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This excerpt taken from the RICK 8-K filed May 14, 2008. Survey
and Title Binder. (a) Seller
and Purchaser acknowledge that Seller has delivered, or caused to be delivered,
to Purchaser a copy of an existing on-the-ground survey (the "Survey") of the
Property.
(b) Within
ten (10) days after the Date of Execution of this Agreement (as hereinafter
defined), Seller shall deliver or cause to be delivered to Purchaser, at
Seller's sole expense, at the address stated below, a copy of (i) a title
commitment (the "Title
Binder") addressed to Purchaser issued by the Title Company,
showing Purchaser and Seller as set forth in this Agreement, covering the
Property and binding the Title Company to issue to Purchaser at the Closing, on
behalf of the Title
Company (or its underwriter), a Texas Owner's Policy of Title Insurance on the
standard form of policy prescribed by the Texas State Board of Insurance (the
"Owner's Title
Policy") in the aggregate amount of the Purchase Price for the Property
to be acquired by Purchaser pursuant hereto, and (ii) copies of any and all
instruments referred to in the Title Binder as constituting exceptions or
restrictions upon or matters affecting the title of Seller to the Property,
except that copies of any liens or any other matters which are to be released at
or before the Closing may be omitted (the "Exception
Documents").
(c) Seller
and Purchaser acknowledge that Seller has delivered, or caused to be delivered,
to Purchaser true, correct, complete and legible copies of any and all leases or
other conditions affecting or relating to the Property, whether such leases or
conditions are presently in written form, valid or recorded.
(d) Seller
and Purchaser acknowledge that Seller has delivered, or caused to be delivered,
to Purchaser a copy of the "as built" plans for the interior and exterior of the
building located on the Property.
(e) Seller
and Purchaser acknowledge that Seller has delivered, or caused to be delivered,
to Purchaser any and all soils and compaction tests (collectively, the "Soils Tests") and
environmental tests and reports (the "Environmental
Reports") performed by or on behalf of Seller or which Seller has in its
possession relating to the Property. Without in any way limiting or
diminishing Seller's obligation hereunder, Purchaser shall have the right, at
Purchaser's expense, to have the Seller's Soil Tests and Environmental Reports
updated and/or reissued to Purchaser.
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