New Exception Sample Clauses
The "New Exception" clause establishes a specific circumstance or condition under which the general rules or obligations of the contract do not apply. In practice, this clause might carve out an exemption for a party from certain duties if a new law is enacted, an unforeseen event occurs, or a particular situation arises that was not originally contemplated by the agreement. Its core function is to provide flexibility and fairness by allowing for deviations from the contract’s standard terms when justified by new or exceptional circumstances, thereby addressing potential gaps or rigidities in the contract.
New Exception. An exception to title to the Real Property that materially affects the condition of title to the Real Property and is not (i) included in or referenced in any preliminary report delivered to Buyer prior to the Approval Date, or in any exception document delivered to Buyer by the Title Company prior to the Approval Date, (ii) disclosed to Buyer in any of the Due Diligence Materials, (iii) shown on or referenced in the Survey, (iv) caused by Buyer or any of Buyer’s Agents, or (v) previously approved in writing by Buyer or any of Buyer’s Agents.
New Exception. If, after the Effective Date, there is an update of the Title Commitment (defined below) or Survey (as defined in the Company Disclosure Letter) which first discloses an exception other than those existing in the Title Commitment or Survey, arising after the Effective Date (a “New Exception”), then, except to the extent that such New Exception is a Permitted Exception (as defined in Section 3.2 below) (except it is expressly agreed that Purchaser may object to a New Exception that is a Permitted Exception under numbers 7 (if created by Seller), 8 and 9 listed on Exhibit F-2 to the Company Disclosure Letter, unless such New Exception is caused by or through Purchaser or does not materially and adversely affect Purchaser or the Property), Purchaser shall have the right to deliver a notice to Sellers (a “Title Notice”) objecting to such New Exception within three (3) Business Days after delivery to Purchaser of the updated Title Commitment or Survey that discloses the New Exception, and, unless such New Exception constitutes a Mandatory Cure Matter (as defined in Section 3.2 below), Sellers shall have the right for a period of three (3) Business Days after delivery of Purchaser’s Title Notice to Sellers (“Seller Response Period”) to provide written notice to Purchaser (“Sellers’ Response”) specifying whether or not Sellers elect, by the Closing Date, to cause Title Insurer (as defined in Section 3.2 below) to remove or endorse over any New Exception raised in Purchaser’s Title Notice, it being understood that, except for the Mandatory Cure Matters (as hereinafter defined), which Sellers shall be obligated to cure (or to cause to be cured) on or before the Closing, Sellers may, but shall not be required to, cause Title Insurer to remove or endorse over any New Exception raised in Purchaser’s Title Notice. If Sellers fail to provide Sellers’ Response within the Seller Response Period, Sellers will be deemed to have elected not to cause Title Insurer to remove or endorse over any such New Exception. If Sellers elect, or are deemed to have elected, not to cause Title Insurer to remove or endorse over one or more matters or exceptions to which Purchaser has objected in its Title Notice, then on or prior to the date that is three (3) Business Days after the expiration of the Seller Response Period, Purchaser shall deliver to Sellers written notice that Purchaser has elected to either (1) waive the matters or exceptions which Sellers have elected, or been deemed to ...
New Exception. An exception to title to the Real Property that is not (i) included in or referenced in any preliminary report delivered to Buyer prior to the Approval Date, or in any exception document delivered to Buyer by the Title Company prior to the Approval Date, (ii) disclosed to Buyer in any of the Due Diligence Materials, (iii) shown on or referenced in the Survey, (iv) caused by Buyer or any of Buyer’s Agents, or (v) previously approved in writing by Buyer or any of Buyer’s Agents. 52.
New Exception. An exception to title to the Real Property that is not (i) included in or referenced in any preliminary report delivered to Buyer prior to the Approval Date, or in any exception document delivered to Buyer by the Title Company prior to the Approval Date, (ii) disclosed to Buyer in any of the Due Diligence Materials, (iii) shown on or referenced in the Survey, (iv) caused by Buyer or any of Buyer’s Agents, or (v) previously approved in writing by Buyer or any of Buyer’s Agents. 51. Non-Refundable Payment. See Section 3(b). 52. Parties.