing as to whether or not Seller will attempt <br /> to cure or remove such'Title Defect or obtain affirmative title insurance coverage acceptable to <br /> Purchaser, insuring and defending Purchaser against any loss, cost or expense arising out of or <br /> related to such 'Title Defect ("Affirmative Coverage"). If Seller fails to respond to Purchaser's <br /> written notice of any"Title Defect within the Seller Response Period,then Seller shall be <br /> deemed to have elected not to address any such Title Defect or to provide any Affirmative <br /> Coverage in response to the Title Defect. If Seller advises Purchaser in writing within the <br /> Seller Response Period that Seller will attempt to cure or remove such Title Defect or attempt <br /> to obtain Affirmative Coverage, then on or before the Closing Date, Seller shall provide <br /> Purchaser and the Title Company with evidence of`such removal or provide reasonable <br /> evidence that such Title Defect will be removed or that such Affirmative Coverage shall be <br /> obtained sufficient to permit the Title Company to omit such Title Defect from the"Title Policy <br /> or endorse over such"Title Defect,and removal of the same or issuance of such Affirmative <br /> Coverage shall be a condition precedent to the Closing. Seller has the sole discretion whether <br /> to correct matters to Purchaser's satisfaction. if Purchaser is not satisfied with Seller's <br /> response to Purchaser's written notice of a Title Defect, then Purchaser shall have the right. <br /> upon written notice to Seller given within ten(10) days of the Seller Response Period, to <br /> terminate this Agreement, at Purchaser's sole discretion and as Purchaser's sole remedy. <br /> whereupon the Parties will have no further obligations to each other under this Agreement. <br /> except as otherwise expressly set forth herein. if Purchaser fails to timely provide written <br /> notice of its intent to terminate this Agreement within such ten (10) day period, then Purchaser <br /> shall be deemed to have accepted Seller's response to Purchaser's notice of the 'Title Defect. <br /> and this Agreement shall remain in lull force and effect. The Title Commitment shall be <br /> updated no later than three(3) days prior to Closing. <br /> Castle Concrete/Contract 2a <br />