Additional Title Objections Clause Samples
The "Additional Title Objections" clause allows a party, typically the buyer in a real estate transaction, to raise concerns about defects or issues in the title to the property that were not previously disclosed or discovered. This clause outlines the process and timeframe for submitting such objections, often requiring the buyer to notify the seller in writing within a specified period after receiving updated title information. Its core practical function is to ensure that any new or unforeseen title problems can be addressed before closing, thereby protecting the buyer from inheriting unresolved title defects.
Additional Title Objections. CBL/OP shall have the right to object to any new title exceptions (other than Permitted Exceptions as defined in Section 4.3.7 below) first raised by the Title Company in any modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement by giving written notice ("CBL/OP's Additional Title Objection Notice") to Property Owner within 5 days after CBL/OP's receipt of any such modification, update, recertification or amendment, but in any event no later than the Closing Date. If CBL/OP timely delivers CBL/OP's Additional Title Objection Notice to Property Owner specifying CBL/OP's objection to any new title exception first raised in a modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement (each an "Additional Title Objection" and collectively the "Additional Title Objections"), Property Owner may, but except for Voluntary Title Encumbrances, shall not be obligated to attempt to remove from the Title Commitment or otherwise insure (at Property Owner's expense) against some or all of such Additional Title Objections set forth in any CBL/OP's Additional Title Objection Notice. If Property Owner does not notify CBL/OP in writing within 5 days after Property Owner's receipt of CBL/OP's Additional Title Objection Notice (but in any event prior to the Closing Date) that Property Owner is willing to so remove or otherwise insure against any Additional Title Objections, Property Owner shall be deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or otherwise insure against such Additional Title Objections. If Property Owner does notify CBL/OP that Property Owner is willing to remove or otherwise insure against any Additional Title Objections and thereafter Property Owner is unable to remove or otherwise insure against any Additional Title Objections as indicated in Property Owner's notice, Property Owner shall have no liability to CBL/OP and CBL/OP's sole remedy in such event shall be to either waive such Additional Title Objection and proceed with the Closing or terminate this Agreement. If Property Owner notifies or is deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or insure against any particular Additional Title Objection, CBL/OP shall be entitled to terminate this Agreement by delivering within 10 days after the CBL/OP's Additional Title Objection N...
Additional Title Objections. Notwithstanding the foregoing, if after the expiration of the Due Diligence Period, the Title Company shall raise any title or survey exceptions (other than Permitted Exceptions and Mandatory Cure Items) with respect to any Seller’s Individual Property and first arising after the date of the Title Commitment, Buyer shall have the right to send a “Notice of Title Objection” to such Seller, as applicable, within five (5) days of Buyer’s receipt thereof (but in no event after the Closing Date) objecting to such additional title exceptions, each of which items raised in a Notice of Title Objection shall be deemed to be Title Defects, and such Seller shall have five (5) days from receipt of such statement(s) to respond thereto. Closing shall be adjourned as necessary to accommodate such periods of time. Notwithstanding the foregoing, any additional title or survey matters identified by the Title Company in an updated Title Commitment that are not specifically identified in a Notice of Title Objection within such five (5) day period other than a Mandatory Cure Item shall also be deemed to be a Permitted Exception. If Buyer delivers a Notice of Title Objection within the applicable time periods referred to this Section 3.3 to a Seller with respect to such Seller’s Individual Property, such Seller shall have the right, but not the obligation, to attempt to cure any such Title Defect. Within five (5) days after receipt of a Notice of Title Objection, such Seller shall notify Buyer in writing whether such Seller elects to attempt to cure any such additional Title Defects. If a Seller elects to attempt to cure any such additional Title Defects, such Seller shall have until the Closing Date to attempt to remove, satisfy or cure the same and for this purpose such Seller shall be entitled to a reasonable adjournment of the Closing, but in no event shall the adjournment exceed sixty (60) days. If a Seller elects not to cure any additional Title Defects, does not respond to a Notice of Title Objection, or if a Seller is unable to effect a cure of such additional Title Defects prior to the Closing Date and such Title Defect does not constitute a default by a Seller under this Agreement, then Buyer shall elect, within five (5) Business Days after (a) receipt of written notice from the applicable Seller that such Seller has elected not to cure any such additional Title Defects; (b) such 5-day period if the applicable Seller does not respond to a Notice of Title Objection, or...
Additional Title Objections. 12 Agreement.........................................................................................................1
Additional Title Objections. 16 Agreement......................................................................................................1, 2 ALTA Survey......................................................................................................15
Additional Title Objections. Notwithstanding the Title Objection Date, Buyer shall have the right to object, by delivery of written notice to Seller and Seller's attorneys, at any time prior to Closing, to any item (including any items arising from the Survey, the Title Commitment or any other recorded document intended to become of record) that becomes of record or that is added as an exception to the Title Commitment after the initial date of the Title Commitment or added to the Survey after the initial date of the Survey and which would not otherwise be a Permitted Exception other than those arising by virtue of Buyer's acts. Within five (5) Business Days of Buyer's notice of Title Objections as governed by this Section, Seller shall notify Buyer in writing of Seller's agreement to cure, at Seller's sole expense, such Title Objections or Seller's election, in its sole and absolute discretion to elect not to cure such Title Objections ("SELLER'S ADDITIONAL RESPONSE NOTICE"). In the event Seller does not notify Buyer as aforesaid then such failure to notify Buyer shall be deemed a refusal by Seller to cure such title objections. Within three (3) Business Days following receipt of Seller's Additional Response Notice or upon expiration of eight (8) days from the date of Buyer's Notice if no response is received from Sellers, Buyer, in its sole and absolute discretion, may elect to either terminate this Agreement whereupon this Agreement shall terminate and the parties shall have no further obligations to or recourse against each other except as set forth in SECTION 3.9 and the provisions of SECTION 3.8.1 and SECTION 3.8.2 shall apply, or proceed to Closing and accept title to Property subject to the Title Objections, without any abatement of the Purchase Price, or any liability or obligation on the part of
Additional Title Objections. 9 Section 5.5 No Obligation to Cure.................................................................10 ARTICLE 6
Additional Title Objections. Seller will cause the Title Commitment to be renewed and updated from time to time, as necessary to keep the Title Commitment in full force and effect to and through the Closing Date. If any additional title exceptions or other matters affecting the Real Property are revealed by any update of the Title Commitment or the Survey that were not included in the Title Review Items or the Existing Survey Review Items, Purchaser will have five (5) days after the later of receipt of any updated Title Commitment or receipt of the Survey to object to such new matters (“Title Objections”) by written notice to Seller. If Seller does not receive from Purchaser a written notice specifying Title Objections within such five (5) day period, then all of such new items shall be considered to be “Permitted Exceptions” hereunder. Seller shall not be obligated to cure any of the Title Objections or to incur any costs, fees or expenses or initiate any action to cure or attempt to cure any of the Title Objections other than matters created by Seller in violation of any terms of this Agreement (“Seller Violation
Additional Title Objections. If, after delivery of Buyer's Title Notice, Buyer receives notice from the Title Insurer that it intends to revise the Preliminary Report to include one or more additional exceptions to title, Buyer may, within five (5) days of such notice, notify Seller ("Buyer's Amended Title Notice") of the additional title exceptions to which, in its sole discretion, it objects("Additional Title Objections"
Additional Title Objections. As defined in Section 23(b).