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TEL No. May t.:l 17:59 tJO.004 P.02 <br />• • <br />... ,,~ <br />Attorneys' TiAe of tTtray, Colorado together with true Copies of any agreements, contracts, <br />casements, or other documents affecting the Property or rotating to conditions listed in the <br />schedule of exceptions to Cho title insurance commitment. Landlord will have the title insurance <br />policy ddivered to Tenant as soon as practicable after closing and will pay the premium for same <br />at or before closing. Landlord shall be obligated to have the title insurance commitment updalal <br />as of the time of closing. Ttte parties' rights and obligations with respect to such update shall be <br />as sal forth below. <br />Tenant shall have the right to inspect the title insurance commitment and related <br />documents and disclosures provided in the foregoing paragraph. Written notice by Tenant of <br />unmerchturtabt7ity of title or any other unsatisfactory title or other conditions shown by the title <br />documerns or the disclosures mandated herein shall be signed by or on behalfofTenant and shall <br />be ptxsonally given or sent by facsimile transmission to Landlord within seven (7) days after <br />receipt by Tenant of any title documents or endorsements or disclosures reelecting the <br />unsatisfactory condition or adding new exceptions to the title commitment. If Tenant does not <br />give notice within the time specified above, Tenant shall be deemed to have accepted es <br />satisfactory the condition of title as disclosed by the title documents. if Tenant gives notice of <br />unmerchantabillty oftitle or any other unsatisfactory title condition disclosed by the title <br />commitment or the other disclosures mandated herein, Landlord shell use reasonable efforts to <br />Correct said unsatisfactory title conditions prior to the date of closing. ]f Landlord fails to correa;t <br />such unsatisfactory title conditions on or before the date of closing, this contract shall terminate as <br />provided below, provided however, that Tenant may, by written notice to Landlord on or before <br />closing, waive objection to said unsatisfactory title conditions and proceed to closing or delay <br />closing to allow Landlord addltlonal dme to correct the unsatisfactory title conditions. <br />order the preparation. In the event of termination due to title defect as provided herein, Tenant <br />shall be entitled to the return of the S 10,000 option payment but shall not be entitled to return of <br />any rent payments made. <br />C. Closinu: Closing of Tenant's purchase of the property pursuant to this Option shell <br />take place within sixty days after Tenant gives notice of intent to exercise unless the parties <br />otherwise agree. At closing, Tenant shall deliver to Landlord his signed Promissory Notc in <br />substantially the form attached, for the Cull amount of the purchase price due after giving credit <br />for the credits referenced about and all rental payments made to date of closins, together with his <br />signed standard form Colorado deed of trust for the full amount of the Promissory Note securing <br />Landlord's lnteaest in said Promissory Note. <br />Tranatl'r of title to Tenant shall be by warranty deed, fret and clear of all encumbrancer <br />except for the debt to Landlord as provided in the foregoing paragraph end taxes for the year o` <br />closing not yet due and payable. Landlord and Tenant shall share equally any closing costs or fees <br />including the preparation of any doctmtents needed for closing. <br />-2- <br />