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Upon request made a reasonable time before Closing, Purchaser shall provide at Closing separate
checks for the foregoing payable to the order of the holder of any such lien, charge or
encumbrance and otherwise complying with ¶1.17. If the Title Company is willing to insure
Purchaser that such charges, liens and encumbrances will not be collected out of or enforced
against the Unit and is willing to insure the lien of Purchaser’s lender, if any, free and clear of
any such charges, liens and encumbrances, then Seller shall have the right in lieu of payment and
discharge to deposit with the Title Company such funds or to give such assurance or to pay such
special or additional premiums as the Title Company may require in order to so insure. In such
case, the charges, liens and encumbrances with respect to which the Title Company has agreed
so to insure shall not be considered objections to title. Any fees, costs or expenses incurred in
connection with the payment of such charges, liens and/or encumbrances shall be paid by Seller.
The provisions of this subparagraph shall survive Closing.
15.3 Seller shall convey and Purchaser shall accept fee simple title to the Unit in
accordance with the terms of the Contract, subject only to: (1) the Permitted Exceptions and (2)
such other matters as (i) the Title Company or any other title insurer licensed by the State of New
York (but not an agent or abstract company) shall be willing, without special or additional
premium, to omit as exceptions to coverage or to insure against collection out of or enforcement
against the Unit. Notwithstanding the foregoing, if ¶1.21.1 applies and the Loan Commitment
Letter (as defined in ¶19.1.2) is issued pursuant to ¶19, then Purchaser shall not be required to
accept any defect in title which the Institutional Lender (as defined in ¶19.1.2) will not accept.
15.4 Notwithstanding any contrary provisions in this Contract, express or implied, or
any contrary rule of law or custom, if Seller shall be unable to convey the Unit in accordance
with this Contract (provided that Seller shall release, discharge or otherwise cure at or prior to
Closing any matter created by Seller and any existing mortgage, unless this sale is subject to it)
and if Purchaser elects not to complete this transaction without abatement of the Purchase Price,
the sole obligation and liability of Seller shall be to refund the Contract Deposit to Purchaser,
together with the reasonable cost of the Title Report, and upon the making of such refund and
payment, this Contract shall be deemed cancelled and of no further force or effect and neither of
the Parties shall have any further rights against, or obligations or liabilities to, the other by reason
of this Contract. However, nothing contained in this ¶15.4 shall be construed to relieve Seller
from liability due to willful default.
16. Risk of Loss; Casualty:
16.1 The risk of loss or damage to the Unit or the Personal Property, by fire or other
casualty, until the earlier of Closing or possession of the Unit by Purchaser, is assumed by Seller,
but without any obligation of Seller to repair or replace any such loss or damage unless Seller
elects to do so as hereinafter provided. For purposes of this ¶16 only, the term “Unit” shall be
deemed to include a terrace, balcony, private yard, parking space and/or storage space
appurtenant to the Unit. Seller shall notify Purchaser of the occurrence of any such loss or
damage to the Unit or the Personal Property within 10 days after such occurrence or by the date
of Closing, whichever first occurs, and by such Notice shall state whether or not Seller elects to
repair or restore the Unit and/or Personal Property, as the case may be. If Seller elects to make
such repairs and restorations, Seller’s Notice shall set forth an adjourned date for Closing, which
shall be not more than 60 days after the date of the giving of Seller’s Notice. If Seller either does