Common use of Exceptions to Title Clause in Contracts

Exceptions to Title. (a) Permissible exceptions to title shall include the following (the “Permitted Exceptions”): the lien of general taxes and special assessments, if any; zoning laws and building codes and ordinances; easements (apparent or of record) which do not underlie any buildings; and covenants and restrictions of record which are not violated by the existing improvements or the present uses of the Premises and which do not restrict reasonable use of the Premises; all existing leases for all or any part of the Premises (the “Existing Leases”); and all applicable covenants and restrictions contained in that certain Airport Phase I Quit Claim Deed dated July 12, 2007 from the United States of America, acting by and through the Secretary of the Air Force (the “Government”), to the Village of Rantoul for Hangar 4 (the “Hangar 4 Quit Claim Deed”), copies of which Existing Leases and ▇▇▇▇▇▇ ▇ Quit Claim Deed have been provided to or otherwise been made available to the Buyer. (b) Except for the Permitted Exceptions, Seller agrees that it will not further encumber the Real Estate in any manner that will affect title to the Real Estate. (c) If title evidence discloses exceptions other than the Permitted Exceptions, Buyer shall give written notice of such exceptions to Seller within a reasonable time. Seller shall have a reasonable time to have such title exceptions removed, or, any such exception which may be removed by the payment of money may be cured by paying the amount due at or prior to the Closing. If Seller is unable to cure any such exception, then this Agreement may be terminated in the sole discretion of Buyer.

Exceptions to Title. (a) Permissible Buyer shall be obligated to accept title to the Property at Closing, subject to the following exceptions to title shall include the following (the “Permitted Exceptions”): the lien of general ): (a) Real estate taxes and special assessments, if any; zoning laws assessments not yet due and building codes and ordinances; easements (apparent or of record) which do not underlie any buildings; and covenants and restrictions of record which are not violated by the existing improvements or the present uses payable as of the Premises and which do not restrict reasonable use of the Premises; all existing leases for all or any part of the Premises (the “Existing Leases”); and all applicable covenants and restrictions contained in that certain Airport Phase I Quit Claim Deed dated July 12, 2007 from the United States of America, acting by and through the Secretary of the Air Force (the “Government”), to the Village of Rantoul for Hangar 4 (the “Hangar 4 Quit Claim Deed”), copies of which Existing Leases and ▇▇▇▇▇▇ ▇ Quit Claim Deed have been provided to or otherwise been made available to the Buyer.Closing Date; (b) Except for The printed exceptions that appear in the Permitted ExceptionsCommitment as set forth on Exhibit “C” of this Agreement, Seller agrees that it will not further encumber the Real Estate and subject to Seller’s obligations set forth in any manner that will affect title to the Real Estate.Section 4.1.3 above; (c) If All matters that constitute Buyer approved Additional Title Matters; (d) Any and all liens and encumbrances caused by or through Buyer; (e) Laws, statutes and ordinances, including zoning laws; (f) Such other exceptions to title exceptions as may be approved (or deemed approved) by Buyer pursuant to the above provisions of this Section 4.1 or otherwise expressly permitted under this Agreement; (g) Such other exceptions to survey as may be approved (or deemed approved) by Buyer pursuant to the provisions of Section 4.7 or otherwise expressly permitted under this Agreement; and (h) The Mortgage Loan. Conclusive evidence discloses exceptions other than of the availability of such title shall be the willingness of Title Company to issue to Buyer on the Closing Date an owner’s title insurance policy in the standard form issued in the District of Columbia (the “Owner’s Policy”), in the face amount of the Purchase Price, or in the event that the parties have been unable to agree upon an Allocation in the amounts allocated to Land and Improvements pursuant to Section 3.3. hereof, which policy shall show (i) title to the Land and Improvements to be vested of record in Buyer, and (ii) the Permitted Exceptions, Buyer shall give written notice of such Exceptions to be the only exceptions to Seller within a reasonable time. Seller shall have a reasonable time to have such title exceptions removed, or, any such exception which may be removed by the payment of money may be cured by paying the amount due at or prior to the Closing. If Seller is unable to cure any such exception, then this Agreement may be terminated in the sole discretion of Buyertitle.

