Certain Exceptions to Title Sample Clauses
The 'Certain Exceptions to Title' clause defines specific circumstances or types of claims that are excluded from the assurances of clear ownership or title provided in a contract, such as a real estate transaction. In practice, this clause typically lists exceptions like existing easements, restrictive covenants, or unpaid taxes that will not be covered by the seller’s warranty of title or by title insurance. Its core function is to allocate risk by clearly identifying which title defects or encumbrances the buyer must accept, thereby preventing future disputes over these known issues.
Certain Exceptions to Title. Buyer shall have the right to object in writing to any title matters that are not Permitted Exceptions and that adversely affect Buyer's title to the Real Property which may appear on supplemental title reports or updates to the Title Report or Survey issued at the request of Buyer after Seller and Buyer have agreed in writing upon the Permitted Exceptions (herein collectively called the "Other Liens") within ten (10) business days after the receipt thereof by Buyer. Unless Buyer shall timely object to such Other Liens, all such Other Liens and any matters which do not adversely affect Buyer's title to the Real Property which are set forth in any such supplemental reports or updates shall be deemed to constitute additional Permitted Exceptions. Any exceptions which are timely objected to by Buyer shall be herein collectively called the "Title Objections." Seller may elect (but, except for Financing Liens and as provided in this Section 3.2.1, shall not be obligated) to remove, or cause to be removed at its expense, any Title Objections, and shall be entitled to a reasonable adjournment of the Closing (not to exceed thirty (30) days) for the purpose of such removal, which removal will be deemed effected by the issuance of title insurance eliminating or insuring against the effect of the Title Objections. Seller shall notify Buyer in writing within five (5) days after receipt of Buyer's notice of Title Objections whether Seller elects to remove the same. Notwithstanding the foregoing, with respect to Title Objections of a definite or ascertainable amount (other than Financing Liens, which Seller shall remove), Seller agrees that it will spend an aggregate amount not to exceed $50,000 to remove such Title Objections. If Seller is unable to remove or endorse over any Title Objections prior to the Closing, or if Seller elects not to remove one or more Title Objections and the aggregate cost of removal is not ascertainable or exceeds $50,000, Buyer may elect to either (a) terminate this Agreement, in which event the Deposit shall be paid to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement, or (b) waive such Title Objections, in which event such Title Objections shall be deemed "Permitted Exceptions" and the Closing shall occur as herein provided with a reduction of or credit against the Purchase Price not to exceed $50,000 (if and to the exten...
Certain Exceptions to Title. 3 3.2.2 Discharge of Title Objections..........................................4 3.3
Certain Exceptions to Title. Buyer shall have the right to object in writing to any title matters that are not Permitted Exceptions which may appear on any supplemental title report or updates to the Summit Title Report or any updates to the Survey issued after the Effective Date (herein collectively called the “Other Exceptions”) within five (5) Business Days after the receipt thereof by Buyer but in no event later than ten (10) Business Days prior to the Closing Date unless such Other Exceptions were first disclosed to Buyer within such ten (10) Business Day period, in which event, Buyer shall immediately notify Seller thereof. Unless Buyer shall timely object to such Other Exceptions, all such Other Exceptions which are set forth in any such supplemental reports or updates to the Summit Title Report or the Survey shall be deemed to constitute additional Permitted Exceptions. Any exceptions which are timely objected to by Buyer shall be herein collectively called the “Title Objections.” Subject to Sections 3.3(b)(i) and 3.3(b)(ii), Seller shall be entitled to one or more adjournments of the Closing (not to exceed seventy five (75) days in the aggregate for all such adjournments) for the purpose of removing, or causing to be removed, any Title Objections. Subject to Section 3.3(b) (i), such removal may be deemed effected by the issuance of title insurance which omits the Title Objections as exceptions to coverage. Notwithstanding anything to the contrary contained in this Section 3.3(a), Buyer shall have a period of ten (10) Business Days from the date of this Agreement to deliver its first list of Other Exceptions to which Buyer objects (although the foregoing shall not preclude Buyer from objecting to any Other Exceptions raised upon the issuance of a supplemental title report or updates to the Summit Title Report or updates to the Survey).
