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. (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 the following: (i) 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 1 (the “Hangar 4 1 Quit Claim Deed”); (ii) that certain Airport Phase II Quit Claim Deed dated July 23, 2007 from the Government to the Village for 1 Aviation (the “1 Aviation Deed”); and (iii) that certain Quit Claim Deed from the Government to the Village of Rantoul dated August 17, 2018 for Hangars 2 and 3 (the “Hangars 2 (b) and 3 Quit Claim Deed”), copies of which Existing Leases and Leases, ▇▇▇▇▇▇ ▇ Quit Claim Deed, 1 Aviation Deed and Hangars 2 and 3 Quit Claim Deed have been provided to or otherwise been made available to the Buyer. (bc) 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. (cd) 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.