Agmt11 Janice Salaman, 1584 Maple St., Docktown,

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some or all of the New Exceptions (the "New Exceptions Objection Notice "). If Buyer timely delivers to Seller a New Exceptions Objection Notice, Seller shall thereafter have five (5) business days to determine whether Seller is willing to remove the New Exceptions (the "Decision Period ") and deliver notice to Buyer. If at the end of the Decision Period Seller is unwilling to remove the New Exceptions, and if Buyer is unwilling to waive its objections, then either party may terminate this Agreement upon notice to the other. If Buyer waives its objections and elects to proceed to Closing, the New Exceptions shall be deemed to be Permitted Exceptions. In the event that Seller fails to deliver Seller's response notice to Buyer as set forth in this Parasranh 5(b), Seller shall be deemed to have elected not to remove the New Exceptions, If prior to the end of the Decision Period Seller advises Buyer that Seller is willing to remove the New Exceptions, then Seller thereafter shall cause the New Exceptions to be removed by the Closing Date. Notwithstanding the foregoing, Seller shall be required to remove at its sole cost any New Exceptions that constitute Seller Removal Items, irrespective of whether Buyer expressly has objected to such exceptions or items. (c) Title Delivered at Closing. By executing the Grant Deed, Seller shall convey to Buyer (or to such other person or entity as Buyer may designate) marketable fee title to the Real Property subject only to the Permitted Exceptions and the standard printed exceptions to the Title Policy. In addition, pursuant to ParaEraub10(1) of this Agreement, it shall be a condition precedent to Buyer's obligations under this Agreement that Salaman Associates shall convey to Buyer at the Close of Escrow all of her interest in the Property. Immediately following recordation of the Grant Deed and a grant deed from Salaman Associates, Escrow Holder shall issue to Buyer an ALTA extended coverage owner's policy of title insurance (2006 form), with coverage in the amount of the purchase price for the Real Property, showing an undivided one hundred percent fee simple interest in the Real Property vested in Buyer, subject only to the Permitted Exceptions (the "Title Policy "). (d) Personal Property Encumbrances. To the extent that any of the Personal Property is encumbered by Uniform Commercial Code financing statements or other liens or encumbrances ( "Personal Property Encumbrances "), Seller shall cause such Personal Property Encumbrances to be released or otherwise removed prior to the Closing. 6. Liquidfited Damages. BUYER AND SELLER AGREE THAT IF Al~1'ER THE EXPIRATION OF THE FEASIBILITY PERIOD BUYER DEFAULTS ON ITS OBLIGATION TO PURCHASE THE PROPERTY PURSUANT HERETO, THE DAMAGES TO SELLER WOULD BE D1 FICULT AND IMPRACTICAL TO DETERMINE. ACCORDINGLY, BUYER AND SELLER HAVE AGREED TO FIX AS LIQUIDATED DAMAGES FOR SUCH DEFAULT THE DEPOSIT, BUT ONLY TO THE EXTENT SUCH DEPOSIT HAS THERETOFORE BEEN DEPOSITED WITH ESCROW HOLDER OR PAID DIRECTLY TO SELLER, AND THE DEPOSIT SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES, AND SHALL CONSTITUTE SELLER'S SOLE AND EXCLUSIVE REMEDY FOR SUCH DEFAULT. SELLER'S RETENTION OF THE DEPOSIT) AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY UNDER CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT INSTEAD IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO SECTIONS 1671,1676 AND 1677 OF THE CALIFORNIA CIVIL CODE. SELLER HEREBY WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTIONS 1680 AND 3389. SELLER AGREES THAT THESE Purchase and Sale Agreement 1548 Maple 03.04.2011 v.1 5