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unwilling or unable to remove. The failure of Seller to give Seller's Title Notice within such period shall constitute Seller's refusal to remove any of the items objected to in Buyer's Title Notice. Seller shall have until the Close of Escrow to remove those exceptions which Seller agrees to remove. Buyer shall have 5 calendar days from receipt of Seller's Title Notice or Seller's deemed refusal to remove any items to notify Seller that either: (1) Buyer is willing to purchase the Property subject to such disapproved exceptions; or (2) Buyer elects to terminate this transaction. Failure of Buyer to give written notice of either of the foregoing options within such period shall be deemed to be Buyer's election to terminate this transaction. In the event this Agreement is terminated pursuant to this section, the deposit of any portion of the Purchase Price shall be immediately returned to Buyer and the parties shall have no further obligations under this Agreement, C. Permitted Exceptions. Those exceptions which Buyer has approved pursuant to this section, and other matters consistent with this Agreement, including without limitation the Affordable Housing Covenant and Notice of Affordability, are called the "Permitted Exceptions." 3.7.4. Conveyance of Title and Delivery of Possession. Provided that the Buyer is not in default under this Agreement and all conditions precedent to such conveyance have occurred, and subject to any mutually agreed upon extensions of time, conveyance to the Buyer of title to the Property shall be completed on or prior to , 2010. The Seller and the Buyer agree to perform all acts necessary to convey title in sufficient time for title to be conveyed in accordance with the foregoing provisions. Possession shall be delivered to the Buyer concurrently with the conveyance of title, except that limited access may be permitted before conveyance of title as permitted in Section 4.2.1.J. of this Agreement. 3.7.5. Payment of the Purchase Price and Recordation of Deed. The Buyer shall deposit the Purchase Price for the Property and other sums required hereunder with the Escrow Agent prior to the date for conveyance thereof, provided that the Escrow Agent shall have notified the Buyer in writing that the Grant Deed, properly executed and acknowledged by the Seller, and all other documents required hereunder, have been delivered to the Escrow Agent and that the title is in condition to be conveyed in conformity with the provisions of Section 3.7.3. of this Agreement. Upon the Close of Escrow, the Escrow Agent shall file the Grant Deed, the Affordable Housing Covenant and the Notice of Affordability, for recordation among the land records in the Office of the County Recorder of San Mateo County, shall deliver the Purchase Price and other required sums to the Seller and shall deliver to the Buyer a title insurance policy insuring title in conformity with Section 3.7.6. of this Agreement. 3.7.6. Title Insurance Policy. Concurrently with recordation of the Grant Deed, the Title Company shall provide and deliver to the Buyer a CLTA (or ALTA, at the request of the Buyer) Standard Coverage Owner's policy of title insurance issued by the Title Company, together with any endorsements reasonably requested by the Buyer, with liability in the amount of the Purchase Price, insuring that title to the Property is vested in the Buyer in the condition required by Section 3.7.3. of this Agreement, subject only to (1) the Permitted Exceptions (as defined herein); and (2) the printed exceptions and exclusions common to a CLTA Standard 5 82483.00000\5571002 3 ATTY /AGR/2010.120 103010