Common use of Preliminary Title Report Clause in Contracts

Preliminary Title Report. Within twenty-one (21) days after execution of this Lease by Landlord and Tenant, Landlord, at Landlord's expense, shall cause a title insurance company mutually acceptable to the parties through JOHNSON, BLAKELY, POPE, BOKOR, RUPPXX & XURNX, X.A., its agent ("Title Company") to issue and deliver to Tenant and A.L.T.A. Form B owner's title commitment ("Title Commitment") accompanied by one copy of all documents affecting the Property, and which constitute exceptions to the Title Commitment. Tenant shall give Landlord written notice on or before the expiration of the later of (i) fifteen (15) days after Tenant's receipt of the Title Commitment or (ii) fifteen (15) days after Tenant's receipt of the survey provided for below, that the condition of title as set forth in the Title Commitment and survey is or is not satisfactory, in Tenant's reasonable judgment. Any condition, defect or other circumstance which renders title unmarketable of record shall be sufficient grounds for Tenant to reasonably object to the condition of title. In the event that the condition of title is not acceptable, Tenant shall state which exceptions to the Title Commitment are unacceptable and Landlord shall undertake to eliminate such exceptions as set forth below; provided, however, that at Closing, mortgages may be satisfied or the liens thereof partially released as the case may be, as to the Property. Landlord shall, at his sole cost and expense not to exceed $1,000.00, promptly undertake and use due diligence to eliminate or modify all unacceptable matters to the reasonable satisfaction of Tenant, but in no event shall Landlord be required to file suit. In the event Landlord is unable with the exercise of due diligence to satisfy the objections within ninety (90) days after the notice, Tenant may, at its option, (i) accept title subject to the objections raised by Tenant, without an adjustment in the Lease rent or Purchase Price, in which event the objections shall be deemed to be waived for all purposes, or (ii) terminate this Lease and rescind this Option and this Agreement shall be of no further force and effect. Notwithstanding any of the provisions of this Section 42.1 to the contrary, if Tenant fails timely to notify Landlord that the condition of title as set forth in the Title Commitment and survey is or is not acceptable, the parties agree that the condition of title shall be deemed acceptable.

Preliminary Title Report. Within twenty-one (21) days after execution of this Lease by Landlord and Tenant, Landlord, at Landlord's expense, Purchaser shall cause a title insurance company mutually acceptable to the parties through JOHNSONChicago Title Insurance ------------------------ Company, BLAKELYor an agent thereof, POPE, BOKOR, RUPPXX & XURNX, X.A., its agent ("Title Company") to issue and deliver to Tenant and Purchaser an A.L.T.A. Form B owner's title commitment on the 1970 form ("Title Commitment") in the amount of the Purchase Price, accompanied by one copy of all documents affecting the Property, Property and which constitute exceptions to the Title Commitment. Tenant Purchaser shall give Landlord Seller written notice (the "Title Notice") on or before the expiration of the later of (i) fifteen (15) days after Tenant's receipt of the Title Commitment or (ii) fifteen (15) days after Tenant's receipt of the survey provided for belowDue Diligence Period, that the condition of whether such title as set forth in the Title Commitment and survey is or is not satisfactory, in Tenant's reasonable judgment. Any condition, defect or other circumstance which renders title unmarketable of record shall be sufficient grounds for Tenant acceptable to reasonably object to the condition of titlePurchaser. In the event that the condition of title is not acceptableacceptable to Purchaser, Tenant Purchaser shall state in the Title Notice which exceptions to the Title Commitment are unacceptable and Landlord Seller shall undertake to eliminate such those exceptions as set forth below; provided, however, that at Closing, Closing mortgages may be satisfied or the liens thereof partially released as the case may be, as to the Property. Landlord shallUpon receipt of the Title Notice, at his sole cost and expense not to exceed $1,000.00, promptly undertake and Seller shall use due diligence good faith efforts to eliminate or modify all unacceptable matters to the reasonable satisfaction of Tenant, but Purchaser. Purchaser may at any time waive in no event shall Landlord be required writing its objection to file suittitle and accept title to the Property subject to the exceptions objected to by Purchaser. In the event Landlord Purchaser does not waive its objections (as set forth in the Title Notice) and if Seller is unable with the unwilling or unable, upon exercise of due diligence diligence, to satisfy remove the objections matters within ninety thirty (9030) days after receipt of the noticeTitle Notice, Tenant Purchaser may, at its option, option (i) accept title subject to the objections raised by Tenant, without an adjustment in the Lease rent or Purchase PricePurchaser, in which event the objections said objection(s) shall be deemed to be waived for all purposes, or (ii) terminate this Lease and rescind this Option and Agreement, whereupon this Agreement shall terminate and all Xxxxxxx Money with interest (less $100.00 as consideration to be of no further force and effect. Notwithstanding any of the provisions of this Section 42.1 paid to the contrary, if Tenant fails timely to notify Landlord that the condition of title as set forth in the Title Commitment and survey is or is not acceptable, the parties agree that the condition of title Seller) shall be deemed acceptablereturned to Purchaser.

