Blackstone has ordered title insurance commitments from the Title Company (the “ Title Commitments ”) for the issuance of the Title Policies for each of the Properties, together with complete, legible copies of all requirement and exception documents referenced in each such Title Commitment and Steadfast has delivered to Blackstone copies of the most recent version of any land title surveys for each of the Properties (the “ Surveys ”) in Steadfast’s possession and control. Blackstone has given Steadfast written notice of which exceptions to the title to such Property disclosed by the Title Commitments are acceptable and which are unacceptable to Blackstone (all unacceptable exceptions are hereinafter referred to as “ Title Objections ”). Steadfast and Blackstone have resolved all outstanding Title Objections and hereby agree that the specific exceptions to title included on the owner pro formas identified on Schedule 8.1 attached hereto, shall constitute the “ Permitted Exceptions ” hereunder with respect to the applicable Property noted therein. Notwithstanding the foregoing, Blackstone may have the Title Commitment for any Property updated from time to time up to and through the Closing Date and Blackstone may give Steadfast notice of any additional title exceptions disclosed thereby or otherwise disclosed in writing to Blackstone that were not listed in the original Title Commitment for such Property or any previous update thereof obtained by Blackstone (“ Additional Title Objections ”) and which are not acceptable to Blackstone (in which case the Parties will follow the procedure for Title Objections with respect to the same that is outlined in Section 8.2 below). The Parties agree that if the Title Company or Blackstone shall become aware of any monetary lien which encumber any Property as a result of any action or agreement executed by any predecessor owner of the Property, which lien or agreement was not assumed by Steadfast or a Property Owner, then such lien shall constitute an Additional Title Objection and the terms of Section 8.2 shall apply.