Certain Exceptions to Title. If any update of a Commitment or any Updated Survey for a Property other than Kentucky Oaks Mall (each, a "▇▇▇▇▇▇-Managed Property") discloses any new mortgage, lien, restriction, option, conditional sales agreement, pledge, security interest, or other encumbrance, adversely affecting the relevant Property in any material respect (each, an "Encumbrance") or any encroachment, change in the boundary of a Property (as compared to the boundary shown on the Delivered Survey) or other survey defect, in either case that is not a Permitted Exception and that adversely affects in any material respect (i) the applicable Property Owner's title to such Property or (ii) the current or future use of any portion of such Property in a manner consistent with such Property Owner's use of such Property as of the date of this Agreement (all such Encumbrances and other new encroachments, changes and other survey defects are collectively referred to herein as "Other Exceptions"), then within ten (10) Business Days after CBL first receives notice thereof or such lesser time as remains between such receipt and the Closing Date with respect to such Property, CBL will have the right to object in writing to such Other Exception. Unless CBL notifies JRI in writing that it objects to an Other Exception with respect to a ▇▇▇▇▇▇-Managed Property within the foregoing time period, each such Other Exception automatically will constitute an additional Permitted Exception. Other Exceptions to which CBL timely objects (in the case of ▇▇▇▇▇▇-Managed Properties within the time-frame set forth in this Section 3.2(a) and in the case of Kentucky Oaks Mall within the time-frame set forth in Section 3.2(d)(i)) are collectively referred to herein as "Subsequent Title Objections".
Certain Exceptions to Title. 3 3.2.2 Discharge of Title Objections . . . . . . . . . . . . . . . 3 3.3
Certain Exceptions to Title. 7 3.2.2 DISCHARGE OF OTHER LIENS . . . . . . . . . . . . . . . . . . 7 3.3
Certain Exceptions to Title. If any update of Seller's Title Report or if the Updated Survey shall disclose any matter adversely affecting the Property, including any 18 the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price in respect thereof.
Certain Exceptions to Title. Buyer shall have the right to approve in writing the Title Report, Title Documents and Survey prior to the end of the Due Diligence Period (as defined in Section 4.1
Certain Exceptions to Title. Notwithstanding anything to the contrary in this Agreement, Seller will be obligated to remove or cure on or before the Closing, in each case, exceptions to title to the Property which are (a) mortgage liens or other monetary liens affecting the Property (except to the extent created by or arising from the acts or omissions of a Buyer Party) and which shall include, without limitation, the mortgage lien in favor of MidCap Financial Trust, (b) mechanics' and materialmen's liens affecting the Property (except to the extent created by or arising from the acts or omissions of a Buyer Party), (c) code violations and other violations with respect to the Property that can be satisfied by payment of a liquidated amount or bonding, (d) encumbrances that have been placed against the Property by, through or under Seller after the date of this Agreement without Buyer's prior written consent (other than in connection with the anticipated EURs shown on Exhibit L), (e) so called “standard” exceptions that can be removed from the Title Policy by Seller’s delivery of the Owner’s Affidavit, and (f) tax liens for real property taxes and assessments which are due and payable or any judgment liens (the liens described in clauses (a) through (f) are collectively referred to as, “Seller’s Required Removal Items”). It is understood and agreed that the marketability of title herein required to be conveyed by Seller shall be determined in accordance with the Standards of Title of the Connecticut Bar Association now in effect (the “Title Standards”) and Sections 47-33b through 47-33l of the Connecticut General Statutes, amended (the “Connecticut Marketable Record Title Act”). It is also agreed that any and all defects in or encumbrances against the title which come within the scope of said Title Standards or the Connecticut Marketable Record Title Act shall not constitute a valid objection on the part of Buyer if such Title Standards or the Connecticut Marketable Record Title Act do not recommend that any corrective or curative action is necessary in circumstances substantially similar to those presented by such encumbrance or lien, provided that (i) Seller furnishes any affidavits or other instruments which may be required by the applicable Title Standards or the Connecticut Marketable Record Title Act, as applicable, and (ii) the Title Company will issue a commitment to provide the Title Policy (as defined below) at standard rates without exception for such item or insuring agains...
Certain Exceptions to Title. Buyer acknowledges that it previously has had the right to object in writing to any title matters that are not Permitted Exceptions that are disclosed in the Title Commitment, Title Documents or the Survey (herein collectively called “Liens”) and is satisfied that the Title Company is prepared to issue to Buyer the Title Policy, defined below. Notwithstanding any other provision hereof, Seller shall be obligated to remove any voluntary monetary liens at Closing and, as set forth in Section 8.1, in no event shall voluntarily permit the recording of a new lien or encumbrance on the Property after the Effective Date.