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3. Escrow Agent. Continental Title Agency Corp., 605 Bond Court,
<br />Cleveland, Ohio 44114, shall serve as the escrow agent (the "Escrow Agent")
<br />hereunder. This Agreement, together with the Escrow Agent's Standard Conditions of
<br />Acceptance of Escrow, shall serve as escrow instructions, provided, hovuever, that this
<br />Agreement shall govern in the event of any conflict between said Standard Conditions
<br />and any of the terms hereof.
<br />4. Title.Commitment/Title Insurance. Seller shall promptly, but in no event
<br />later than twenty (20) days following the parties' full and complete execution of this
<br />Agreement, cause Commonwealth Land Title Insurance Company, through its agent,
<br />Continental Title Agency Corp. (the Title Company ), to prepare and deliver to Buyer a
<br />written.commitment (the "Title Commitment") to issue an ALTA Owner's Policy of Title
<br />~, „
<br />Insurance (the Title Policy) with extended coverage in the amount of the Purchase
<br />Price, insuring that, as of closing, title to the Property will be vested in Buyer, free and
<br />clear of all liens and encumbrances except the Permitted Exceptions (defined below).
<br />Buyer shall have fifteen (15) days following receipt of the Title Commitment to notify
<br />Seller and the Escrow Agent in writing of any easements, conditions, restrictions,
<br />covenants, reservations, limitations, rights of way, encroachments or other matters
<br />disclosed in the Title Commitment which are objectionable to Buyer, if any (a "Defect"),
<br />save and except the following:
<br />A. zoning ordinances;
<br />B. general real estate taxes and special assessments which are a
<br />lien but not yet due and payable; ~
<br />C. the rights of tenants in possession on a month-to-month tenancy
<br />following expiration of that certain Lease dated July 1, 1997 by and between
<br />Seller, as landlord, and Tony Josue and James Jerson, as tenants, with respect
<br />to the out building known as 6602 Wilson Mills Road, unless earlier terminated in
<br />accordance with its terms;
<br />D. the rights of tenants in possession on a month-to-month tenancy
<br />following expiration of that certain Lease dated March 1, 1998 by and between
<br />Seller, as landlord, and Jason Kehrier and Jason Shenkel, as tenants, with
<br />respect to the out building known as 6568 Wilson Mills Road, unless earlier
<br />terminated in accordance with its terms;
<br />E. restrictions, easements, conditions and matters of record which do
<br />not materially and adversely impair the current use of the Property.
<br />(each of the foregoing, a "Permitted Exception" and collectively, the "Permitted
<br />Exceptions").
<br />5. Title Defects. If the Title Commitment shall disclose any Defect other
<br />than the Permitted Exceptions and if Buyer timely notifies Seller of Buyer's objection
<br />thereto, Seller, at its election, shall have a period not exceeding sixty (60) days from the
<br />date of such notice to cure or remove such Defect at Seller's expense (except for any _
<br />existing mortgage lien which shall be satisfied on or before the Closing Date). If Seller
<br />shall elect not to cure or remove any such Defect, or shall be unable to do so, Seller
<br />shall forthwith give written notice to Buyer of Seller's election or inability and Buyer shall
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