Approved Title Exceptions Sample Clauses
The Approved Title Exceptions clause identifies specific issues or encumbrances listed in a property’s title report that the buyer agrees to accept without objection. In practice, this clause typically applies to matters such as existing easements, covenants, or minor liens that are disclosed during the title review process and are deemed acceptable by the parties. Its core function is to clearly delineate which title defects will not be grounds for dispute or delay, thereby streamlining the closing process and reducing uncertainty for both buyer and seller.
Approved Title Exceptions. Except for the list of title or survey objections shown by Parent or Buyer on Schedule 4.2C (the "Disapproved Title Exceptions"), the exceptions to title disclosed in each Report, and in any Title Report Supplement accepted by Parent pursuant to Section 4.2B, are referred to in this Agreement as the "Approved Title Exceptions." Nothing contained herein or in any other Transaction Agreement shall require any Selling Party to cure any Disapproved Title Exceptions.
Approved Title Exceptions. Upon receipt of the Reports, Buyer shall have the right to object in writing to any title matters shown thereon, which objections will be listed on APA Schedule 3.7C (the “Disapproved Title Exceptions”). Any exceptions to title disclosed in each Report that are not objected to by Buyer are referred to in this Agreement as the “Approved Title Exceptions.” In any event the Disapproved Title Exceptions will include all monetary liens or encumbrances affecting Owned Real Property (other than liens for year 2014 property taxes, existing improvement district liens or specific assessments, which shall be prorated through the date Closing occurs). If, prior to Closing, any of the Disapproved Title Exceptions are not cured by Seller to the reasonable satisfaction of Buyer, then Buyer may either (i) terminate this Agreement, (ii) accept title subject to the Disapproved Title Exceptions, or (iii) elect to exclude the Owned Real Property subject to the Disapproved Title Exceptions and have the Purchase Price adjusted accordingly. If Buyer has not notified Seller of its election prior to the Closing, Buyer will be deemed to have accepted title subject to the Disapproved Title Exceptions, in which case they will thereafter become Approved Title Exceptions for purposes of the Agreement. In addition, if Title Company issues any Title Report Supplement prior to the Closing and such Tile Report Supplement reflects or discloses new or additional exceptions, other than monetary liens or encumbrances affecting Owned Real Property (as all monetary liens and encumbrances are all automatically deemed Disapproved Title Exceptions that are to be paid by Seller at Closing), such exceptions will be deemed Approved Title Exceptions unless Buyer notifies Seller within five (5) business days of receipt of the Title Report Supplement that, in Buyer’s reasonable determination, the new or additional exception(s) would result in a Material Adverse Effect with respect to the Real Estate Assets or the Business. If Buyer so notifies Seller that a new or additional exception reflected in a Title Report Supplement would result in a Material Adverse Effect with respect to the Real Estate Assets or the Business, the provisions set forth above in this Section 3.7C shall apply.
Approved Title Exceptions. Current real property taxes and assessments not yet due and payable.
Approved Title Exceptions. The exceptions to marketable fee simple title to the Real Property and marketable title to the Personal Property which are approved in writing by SCSI from time to time.
Approved Title Exceptions. Except as otherwise indicated by Parent or Buyer on SCHEDULE 5.2 (the "DISAPPROVED TITLE EXCEPTIONS"), the exceptions to title disclosed by Schedule B in each Report, and in any Title Report Supplement accepted by Parent pursuant to Section 5.2B, are referred to in this Agreement as the "APPROVED TITLE EXCEPTIONS." In any event the Disapproved Title Exceptions will include all monetary liens or encumbrances (other than liens for year 2001 property taxes, existing improvement district liens, or specific assessments not due and payable when the Closing occurs). If, prior to Closing, any of the Disapproved Title Exceptions are not cured by Seller to the reasonable satisfaction of Parent, then Parent may either (i) terminate this Agreement, the Asset Agreement and the Master Agreement, or (ii) accept title subject to the Disapproved Title Exceptions. If Parent has not notified Seller of its election prior to the Closing, Parent and Buyer will be deemed to have accepted title subject to the Disapproved Title Exceptions. Upon any termination by Parent pursuant to this 6 110 paragraph, the Deposit will be immediately returned to Parent and this Agreement, the Asset Agreement and the Master Agreement will be terminated.