07-B 1st & Kaufman Prop Awd - Laserfiche WebLink

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D. Those liens and encumbrances which PURCHASER waives on or before the closing date. 3. Within sixty (60) days of the execution hereof, SELLER shall obtain, at SELLER's expense a commitment from Stone Title Company, Lamar County, Texas (the "Title Company") to issue a standard policy of title insurance on the appropriate TL T A form in the amount of the purchase price, and deliver the same to PURCHASER. If any encumbrances exist on SELLER's title other than the permitted encumbrances, SELLER shall have sixty (60) days to cure or remove the same. If the encumbrances are not cured or removed within such period PURCHASER may, at its option, either a)waive such encumbrances and continue the closing; or b) terminate this Agreement and recover the deposit, it being agreed that no damages against SELLER shall be recoverable; but if the title is approved and either party hereto fails or refuses to consummate this Agreement, the other may, at such party's option, enforce specific performance of this Agreement. In the event PURCHASER is the defaulting party, SELLER shall have the right to retain such cash deposit as liquidated damages for the breach of this contract. The cost of any title insurance policy obtained by PURCHASER shall be paid by PURCHASER. All title company settlement fees shall also be paid 1/2 by PURCHASER and 1/2 by SELLER. All recording fees shall be paid by PURCHASER. 4. PURCHASER may at its own cost obtain a metes and bounds survey of the property. The description of the property contained in said survey shall be substituted for the description contained in this Agreement if the same differs in any respect from the survey description. SELLER does not guarantee the exact amount of area of the land or the building, it being agreed and understood that permitted encumbrances may reduce such area, and that PURCHASER shall solely rely on its own due diligence to determine such area. 5. SELLER agrees to deliver possession of property described above on or after date of closing, vacant of any and all tenants, such removal of tenants in the event the same becomes necessary to be at sole expense of SELLER. 6. PURCHASER hereby acknowledges that the SELLER conveying the property strictly and solely on an "as is, where is" basis, and with all faults, and that SELLER has made no material representations, disclosures, or express or implied warranties to PURCHASER or its agents respecting the status, condition, or any other aspect of the property, except for the warranty of title stated in the closing documents. PURCHASER covenants and agrees that it will solely rely on its own inspections with respect to the condition and status of the property, and not on any statements made by SELLER or its agents, and specifically the SELLER makes no warranty of condition, merchantability, or suitability or fitness for a particular purpose with respect to the property. All warranties, except the warranty of title on the closing documents, are hereby fully disclaimed, and PURCHASER further agrees that upon closing of title all of SELLER's obligations and liabilities hereunder and with respect to the property shall be deemed merged into the deed. The provisions of this section regarding the property will be included in the deed with appropriate modification of terms Page 3 of 8