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in an amount equal to the Purchase Price of the Property issued by Chicago Title Company (the <br />"Title Company") showing title vested in Buyer, subject to the exceptions to title approved by Buyer <br />pursuant to Section 3.1 below. Buyer shall be responsible for the premium for the A.L.T.A. <br />extended policy of title insurance, and for any additional endorsements or policy coverage requested <br />by Buyer. <br />3. CONDITIONS OF PURCHASE <br />Buyer's obligation to purchase the Property shall be subject to the satisfaction of the <br />following conditions, which are for Buyer's benefit only. In the event any of the following <br />contingencies are not satisfied within the specified time limits, Buyer may, at its sole option, either <br />waive such conditions or terminate this Agreement. <br />3.1 Approval of Title. Promptly after execution of this Agreement by Seller and Buyer, <br />Escrow Holder shall deliver to Buyer a current preliminary title report ("PTR"), including documents <br />referred to therein, covering the Property from the Title Company. Buyer shall have five (5) days <br />after the date of Title Company's provision of the PTR to Buyer to approve or disapprove the status <br />of title to the Property as disclosed in the PTR and related documents. Any disapproval of status of <br />title shall be within the reasonable discretion of Buyer and shall be limited to monetary <br />encumbrances and covenants, conditions, restrictions and easements of record which adversely affect <br />the Buyer's intended use of the Property. Any exception not disapproved in writing within the five <br />(5) day period shall be deemed approved by Buyer, and shall constitute a permitted exception <br />hereunder. Any objection to a title exception by Buyer shall be made in writing to Seller, and Seller <br />shall thereafter have three (3) days within which to use reasonable efforts to cure or to provide <br />assurance of the cure of the title defect and cause such item to be removed from the title policy to <br />be issued at Close of Escrow. The term "reasonable efforts," as used in this Paragraph 3.1, shall not <br />include any obligation of Seller to expend any money or commence any legal action to correct any <br />exceptions within the three (3) day period. Seller shall notify Buyer, in writing, of any disapproved <br />title exceptions which Seller is unable to cause to be removed prior to or at Close of Escrow. Buyer <br />shall, within five (5) business days thereafter, elect by giving written notice to Seller and Escrow <br />'S068 GRD <br />