ACCEPTED TITLE Sample Clauses
The "Accepted Title" clause establishes the criteria and process by which a party's ownership of property or assets is formally recognized as valid and free from significant defects. In practice, this clause typically outlines the standards for what constitutes a marketable or insurable title, and may specify the documentation or assurances required to demonstrate clear ownership, such as title reports or insurance policies. Its core function is to ensure that the receiving party obtains property with a legally sound title, thereby minimizing the risk of future disputes or claims against ownership.
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ACCEPTED TITLE. Purchaser has received an owner's title insurance commitment (the "TITLE COMMITMENT") and copies of certain of the title exception documents referred to therein from the Seller. Purchaser will deliver written notice to Seller within ten (10) business days from the Effective Date identifying the title exception documents referred to in the Title Commitment which have not been received by Purchaser (the "EXCEPTION NOTICE"). Within forty-five (45) days after the Effective Date, Seller will send to Purchaser a copy of an updated survey for the Property (the "SURVEY") and copies of the title exception documents listed in the Exception Notice. Within ten (10) business days after Purchaser's receipt of the Survey for the Property and those previously identified missing title exception documents listed in the Exception Notice (the "OBJECTION PERIOD"), Purchaser shall notify Seller in writing of any objections it has to the state of title or Survey of the Property ("PURCHASER'S TITLE AND SURVEY OBJECTIONS"). Upon the expiration of the Objection Period, except for Purchaser's Title and Survey Objections, Purchaser shall be deemed to have accepted the form and substance of the title commitment and the Survey (the accepted Title Commitment and the accepted Survey shall hereinafter be referred to as the "ACCEPTED TITLE").