The Parties’ obligations in respect of the representations and warranties set forth in ARTICLE V hereof are updated as of the Closing in accordance with the terms of this Agreement, and shall survive for a period of the earlier of: (a) six (6) months after the Closing Date and (b) December 1, 2016 (if all or substantially all of the assets of CNL Lifestyle Properties, Inc. have been sold) (the “ Survival Period ”). Each Party shall have no liability to the other Party for a breach of any representation or warranty unless Notice containing a description of the specific nature of such breach shall have been given by the non-breaching Party to the breaching Party prior to the expiration of the Survival Period and an action shall have been commenced by the non-breaching Party against the breaching Party within sixty (60) days of the expiration of such Survival Period (the “ Action Period ”).