Preliminary Title Report. Within twenty-one (21) days after execution of this Lease by Landlord and Tenant, LandlordBuyer may, at Landlord's its cost and expense, shall cause obtain a title insurance company mutually acceptable to the parties through JOHNSON, BLAKELY, POPE, BOKOR, RUPPXX & XURNX, X.A., its agent ("Title Company") to issue and deliver to Tenant and A.L.T.A. Form B owner's title commitment ("“Title Commitment"”) from the Escrow Agent, accompanied by one copy of all documents affecting the Property, Property and which constitute exceptions to the Title Commitment. Tenant Notwithstanding anything to the contrary contained herein, the Property shall not be subject to any (i) mortgage, deed to secure debt, deed of trust, security agreement, judgment, lien or claim of lien, or any other title exception or defect that is monetary in nature, Seller hereby agreeing to pay and satisfy of record any such title defects or exceptions prior to or at Closing at Seller’s expense (provided that said title defects or exceptions were entered into or caused by Seller), or (ii) any leases, rental agreements or other rights of occupancy of any kind, whether written or oral, Seller hereby agreeing to terminate any such occupancy agreements prior to or at Closing at Seller’s expense (provided that such occupancy agreements were entered into by Seller). As to any other title matters not covered by the preceding sentence, such as easements or restrictions, and as to matters of survey, Buyer shall have until the end of the Inspection Period to give Landlord Seller written notice on or before the expiration of the later of (i) fifteen (15) days after Tenant's receipt of the Title Commitment or (ii) fifteen (15) days after Tenant's receipt of the survey provided for belowInspection Period, that the condition of title as set forth in the Title Commitment and the survey is or is not satisfactory, in Tenant's reasonable judgment. Any condition, defect or other circumstance which renders title unmarketable of record shall be sufficient grounds for Tenant to reasonably object to the condition of titleBuyer’s sole discretion. In the event that the condition of title is not acceptableacceptable (including, Tenant without limitation, any matters listed on Schedule 5.01), Buyer shall state which exceptions to the Title Commitment are unacceptable not acceptable and Landlord Seller shall undertake to eliminate such exceptions as set forth belowor cure said objections; provided, however, that at Closing, mortgages may be satisfied or the liens thereof partially released as the case may be, as to the PropertyProperty from the sale proceeds. Landlord Seller shall, at his its sole cost and expense not to exceed $1,000.00expense, promptly undertake and use due diligence its good faith efforts to eliminate or modify all unacceptable matters to the reasonable satisfaction of TenantBuyer; provided, but however, that in no event shall Landlord Seller be required obligated to file suiteliminate or modify any matter identified on Schedule 5.01 hereto or spend more than $12,500.00 in the aggregate to eliminate or modify any unacceptable matters. In the event Landlord Seller is unwilling or unable with the exercise of due diligence to satisfy the all of said objections prior to Closing, Seller shall notify Buyer of same within ninety ten (9010) days after receipt of Buyer's notice of its objections (the notice“Seller Title Notice”), Tenant mayand Buyer shall, at its option, elect by written notice delivered to Seller on or before the date which is ten (10) days after receipt of the Seller Title Notice to: (i) accept title subject to the objections raised by TenantBuyer, without an adjustment in the Lease rent or Purchase Price, in which event the said objections shall be deemed to be waived for all purposes, ; or (ii) terminate this Lease and rescind this Option Agreement, whereupon the Deposit, less One Hundred Dollars ($100.00) which shall be paid to Seller as consideration for entering into this Agreement, shall be immediately returned to Buyer, and this Agreement shall be of no further force and effect, except as otherwise set forth herein. Notwithstanding any of the provisions of this Section 42.1 2.01 to the contrary, if Tenant Buyer fails timely to notify Landlord Seller that the condition of title as set forth in the Title Commitment and survey is or is not acceptable, the parties hereby agree that the condition of title shall be deemed acceptableacceptable to Buyer. From and after the date of this Agreement, Seller shall not modify, change or alter the state of title to the Property without Buyer's prior written consent.

