Objection and Response Process Clause Samples

Objection and Response Process. On or before the Effective Date, Purchaser has, on a Property-by-Property basis, given written notice to Sellers’ Representative of those matters set forth in the Title Documents and/or Surveys to which Purchaser objects (the “Objections”). In response to such Objections, Sellers agree as follows with respect to each Property: (a) the applicable Seller will cause the Title Company to issue the Title Policy, deleting all existing mortgages, deeds of trust and related security instruments, including, without limitation, any Deed of Trust (other than any such document or instrument relating to the Assumed Encumbrances); (b) the applicable Seller will cause to be removed from the Title Commitment prior to Closing, or will bond over at Closing or otherwise have removed from the Title Policy, any mechanic’s liens, materialmen’s liens, judgments of record, writs and other monetary liens (provided the amount of such other monetary lien does not exceed $250,000.00); (c) the applicable Seller will cooperate with Purchaser in seeking to obtain, but shall not be required to obtain, releases of any agreements or memoranda of agreement relating to expired or terminated laundry leases and cable television agreements; and (d) the applicable Seller will provide such reasonable affidavits to the Title Company as are customarily required in order to remove the standard exceptions to title from the Title Policies. Sellers shall not be required to take any other action with respect to the Objections and Purchaser shall have no right to terminate this Agreement as a result of such Objections (except as a result of Sellers’ default of their obligations under subparagraphs (a), (b), and (d) above), provided the foregoing shall not be construed to limit Purchaser’s right to work directly with the Title Company and the applicable surveyor, as applicable, to resolve any Objections (provided such resolution imposes no obligation on any Seller). Each Seller shall be entitled to a reasonable adjournment of the Closing Date for its Property in order to accomplish the foregoing, but in no event later shall such extension be for longer than thirty (30) days from the then scheduled Closing Date.

Objection and Response Process. On or before June 27, 2024 (the “Objection Deadline”), Purchaser gave written notice (the “Objection Notice”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the “Objections”). On July 2, 2024, Seller gave written notice (the “Response Notice”) to Purchaser of those Objections which Seller is willing to cure. Seller and Purchaser shall each have the right to extend Closing for up to 30 days in order to allow Seller to cure any Objections that Seller has agreed to cure. As of the date hereof Purchaser has accepted the Title Documents and Survey with the resolution, if any, of the Objections only as set forth in the Response Notice and without any reduction or abatement of the Purchase Price. If Seller fails to cure any Objections which Seller agreed to cure in the Response Notice by the Closing Date (as same may be adjourned by Seller pursuant to this Section 4.3 or as otherwise set forth in this Agreement), then Purchaser may, as its exclusive remedy, either (a) accept the Title Documents and Survey without resolution of such Objections without any reduction or abatement of the Purchase Price, or (b) terminate this Agreement, in which event the Deposit shall be returned to Purchaser (subject to Purchaser’s obligations under Section 3.5.2).

Objection and Response Process. On or before the end of the Feasibility Period (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller (▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇, P.C. at the address set forth in Section 13.7) of any matter set forth in the Title Documents or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. Within three (3) Business Days after Seller's receipt of the Objections, if any (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the