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<br />TITLE. 'EASEMENTS. AND CLOSING <br /> <br />6. On or before June 25, 2007: <br /> <br />a. Seller shall furnish to Purchaser, at Seller's expense, a current ALTA form title <br />insurance commitment insuring the Purchaser's ownership of a fee simple interest in the <br />Parcels. The commitment shall be issued by the Title Company or other title company <br />designated by Purchaser which maintains an office in Boulder County and which is <br />authorized to do business in the State of Colorado, to insure the Purchaser's ownership of the <br />Parcels in an amount of $1,017,500.00. The title insurance commitment shall be on a form <br />acceptable to Purchaser and shall include copies of all documents identified in the schedule <br />of exceptions. Seller shall have a title insurance policy delivered to Purchaser as soon as <br />practicable after closing, and Seller shall pay the premium at closing. <br /> <br />b. Seller shall furnish to Purchaser, at Seller's expense, true copies of all leases, <br />surveys, inspection results or other reports in Seller's possession pertaining to the Property, <br />and shall disclose in writing to Purchaser all easements, liens, licenses, or other matters not <br />shown by the public records pertaining to the Property, or which the Seller has actual <br />knowledge. <br /> <br />c. Seller shall furnish to Purchaser, at Seller's expense copies of all relevant files <br />and other information in Seller's possession or reasonably available to Seller pertaining <br />to its title to and use of the Water Rights, including but not limited to any and all deeds, <br />contracts, abstracts, engine1ering reports, maps, surveys, and existing restrictive dry-up <br />covenants and easement agreements. <br /> <br />7. Title to the Property shall be merchantable in the Seller, and the title commitment <br />and title policy shall contain no exceptions other than: <br /> <br />a. taxes and assessment for the year of closing, which shall be adjusted and prorated to <br />the date of delivery of the deed, based on the most recent levy and assessment; and <br /> <br />b. rights-of-way, easements, restrictions, mineral reservations, and other matters of <br />record, acceptable to Purchaser. <br /> <br />Taxes for the year of closing shall be prorated to the date closing based upon the most recent levy <br />and assessment, and such proration shall be a final settlement. Seller shall execute an affidavit in a <br />form reasonably acceptable to Seller concerning mechanic's liens and take all other steps reasonably <br />necessary and at a cost not deemed unreasonable by the Seller, to attempt to obtain the deletion of <br />the standard pre-printed exceptions found in the title commitment. <br /> <br />8. Purchaser shall have the right to inspect the title documents and the information <br />provided by the Seller pursuant to Paragraph 6, and to conduct such other reviews as it deems <br />necessary to determine the state of title to the Property and the state of the Water Rights, including <br /> <br />3 <br />