03 - Purchase Agreement - Lonesome Cottage

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6.1 Seller's Title Evidence. Seller shall, within twenty (20) days after the date of this Agreement, furnish to Buyer, at Seller's cost and expense, the following (collectively, "Title Evidence"): 6.1.1 Abstract or Title Insurance Commitment. Seller shall deliver a commitment ("Title Commitment") for an ALTA Owner's Policy of Title Insurance insuring title to the Land or an Abstract of Title certified to date if Abstract Property or a Registered Property Abstract (RPA) certified to date if Registered (Torrens) Property. Seller shall be responsible for the title search and exam costs related to the commitment. Buyer shall be responsible for all additional costs related to the issuance of the title insurance policy, including but not limited to the premium, Buyer's name search and plat drawing, if any. If providing an abstract, Seller shall pay for the abstracting or RPA costs and surrender any abstract for the property. 6.1.2 Buyer's ONec tion. Buyer shall be allowed ten (10) days after receipt of the above to examination of the abstract or Title Commitment and for making any objections to any encumbrance affecting marketable title (except Permitted Encumbrances) to Seller. Said objections are to be made in writing or are to be deemed to be waived. The encumbrances accepted by Buyer shall be attached hereto as Exhibit B, at such time as Buyer shall have approved same. If any objections are so made, Seller shall be allowed thirty (30) days to make title marketable and Seller shall exercise its best efforts to correct such objections. In the event Seller is unable to eliminate such objections within said period, Buyer shall have the option to either (1) acquire the Property subject to said objections, lien, encumbrance or other title defect at Buyer's discretion, and reduce the Purchase Price by an amount equal to the decrease in the value of the Property because of the defect; or (2)rescind this Agreement, in which latter event the Earnest Money and Extension Money herein paid, together with all interest earned thereon, shall be immediately refunded to Buyer. 7. Examination of Property. It is expressly understood by Seller that, during the term of this Agreement, Buyer intends to undertake preliminary investigation for Buyer's use of the Property, as follows: 7.1 Entry by Buyer. From and after the date hereof, Buyer, and its representatives, shall have the right to enter upon the Property for the purpose of inspection of the physical condition of the Property, surveying, conducting soil tests, and making such other physical inspection thereof as Buyer deems necessary or appropriate; provided, however, that in the course of such activities, Buyer shall make no visible improvements to or changes in the Property prior to the Date of Closing, and shall repair any damage or disturbance caused by Buyer's activities. Any inspection of Buyer pursuant to this paragraph shall not be construed so as to waive or limit any of Buyer's rights or remedies hereunder. 7.2 Execution of Documents. At no cost to Seller, Seller shall join in the execution of any and all documents and instruments which may be required or which may be reasonably requested by Buyer in order to obtain all governmental approvals which may be necessary to obtain all approvals for Buyer's intended use of the Property, including, without limitation, registration applications, transfer permissions, assumption of any debt Buyer selects, building permits, rezoning petitions and environmental assessment worksheets and statements; and at no cost to Seller, Seller 3