Amendments to Title Commitment. All exceptions to title other than Material Exceptions (as hereinafter defined) first raised by the Title Company in any amendments to any Title Commitment issued after the expiration of the Inspection Period shall be Permitted Exceptions. Purchaser shall have the right to object to any Material Exceptions first raised by the Title Company in any amendments to any Title Commitment issued after the expiration of the Inspection Period by giving written notice to Seller Contract Agent of the Material Exceptions to which Purchaser is objecting within five (5) business days after the issuance of any such amendment (or the Closing Date, whichever is earlier). If Purchaser does not object to any Material Exceptions first raised in an amendment to any Title Commitment issued after the expiration of the Inspection Period by giving timely written notice as herein provided, such Material Exception shall be a Permitted Exception. In the event Purchaser gives timely written notice of objection to any Material Exception as herein provided, the Seller Contract Agent shall have five (5) business days to respond to such on behalf of the applicable Seller Entity and Purchaser’s rights and the Seller Entity’s obligations with respect thereto shall be the same as provided with respect to a Title Objection pursuant to the provisions of Sections 2.3.3, 2.3.4 and 2.3.5 (and the Closing Date shall be extended as necessary to allow for Seller Contract Agent to respond to Purchaser’s notice, if at all). As used herein, a “Material Exception” shall be: (a) any right or claim of a third party to fee title to a Property, (b) any lien against the Property not otherwise permitted hereunder, (c) any Monetary Lien, (d) any litigation matter encumbering a Property, (e) any liens or encumbrances caused by a Seller Entity and not otherwise expressly permitted hereunder, (f) any condition with respect to a Property which constitutes a violation of applicable law, or (g) any other matter not otherwise permitted under this Agreement which, in Purchaser’s reasonable determination, would materially and adversely interfere with the continued use and operation of the Property as the same is currently used and operated. Notwithstanding anything to the contrary herein, each Seller Entity shall be permitted in its sole discretion and without any notification to Purchaser, to modify any Monetary Liens at any time prior to the Closing, provided that such Monetary Liens, as modified, shall be removed or ...
Amendments to Title Commitment. Buyer shall have the right to object to any title exceptions first raised by the Title Company in any amendments to the Title Commitment issued after the expiration of the Title Inspection Period by giving written notice to Seller of the title exceptions to which Buyer is objecting on or before the earlier of (a) the date and time for Closing and (b) two (2) Business Days after the issuance of any such amendment. If Buyer does not object to any title exception first raised in any such amendment to the Title Commitment issued after the expiration of the Title Inspection Period by giving timely written notice as herein provided, such title exception shall be a Permitted Exception. In the event Buyer gives timely written notice of objection to any title exception as herein provided, Seller shall have two (2) Business Days in which to determine whether to cure the defect or other matter so objected to by Buyer and to notify Buyer of Seller’s decision in this regard. If Seller does not so notify Buyer within said two (2) Business Day period, then Seller shall be deemed to have elected not to remove such exceptions. If Seller elects, or is deemed to have elected, not to remove such exceptions, Buyer may terminate this Agreement within two (2) Business Days of receipt of Seller’s notice, and the Deposit shall be returned to Buyer. The Closing Date shall be automatically extended, if necessary, to allow all such periods in this Section 3.4 to run.
