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8. Title. 8.1. Title Commitment. Promptly following the Effective Date, Seller shall request to be issued and delivered to Purchaser a title commitment for a CLTA standard coverage owner's policy of title insurance for the Property (the "Title Commitment") issued by Commonwealth Land Title Company (the "Title Company"), whose address is set forth in Section 13.4 below. Within ten (10) days following Purchaser's receipt of the Title Commitment but in no event later than thirty (30) days prior to Closing Date (the "Title Objection Date"), Purchaser shall furnish Seller with notice of any objection Purchaser has to the Title Commitment which are not Permitted Exceptions; provided, however, Seller shall have no obligation to cure any such objections except for Required Cure Items. Any matters reflected on the Title Commitment (as it may be revised from time to time) as of the Title Objection Date to which Purchaser does not object, shall be deemed Permitted Exceptions. Following the Title Objection Date, Purchaser shall notify Seller within five (5) Business Days of becoming aware of any other defects, encumbrances, encroachments or other objections to title that are not Permitted Exceptions and were not previously disclosed on the Title Commitment, of any objection thereto. Any defects, encumbrances, encroachments or other objections to title that are reflected on the Title Commitment or that would be disclosed by an accurate land title survey of the Property and that are not timely objected to in accordance with this Section 8.1 shall be deemed Permitted Exceptions. Seller shall notify Purchaser in writing within five (5) Business Days after receipt of a timely delivered notice from Purchaser ("Seller's Notice Period") as to whether or not Seller elects to remove or cure such matters to which Purchaser has timely objected and which do not constitute Permitted Exceptions. If Seller notifies Purchaser that Seller has determined not to remove any such matters or fails to state that Seller has determined to remove any such matters, Purchaser shall have the right to elect, within three (3) Business Days after receipt of such notice from Seller or lapse of Seller's Notice Period, as applicable, but in no event later than thirty (30) days prior to Closing Date , either (i) to accept such title as Seller is able to convey, without any reduction of the Purchase Price or any credit or allowance on account thereof or any other claim against Seller, in which case all objections shall be deemed Permitted Exceptions, or (ii) to terminate this Contract, whereupon Purchaser and Seller shall have no further rights or obligations under this Contract except with respect to the provisions hereof which by their terms expressly survive the termination of this Contract. If Purchaser does not notify Seller of its election within such three (3) Business Day period (or, if earlier, on or before thirty (30) days prior to Closing Date) then Purchaser shall be deemed to have elected (i) above. 8.2. Status of Title. Purchaser shall accept title to the Premises and consummate the transaction contemplated by this Contract subject to (a) all defects, exceptions, restrictions, easements, rights of way and encumbrances that are of record, or which would otherwise be disclosed in an accurate land title survey of the Property other than, in each case, Required Cure Items; (b) encumbrances for water charges, sewer rates, assessments and other governmental charges; (c) statutory liens for taxes; (d) mechanics', carriers', workers', or repairers' liens, and similar encumbrances other than Required Cure Items; (e) zoning ordinances, building codes, entitlements and other land use regulations promulgated by any governmental or quasi -governmental authority, including Environmental Requirements, or any nonconformity or violation of the Property therewith or thereof; (f) all defects, irregularities, exceptions, restrictions, easements, rights of way and encumbrances of title created by or 5489135.2 12