Preliminary Title Report. Within twenty-one five (215) days after execution following the Effective Date, Seller will cause to be issued and delivered to Buyer (i) a preliminary title report (the " Title Report"), issued by the Title Company, together with copies of this Lease by Landlord and Tenant, Landlord, at Landlord's expense, shall cause a the documents referenced therein which create exceptions to title insurance company mutually acceptable to the parties through JOHNSON, BLAKELY, POPE, BOKOR, RUPPXX & XURNX, X.A., its agent Property and (ii) a survey ("Title CompanySurvey") to issue and deliver to Tenant and A.L.T.A. Form B owner's title commitment of the Property. Buyer shall have a period (the "Title CommitmentPeriod"), expiring five (5) accompanied days following the date on which the later of the Survey or Title Report is delivered to it, in which to advise Seller in writing of those exceptions to title to the Property as shown on the Title Report and/or any matter reflected in the Survey to which Buyer objects. Any exception to title shown in the Title Report and/or any matter reflected in the Survey to which Buyer does not specifically object (by one copy delivering written notice to Seller within such Title Period specifying the objected exception) shall be deemed to have been approved by Buyer. Seller shall have no obligation to cure or attempt to cure any of all documents affecting the Property, and which constitute exceptions Buyer's objections to the Title Commitment. Tenant shall give Landlord written notice on Report or before the expiration of the later of (i) fifteen (15) days after Tenant's receipt of the Title Commitment or (ii) fifteen (15) days after Tenant's receipt of the survey provided for below, that the condition of title as set forth in the Title Commitment and survey is or is not satisfactory, in Tenant's reasonable judgment. Any condition, defect or other circumstance which renders title unmarketable of record shall be sufficient grounds for Tenant to reasonably object to the condition of titleSurvey. In the event that Seller is unable or unwilling to so cure any of Buyer's title or Survey objections, if any, Seller shall so notify Buyer in writing within three (3) days following the condition timely delivery to Seller of title is not acceptable, Tenant shall state which exceptions Buyer's list of objections to the Title Commitment are unacceptable and Landlord shall undertake to eliminate such exceptions as set forth below; provided, however, that at Closing, mortgages may be satisfied or the liens thereof partially released as the case may be, as title to the Property. Landlord shallThereafter, at his sole cost and expense not to exceed $1,000.00, promptly undertake and use due diligence to eliminate or modify all unacceptable matters to the reasonable satisfaction of Tenant, but in no event shall Landlord be required to file suit. In the event Landlord is unable with the exercise of due diligence to satisfy the objections within ninety (90) days after the notice, Tenant Buyer may, at its option, exercised by delivering written notice to Seller within three (3) days following the date Seller delivers written notice to Buyer that Seller is unable or unwilling to cure such title objections, (i) accept title to the Property subject to the uncured objections in the Title Report and Survey raised by TenantBuyer as permitted hereby, without an adjustment in the Lease rent or Purchase Price, in which event the said uncured objections shall be deemed to be waived for all purposes, purposes and such uncured items shall be deemed approved by Buyer or (ii) terminate this Lease and rescind this Option Agreement, in which event the Deposit shall be returned to Buyer by the Title Company and this Agreement shall be of no further force or effect, except for the indemnification obligations contained in Sections 2.1 and effect. Notwithstanding 6.1 and the rights contained in Section 9.2 which shall survive the Closing and, if the purchase and sale contemplated hereunder is not consummated, any of the provisions termination of this Section 42.1 Agreement. If Buyer fails to the contrarygive such written notice to Seller within such 3-day period, if Tenant fails timely Buyer shall be deemed to notify Landlord that the condition of title as set forth have elected option (i) above. All matters disclosed in the Title Commitment Report and survey is in the Survey which Buyer either approves or is not acceptable, deemed to have approved are herein referred to as the parties agree that the condition of title shall be deemed acceptable"Permitted Exceptions."