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4. Title Examination. Within a reasonable time after <br />execution of this Agreement, City shall deliver to Messer a <br />current Registered Property Abstract to the City Property. <br />Messer shall be allowed 10 business days after receipt of the <br />same to make objections, which shall be made in writing or deemed <br />waived. If any any objection is made, City shall be allowed <br />120 days to make title marketable. Pending correction of title, <br />payments as outlined below shall be postponed, but upon <br />correction of title and within 10 days after written notice to <br />Messer, the parties shall perform this Agreement according to its <br />terms. <br />If title is not corrected with 120 days from the date of <br />written objection, this Agreement shall be null and void and <br />neither party shall be liable for damages to the other and Messer <br />hereby waives any and all claims of specific performance of this <br />Agreement against the City. <br />5. Default. If title is marketable or is corrected within <br />said time, and Messer defaults in any of the agreements herein, <br />City may terminate this Agreement, and on such termination all <br />payments made hereunder shall be retained by City as liquidated <br />damages, time being of the essence. Neither party shall have the <br />right of enforcing the specific performance of this Agreement. <br />6. Deed and Easement. City shall convey the City Property <br />to Messer by Quit Claim Deed. The conveyance shall be subject <br />a reservation for an easement for utility, drainage and <br />maintenance purposes over, under and across all of the City <br />Property. <br />-2- <br />