No Obligation to Cure. Nothing contained in this Agreement or otherwise shall require Seller to render its title marketable or to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so except as set forth in Section 5.3 hereof.
No Obligation to Cure. Nothing contained in this Agreement or otherwise shall require Seller to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so; provided, however, that Seller agrees to remove any lien or mortgage the amount of which is liquidated and which has been placed on the Real Property with the approval or consent of Seller and any mechanics lien placed on the Real Property pursuant to works of improvement duly authorized by Seller, provided that Seller may remove any such mechanics lien by causing or enabling the Title Company to irrevocably commit to issuing the Title Policy to Purchaser and its lender, if any, without taking exception for any such lien.
No Obligation to Cure. Notwithstanding anything to the contrary, Seller has no obligation to take any steps, bring any action, or incur any costs, effort or expenses whatsoever regarding any Title Objection.
No Obligation to Cure. Nothing herein contained shall ------------- --------------------- require any Mortgagee to cure or undertake to cure any default of Tenant, unless and until such Mortgagee elects to exercise any right under Section 15.03 as to which such cure or undertaking to cure is a condition.
No Obligation to Cure. Nothing contained in this Agreement or otherwise shall require Seller to render its title marketable or to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so; provided, however, Seller shall be obligated to remove from record the lien of any mortgage or deed of trust ("MORTGAGE"). To the extent at Closing, there are additional encumbrances not included within the Permitted Encumbrances, Purchaser shall have the right to terminate this Agreement and receive a return of the Deposit, unless Seller a) shall remove or correct any such encumbrance or b), subject to Purchaser's reasonable approval, shall bond over such encumbrance.
No Obligation to Cure. It is expressly understood that in no event shall Seller be required to bring any action or institute any proceeding, or to otherwise incur any costs or expenses in order to attempt to eliminate any Title Objections or to otherwise cause title in the Real Property to be in accordance with the terms of this Agreement on the Closing Date. Notwithstanding anything to the contrary contained herein, if Seller agrees to attempt to cure any Title Objections, but is unable to eliminate the Title Objections by the Closing Date (as hereinafter defined), unless the same are waived by Purchaser without any abatement in the Purchase Price, Seller may, upon prior notice (“Title Cure Notice”) to Purchaser adjourn the Closing Date for a period not to exceed thirty (30) days (“Title Cure Period”), in order to attempt to eliminate such exceptions. In the event Seller elects to cure any Title Objections and fails to do so by the Closing Date or the Title Cure Period, as the case may be, then such failure shall not be a default hereunder, but shall be deemed to be a failure of a Purchaser’s condition to close and Purchaser shall have the rights set forth in the Section 4.6. In no event shall any lien, encumbrance or other exception arising as a result of any act or omission of Purchaser or anyone acting on behalf of Purchaser be deemed a Title Objection.
No Obligation to Cure. Except as specifically set forth in this ARTICLE 5, in no event shall Seller be required to bring any action or institute any proceeding, or otherwise to incur any costs or expenses in order to attempt to eliminate any Title Objections. Notwithstanding the foregoing, Seller shall be obligated to remove all Monetary Objections at or prior to Closing, and may use the proceeds of the Purchase Price at Closing for such purpose.
No Obligation to Cure. Except as otherwise set forth in this Agreement, nothing contained in this Agreement or otherwise shall require any WPG Party to render the applicable Property Owner’s title marketable or to remove or correct any exception or matter disapproved by the applicable Purchaser or to spend any money or incur any expense in order to do so. Notwithstanding the foregoing, the WPG Parties agree to (a) deliver to the Title Companies the documents described on Exhibit K in connection with the issuance of the Title Policies and (b) use commercially reasonable efforts to cure (whether by causing the Title Companies to remove the same from the applicable Title Policy or to insure over the same in a manner reasonably acceptable to the applicable Purchaser) any exception or matter created by the applicable Property Owner that constitutes an encumbrance of any monetary nature, including without limitation mortgage liens (other than the Assumed Mortgage Debt), other liens and judgments. For the avoidance of doubt, “commercially reasonable efforts” in the foregoing sentence includes (i) the payment of monies in the amount of such encumbrance (together with any additional reasonable amount the Title Companies may require to address interest and penalties thereon), to the extent Seller is not disputing the existence or amount of any such encumbrance, and (ii) in the event Seller is disputing the existence or amount of any such encumbrance, depositing up to 150% of the amount thereof in escrow with the Title Companies pending the resolution of such dispute or taking such other commercially reasonable efforts as the Title Companies may reasonably request. Nothing in this Section 5.4 affects any condition to the obligation of Purchasers to close or any obligation of any WPG Party expressly contained in this Agreement.
No Obligation to Cure. Nothing contained in this Agreement or otherwise shall require Seller to render its title marketable or to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so. Notwithstanding anything in this Agreement to the contrary, Seller shall be obligated at Closing, to cause the Title Company to (i) remove that certain Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated September 16, 2015 entered into by Seller and referred to on the Title Report (the “Existing Mortgage”), and (ii) remove (by payment and/or bonding) any materialmens’ or mechanic’s liens against Seller or the Property in each case with respect to work contracted for or on behalf of Seller (with the consent of Seller) at the Property, provided that Seller has received written notice of any such liens prior to Closing, and the cost to remove all such liens does not exceed the sum of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) in the aggregate with respect to the Property, all of which Existing Mortgage and liens at (i) and (ii) hereof may be paid off at Seller’s election from the Purchase Price and which are collectively herein called the “Mandatory Cure Items” and in no event shall the Mandatory Cure Items be considered Permitted Encumbrances.
No Obligation to Cure. Nothing herein contained will require any Mortgagee to cure any default of a Party hereunder prior to its acquisition of title to a Parcel pursuant to a foreclosure of its Mortgage, trustee sale thereunder or deed in lieu foreclosure thereof. Upon acquisition of title to a Parcel, but only during such time as the Mortgagee holds title to the Parcel, such Mortgagee or the purchaser or grantee, as applicable will thereafter be liable and responsible for all continuing defaults existing on its Parcel from and after the date of such acquisition, including defaults and other conditions arising prior to the date of such acquisition.
