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-i6-os; z• -am; • .Yos sae ecce n ai io Ptchrainary Title Report. IfBuyer disapproves(or is deemed to have disapproved)of my exception Seller shall have five(5)days to notify Buyer whetber Seller will cause such exception to be removed from title at the Close of Escrow.In the event Seller£ails to notify Buyer that it has cledcd to cure any title objections such failure shall constitute Sellar's election not to cure such objection If Seller elects not to remove such exception from title,Buyer stiall have until tho expiration of the"Review Period" set forth in section 6 below to elect .to either terminate this transaction without IWAUM including the return ofthe Initial Deposit to Buyer,or to take the Properly subject to such exception or exceptions. In the event Buyer fails to timely give Seller Notice of Dissatisfaction as provided in section 5(e)below such failure shall constitute Buyer's election to accept the property subjoct to the disapproved exceptions and to consummate the purchase of the Property as otherwise provided herein Notwithstanding anything in this Agreement to the contrary it is expressly agreed that Sells! shall deliver title to the Property at the Close ofEscrow free and clear of any mwnetarylims,principal bonded indebtedness or other financial encumbrances save and except for the lien ofeurrew taxes and current assessment which shall he prorated as ofthe Close ofEscrow as provided in Section 7 below. Section 5. Dm Dilizence Investigation (a.). Inye igatiog. For a period of ninety(90).days following the Effective Date (the "Review Pcriod'l Buyer may conduct an investigation and review of the Property, including,but not limited to,the physical condition of the Property,emiroutueutaltuatter$, title matters, governmental regulatory or land use matters, and any other matters afleeting Buyer's anticipated use and ownership of the Property- (b-). Survey rests and OtLg geTort : Bayer, at its sole cost and expense, is expressly authorized to obtain(1)a current soils study of the Property(2)an environmental study of the Property and/or (3)a survey of the Property. (C.). hgcgM Selh r hereby grants to Buyer and its employees, representatives, agents, aflinates and independent contractors (such parties being collectively referred to herein as the`Buyer's Parties")a nonexclusive license to enter upon the Property during the Option Term and prior to the Close of Escrow for the purpose of conducting studies,Physical examinations, surveys and tests of the Property. Buyer hereby indemnifies and agrees to defend and hold harmless Seller from and against any and all damages,losses,expenses and liabilities,resulting fromthe activities ofthe Buyer: Notwithstanding the foregoing,the mere discovery by Buyer or by Buyer's Parties of any matters during the course of Buyer's investigation which may adversely affect the Property shall not be deemed to give rise to any liability or obligation of indemnification by Buyer to the Seller_ (d.). Pr9ce, , From the Effective Date and throughtheClose ofEscrow,Buyer, at its sole cost and expense, shall have the right to process: annexations, general and/or specific plan amendments,zoning changes,development permits and/or agreements acrd such other applications or permits for entitlements as may be desirable or necessary for the Buyer's proposed use ofthe Property. Buyer shall periodically advise Seller of the status of any such processing it performs. Seller shall,at no cost or expense to Seller,cooperate with and assist Buyer in the processing of such items, and to the extent reasonably necessary execute such U applications and other documents. 4 90 39Vd NVONna 5L90SE860Z 09 :9t 9002/9Z/b0