Exceptions to Title. Buyer shall be obligated to accept title to the Property, subject to the following exceptions to title (collectively, the "PERMITTED EXCEPTIONS"): (a) Permissible exceptions to title shall include the following (the “Permitted Exceptions”): the lien of general Real estate taxes and special assessments, if anyassessments not yet due and payable; zoning laws and building codes and ordinances; easements (apparent or of record) which do not underlie any buildings; and covenants and restrictions of record which are not violated by the existing improvements or the present uses of the Premises and which do not restrict reasonable use of the Premises; all existing leases for all or any part of the Premises (the “Existing Leases”); and all applicable covenants and restrictions contained in that certain Airport Phase I Quit Claim Deed dated July 12, 2007 from the United States of America, acting by and through the Secretary of the Air Force (the “Government”), to the Village of Rantoul for Hangar 4 (the “Hangar 4 Quit Claim Deed”), copies of which Existing Leases and ▇▇▇▇▇▇ ▇ Quit Claim Deed have been provided to or otherwise been made available to the Buyer.and (b) Except for Those exceptions to title which Buyer fails to disapprove in writing pursuant to the Permitted Exceptionsprovisions of subparagraph A(1) above (or which are otherwise approved pursuant to the provisions thereof). Buyer's obligation to consummate the transactions contemplated by this Agreement is hereby expressly conditioned upon the irrevocable commitment of Title Company to issue to Buyer on the Closing Date an owner's title insurance policy in the standard form issued in the State of Georgia ("OWNER'S POLICY"), Seller agrees that it will not further encumber in the Real Estate in any manner that will affect face amount of the Purchase Price, which policy (i) shows title to the Real Estate. Property to be vested of record in Buyer, (cii) If title evidence discloses raises the Permitted Exceptions to be the only exceptions other to title, (iii) is dated no earlier than the Permitted Exceptionsdate and time of the recording of the "Deed" (defined below), (iv) provides for so-called "extended coverage" over all general exceptions, and (v) includes the following endorsements: survey identicality, access, creditor's rights, contiguity (if the Land is comprised of multiple adjoining parcels), tax identification (single tax parcel), 3.1 zoning with parking and owner's comprehensive 1 (collectively, the "ENDORSEMENTS"); provided, however, the foregoing Endorsements shall only constitute a condition to Buyer's obligation if Buyer shall give have obtained the Title Company's written notice of such exceptions agreement to Seller within a reasonable time. Seller shall have a reasonable time to have such title exceptions removed, or, any such exception which may be removed by issue the payment of money may be cured by paying same during the amount due at or prior to the Closing. If Seller is unable to cure any such exception, then this Agreement may be terminated in the sole discretion of BuyerDue Diligence Period.

Exceptions to Title. (a) Permissible Buyer shall be obligated to accept title to the Property, subject to the following exceptions to title shall include the following (the “Permitted Exceptions”): the lien of general ): (a) Real estate taxes and special assessments, if any; zoning laws and building codes and ordinances; easements (apparent or of record) which do assessments not underlie any buildings; and covenants and restrictions of record which are not violated by the existing improvements or the present uses of the Premises and which do not restrict reasonable use of the Premises; all existing leases for all or any part of the Premises (the “Existing Leases”); and all applicable covenants and restrictions contained in that certain Airport Phase I Quit Claim Deed dated July 12, 2007 from the United States of America, acting by and through the Secretary of the Air Force (the “Government”), to the Village of Rantoul for Hangar 4 (the “Hangar 4 Quit Claim Deed”), copies of which Existing Leases and ▇▇▇▇▇▇ ▇ Quit Claim Deed have been provided to or otherwise been made available to the Buyer.yet delinquent; (b) Except for The printed exceptions, if any, which appear in the Permitted Exceptions, Seller agrees form owner’s policy of title insurance which the Title Company has agreed in writing (through a commitment or otherwise) to issue (excluding those printed exceptions that it will not further encumber the Real Estate Title Company has agreed in any manner that will affect title writing prior to the Real Estate.date of this Agreement to delete); provided, that if Title Company has not agreed in writing prior to the date of this Agreement to issue an owner’s policy, then title shall be subject to the printed exceptions which appear in the standard form owner’s title policy of title insurance issued by Title Company in the State of North Carolina; and (c) If Such other exceptions to title or survey exceptions as have been approved or deemed approved by Buyer pursuant to the above provisions of this Section 4.1 or otherwise expressly permitted under this Agreement. Conclusive evidence discloses exceptions other than of the Permitted Exceptions, Buyer shall give written notice availability of such exceptions title shall be the willingness of Title Company to Seller within a reasonable time. Seller shall have a reasonable time issue to have Buyer on the Closing Date an owner’s title insurance policy in such title exceptions removed, or, any such exception which may be removed by the payment of money may be cured by paying the amount due at or form as Title Company has agreed in writing prior to the Closing. If Seller is unable to cure any such exception, then date of this Agreement may be terminated to issue or if Title Company has not agreed in writing prior to the date of this Agreement to issue an owner’s policy, the standard form issued in the sole discretion State of North Carolina (“Owner’s Policy”), in the face amount of the Purchase Price, which policy shall show (i) title to the Land, the Leasehold Estates and Improvements to be vested of record in Buyer, and (ii) the Permitted Exceptions to be the only exceptions to title.