Common use of Procedure for Approval of Title Clause in Contracts

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by Seller. If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period that Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during the Inspection Period, all matters shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, shall be deemed "Permitted Exceptions."

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerSurvey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to within eight (8) days after the expiration Opening of the Inspection PeriodEscrow, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objectionobjections, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objection prior objections, to Buyer's reasonable satisfaction within ten (10) days after the Close date of EscrowBuyer's written notice of objections. Unless Seller provides written notice to Buyer before within two (2) days after the expiration date of the Inspection Period Buyer's written notice of objections that Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end within five (5) days after expiration of the Inspection Period such two (2) day period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during the Inspection Period, all matters shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, shall be deemed "Permitted Exceptions."

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerSurvey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period that Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Period, whereupon Buyer shall return all Due Diligence Items (hereinafter defined) to Seller, the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer Refundable Deposit shall fail to terminate this Agreement during the Inspection Period, all matters shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured be paid to Buyer's satisfaction prior to , the Close of Escrow, Nonrefundable Deposit shall be deemed "Permitted Exceptions."retained by Seller and,

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerSurvey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("“Title Defects"”) that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's ’s objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objection, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period that Seller intends to cure Buyer's ’s title objections, Seller shall be deemed to have elected not to cure or remove Buyer's ’s title objections, and Buyer shall be entitled, as Buyer's ’s sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during the Inspection Period, all matters shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, shall be deemed "“Permitted Exceptions."”

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review and approve the Title Documents (hereinafter defined) and the ALTA survey Survey (hereinafter defined), as updated by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerBuyer. If the Title Documents or updated Survey reflect or disclose any defect, exception or other matter affecting the Property ("“Title Defects"”) that is unacceptable to Buyer, then prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's ’s objections. If Seller may, at its sole option, elect agrees in writing to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objectiontitle objections, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objection objections prior to the Close of Escrow. Unless Seller provides written notice to Buyer before no later than three (3) business days prior to the expiration of the Inspection Period that Seller intends is unable to cure Buyer's ’s title objections, Seller shall be deemed to have elected not to cure or remove Buyer's ’s title objections. In the event that Seller is unwilling or unable to cure or remove Buyer’s title objections, and Buyer shall be entitled, as Buyer's ’s sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Seller agrees to cure a title objection and fails to do so prior to the Close of Escrow, Seller shall be in default under this Agreement. If Buyer shall fail to terminate this Agreement during the Inspection Period, all matters shown on the updated Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, shall be deemed "“Permitted Exceptions."” Notwithstanding the foregoing, the Loan Documents shall constitute Permitted Exceptions.

Procedure for Approval of Title. During Within five (5) days from the Inspection Period Effective Date, Seller will provide the Buyer copies of the Title Information Documents (hereafter herein defined) and UCC search. After receipt by Buyer of the Title Information Documents, Buyer shall review and approve or disapprove the Title Information Documents within twenty (hereinafter defined20) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") calendar days of the Property which has been delivered by Sellersaid receipt (“Objection Period”). If the Title Information Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("“Title Defects"”) that is unacceptable to Buyer, then prior to the expiration of the Inspection PeriodObjection Period , Buyer shall provide Seller with written notice of Buyer's ’s objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objection, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice to Buyer before the expiration of the Inspection Period (hereafter defined) that Seller intends to cure Buyer's ’s title objections, Seller shall be deemed to have elected not to cure or remove Buyer's ’s title objections, and Buyer shall be entitled, as Buyer's ’s sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or defined)or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during within the Inspection Period, Period all matters shown on the Survey or described in the Title Report, Information Documents except for monetary liens or security interests for indebtedness of the Seller and or other third party, delinquent taxes, any matters the Seller has agreed to cure in writing, and in fact writing which are not cured to Buyer's satisfaction prior to the Close of Escrow, or any matters that are added subsequent to Buyer’s receipt of the Title Information Documents, shall be deemed "“Permitted Exceptions."” In connection with its review of title, Buyer may order a current survey (“Current Survey”) to be certified to the Seller, Buyer and the Title Company and dated no earlier than the Effective Date at Buyer’s cost (but subject to partial reimbursement by Seller, as provided in Section 6.6.2). Notwithstanding anything to the contrary contained in this Agreement, if, despite Buyer’s reasonable efforts, Buyer shall not receive the Current Survey before the date which is 5 days prior to the expiration of the Inspection Period, Buyer shall be entitled to object to any matters which first appear in the Current Survey, and if such objections to the Current Survey remain uncured, Buyer shall have the right to terminate this Agreement and recover its Deposit by delivering written notice to Seller no later than the date which is five days after the expiration of the Inspection Period (the “Current Survey Termination Date”). If Buyer has not terminated this Agreement by the Current Survey Termination Date, all matters which are shown on or which would have been shown on a Current Survey had it been ordered, shall be deemed to be Permitted Exceptions.

Procedure for Approval of Title. During Buyer shall have a period of ten (10) days following the Inspection Period Buyer's receipt of the Title Documents (hereafter defined) Buyer shall (the "Title Review Period") to review and approve the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerDocuments. If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then prior to the expiration of the Inspection Title Review Period, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. ; provided, however, Seller shall, shall have the obligation to act in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financinggood faith. Should Seller elect to attempt to cure or remove the objection, it Seller shall be a condition precedent to have fifteen (15) days from the date of Buyer's obligation to acquire the Property that Seller cures such title objection prior to the Close of Escrow. Unless Seller provides written notice of objections ("Cure Period") in which to Buyer before accomplish the expiration of cure. In the Inspection Period that event Seller intends to cure Buyer's title objections, Seller shall be deemed to have elected either elects not to cure or remove Buyer's title objectionsthe objections or is unable to accomplish the cure prior to the expiration of the Cure Period, then Seller shall so notify Buyer in writing specifying which objections Seller does not intend to or cannot cure, and then Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before within ten (10) days from the end of the Inspection Period date on which Buyer receives Seller's no-cure notice and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during notify Seller in writing within the Inspection PeriodTitle Review Period of any objections to the state of title to the Property, all then Buyer shall be deemed to have no objections to the state of such title and any exceptions to title or other conditions or matters which have not been objected to by Buyer and which are shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, Report shall be deemed "Permitted Exceptions."

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review the Title Documents (hereinafter defined) and the ALTA survey by ▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. dated August 9, 2005(the "Survey") of the Property which has been delivered by SellerSurvey (hereinafter defined). If the Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then at least ten (10) business days prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of Buyer's objections. Seller may, at its sole option, elect to cure or remove the objections made by Buyer. Seller shall, in any event, and without the necessity of an objection by Buyer, remove any encumbrance securing financing. Should Seller elect to attempt to cure or remove the objectionobjections, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures or removes such title objection objections prior to the Close of Escrow. Unless Seller provides written notice to Buyer at least five (5) business days before the expiration of the Inspection Period that Seller intends to cure or remove Buyer's title objections, Seller shall be deemed to have elected not to cure or remove Buyer's title objections, and Buyer shall be entitled, as Buyer's sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined) to the extent delivered to Buyer or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail to terminate this Agreement during the Inspection Period, all matters shown on the Survey or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the Seller has agreed to cure or remove in writing, and in fact cured to Buyer's satisfaction prior to the Close of Escrow, shall be deemed "Permitted Exceptions."