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21a this contract is conditional upon Buyer obtaining such approval without change in the temts of such loan, except as set forth in <br />215 § 4c. If lender's approval is not obtained by Approval of Loan Transfer Deadline (§ 2c), this wntmct shall temrinate on such <br />216 date. If Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in <br />217 § 4c, this contract may be terminated at Seller's option. <br />218 6. APPRAISAL PROVLSIONS. <br />219 a. Appraisal Condition. This subsection a. ^ Shall ~ShaU Not apply. <br />220 Buyer shall have the sole option and election to terminate this contract if the Purchase Price exceeds the Property's <br />22t valuation determined by an appraiser engaged by <br />222 The contract shall terminate by Buyer giving Seller written notice of termination and either a copy of such appraisal or written <br />223 notice from lender that confirms the Property's valuation is less than the Purchase Price, received on or before Appraisal <br />224 Deadline (§ 2c). If Seller does not receive such written notice of termination on or before Appraisal Deadline (§ 2c), Buyer <br />225 waives any right to terminate under this subsection. <br />226 b. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this contract shall be timely paid by <br />227 ^ Buyer ^ Seller. <br />228 <br />229 7. EVIDENCE OF TITLE. <br />z3o ~a. Evidence of Title. On or before Title Deadline (§ 2c), Seller shall cause to be furnished to Buyer, at Seller's <br />231 expense, a current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the Purchase <br />232 Price, or if [his boz is checked, ^ An Abstract of title certified to a current date. At Seller's ezpease, Seller shall cause the <br />233 titib insurance policy to be issued and delivered to Buyer as soon as practicable at or, after Closing. If a title insurance <br />z3a commitment is famished, it ^ Shall ^ Shall Not commit to delete or insure over the standard exceptions which relate to: <br />235 (1) parties in possession, <br />236 (2) unrecorded easements, <br />237 (3) survey matters, <br />238 (4) any unrecorded mechanic's liens, <br />239 (5) gap period (effective date of commitment to date deed is recorded), and <br />240 (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. <br />241 Any additional premium expense to obtain this additional coverage shall be paid by ^ Buyer ^ Seller. <br />242 b. Copies of Exceptions. On or before Title Deadline (§ 2c), Seller, at Seller's expense, shall famish to Buyer and <br />243 , (1) a copy of any plats, declarations, covenants, conditions <br />244 and restrictions burdening the Property, and (2) if a title insurance commitment is required to be famished, and if this box is <br />245 checked ^ Copies of any Other Documents (or, if illegible, summaries of such documents) listed in the schedule of <br />246 exceptions (Exceptions). Even if Ute box is not checked, Seller shall have the obligation to furnish these documents pursuant <br />247 to this subsection if requested by Buyer any time on or before Document Request Deadline (§ 2c). This requirement shall <br />248 pertain only to documents as shown of record in the offices of the clerk and recorder The abstract or title insurance <br />249 commitment, together with any copies or summazies of such documents famished pursuant to this section, constitute Ute title <br />250 documents (Title Documents). <br />z51 G Survey. On or before Survey Deadline (§ Zc) ^ Seller ^ Buyer shall cause Buyer and the issuer of the Title <br />252 Commitment or the provider of the opinion of title if an abstract, to receive a current ^ Improvement Survey Plat <br />253 ^ Improvement Location Certificate ^ <br />254 (the description checked is known as Survey). An amount no[ to exceed $ for Survey shall be paid by <br />255 ^ Buyer '~SeUer. If the cost exceeds [his amount, <br />256 shall pay the excess on or before Closing. <br />257 <br />258 S. TITLE AND SURVEY REVIEW. <br />259 a. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of <br />260 unmerchantability of title, form or content of Title Commitment or of any other unsatisfactory title condition shown by the <br />261 Title Documents, notwithstanding § 12, shall be signed by or on behalf of Buyer and given [o Seller on or before Title <br />262 Objection Deadline (§ 2c), or within five (5) calendar days after receipt by Buyer of any change to the Title Documents or <br />263 endorsement to the Title Commitment together with a copy of the document adding any new Exception to title. If Seller does <br />264 not receive Buyer's notice by the date specified above, Buyer accepts the condition of title as disclosed by the Title Documents <br />265 as satisfactory. <br />266 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off-Record Matters <br />267 Deadline (§ 2c) true copies of all ]eases and surveys in Seller's possession pertaining to the Property and shall disclose to <br />268 Buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other <br />No. CBSL7-04. CONCRACT TO BUY AND SELL REAL FS'rATE (COMMERCIAL) Pag<5 otll <br />Initial <br />