Amendments to Title Commitment. All exceptions to title other than Monetary Liens and Material New Exceptions (as hereinafter defined) first raised by the Title Company in any updates or amendments to the Title Commitment issued after the original “effective date” of the Title Commitment shall be Permitted Exceptions (any such updates or amendments to the Title Commitment being referred to herein as an “Updated Title Commitment”). Purchaser shall have the right up and until Closing to object to any Material New Exceptions first raised by the Title Company in any Updated Title Commitment (even if such Updated Title Commitment is issued after the end of the Title Objection Deadline) by giving written notice (an “Updated Title Objection Notice”) to Seller of the Material New Exceptions to which Purchaser is objecting within three (3) business days after the issuance of any such Updated Title Commitment (or the Closing Date, whichever is earlier). If Purchaser does not object to any Material New Exceptions first raised in an Updated Title Commitment by giving timely written notice as herein provided, such Material New Exception (other than Monetary Liens) shall be deemed a Permitted Exception. In the event Purchaser gives timely written notice of objection to any Material New Exception as herein provided, Seller shall have the right, but not the obligation, to attempt to remove, satisfy or otherwise cure the Material New Exception. Notwithstanding the foregoing or anything else in this Agreement to the contrary, at or prior to Closing, Seller shall cause to be removed and satisfied of record any and all Monetary Liens. Not later than five (5) days after receipt of an Updated Title Objection Notice, Seller may give written notice (an “Updated Title Response”) to Purchaser informing Purchaser of Seller's election with respect to the Material New Exception. If Seller fails to give an Updated Title Response on or before such date and time, Seller shall be deemed to have elected not to attempt to cure any of the Material New Exceptions (other than Monetary Liens). If Seller elects to attempt to cure any Material New Exceptions (or is obligated to cure any Monetary Liens), then Seller shall use commercially reasonable efforts to attempt to cure the same in accordance with this Agreement and shall be entitled to one or more reasonable extensions of the Closing of up to, but not beyond, the thirtieth (30th) day following the date for Closing set forth in Section 8 hereof to attempt such cure, but Se...
Amendments to Title Commitment. Buyer shall have the right to object to any title exceptions first raised by the Title Company in any amendments to the Title Commitment by giving written notice to Seller of the title exceptions to which Buyer is objecting on or before the earlier of (a) the date and time for Closing and (b) three (3) days after the issuance of any such amendment. If Buyer does not object to any title exception first raised in any such amendment to the Title Commitment by giving timely written notice as herein provided, such exception shall be a Permitted Exception. In the event Buyer gives timely written notice of objection to any title exception first set forth in any such amendment as herein provided, the provisions of Section 9.1 shall apply with respect thereto as if set forth herein in full.
Amendments to Title Commitment. Purchaser shall have the right to object to any title exceptions first raised by the Title Company in any updates and/or amendments to the Title Commitment or any amendments to the Updated Survey (“New Exceptions”) by giving written notice to Seller of the New Exceptions to which Purchaser is objecting within five (5) business days after the receipt by Purchaser of any such update and/or amendment (and the Closing Date shall be extended as necessary to allow Purchaser time to review and object to any New Exception). If Purchaser does not object to any New Exception by giving timely written notice as herein provided, such New Exception shall be a Permitted Exception. In the event Purchaser gives timely written notice of objection to any New Exception as herein provided, Seller shall have three (3) business days to respond to such and Purchaser’s rights and Seller’s obligations with respect thereto shall be the same as provided with respect to the Title Objection Notice pursuant to the provisions of Section 2.3 (and the Closing Date shall be extended as necessary to allow for Seller to respond to Purchaser’s notice, if at all).
Amendments to Title Commitment. If the Commitment is amended by Escrow Agent, Escrow Agent shall immediately deliver to Buyer and Seller the amendment and provide legible copies of all additional instruments referred to in the amendment (collectively, the “Amendment”). Buyer has fourteen (14) days from the date of Xxxxx’s receipt of the Amendment or through the Closing Date, whichever occurs earlier, to review and to object in writing to any easements, liens, encumbrances, or other exceptions or requirements in the Amendment which were not disclosed by the Commitment or a previous Amendment (the “Additional Title Objections”). If Buyer does not approve the Amendment or object within the time specified, then the condition of title to the Property reflected on the Amendment shall be deemed approved. If the Additional Title Objections are made within the time specified, Seller may attempt to eliminate the matters covered by the Additional Title Objections by or before the Closing Date. If Seller is unable or unwilling to eliminate the matters covered by the Additional Title Objections by or before the Closing Date upon terms acceptable to Buyer, Seller shall so notify Buyer, and Buyer may either waive the Additional Title Objections that Seller was unable or unwilling to eliminate or terminate this Agreement.
