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 Survey (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 within eight (8) days after the Opening of Escrow, 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. Should Seller elect to attempt to cure or remove the objections, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, to Buyer's reasonable satisfaction within ten (10) days after the date of Buyer's written notice of objections. Unless Seller provides written notice to Buyer within two (2) days after the date of 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 within five (5) days after expiration of such two (2) day period and returning the Due Diligence Items (hereinafter defined) 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, shall be deemed "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 Survey calendar days of said receipt (hereinafter defined“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 within eight (8) days after prior to the Opening expiration of Escrowthe Objection 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. Should Seller elect to attempt to cure or remove the objectionsobjection, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two before the expiration of the Inspection Period (2hereafter defined) days after the date of Buyer's written notice of objections 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 within five (5) days after expiration of such two (2) day period and returning the Due Diligence Items (hereinafter defined) 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 writingwriting which are not cured 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 the Inspection Period (hereafter defined) Period, Buyer shall review and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined)Survey. If the Title Documents Documents, the Existing Survey or the Updated Survey reflect or disclose any defect, exception or other matter affecting the Property ("Title Defects") that is unacceptable to Buyer, then within eight (8) days after then, prior to the Opening expiration of Escrowthe 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. Should Seller elect to attempt to cure or remove the objectionsobjection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two at least five (25) days after prior to the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period the Inspection Period and returning the Due Diligence Items (hereinafter defined) ), or (ii) waive the objections and close this transaction as otherwise contemplated herein. If Buyer shall fail fall to terminate this Agreement during the Inspection Period, all matters shown on the Existing Survey or the Updated Survey, or described in the Title Report, except for monetary liens for indebtedness of the Seller and any matters the that Seller has agreed to cure in writing, shall be deemed "Permitted Exceptions."

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall have the Due Diligence Period to review and approve, in writing, the Title Documents (hereinafter defined) and condition of the Survey (hereinafter defined)title to the Real Property. If the Title Documents or the Survey reflect or disclose any defect, exception or other matter affecting the Real Property ("“Title Defects"”) that is unacceptable to Buyer, then within eight (8) days after the Opening of Escrow, Buyer shall provide Seller with written notice of Buyer's objections’s objections (“Buyer’s Objections”) no later than the conclusion of the Due Diligence Period. Seller may, at its sole option, elect elect, by written notice given to Buyer no later than the conclusion of the Due Diligence Period (“Seller’s Notice Period”), to cure or remove the objections made or deemed to have been made by Buyer or to notify Buyer that Seller intends to cure such objections. Seller shall have no obligation to cure any Title Defects; provided, however, Seller shall in all events have the obligation to specifically remove any monetary encumbrances affecting fee simple title to the Real Property arising by, through or under Seller or Tenant, and capable of being discharged by the payment of money (“Must Cure Liens”), whether or not objected to by Buyer. The failure of Seller to deliver written notice electing to cure Buyer’s Objections before expiration of the Due Diligence Period shall be deemed an election by Seller not to cure Buyer’s Objections. Should Seller elect to attempt to cure or remove the objections, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, to Buyer's reasonable satisfaction within ten (10) days after the date of Buyer's written notice of objections. Unless Seller provides written notice to Buyer within two (2) days after the date of Buyer's written notice of objections that Seller intends to cure Buyer's title objections’s Objections, Seller shall be have until Close of Escrow in which to accomplish the cure. If Seller elects, by written notice given to Buyer (or is deemed to have elected elected, by not providing notice) not to cure or remove Buyer's title objectionsany objection, and then Buyer shall be entitled, as Buyer's sole and exclusive remedies, entitled to either to (i) terminate this Agreement by notice given prior to the end of the Due Diligence Period and obtain a refund of the Deposit by providing written notice of termination to Seller within five (5) days after expiration of such two (2) day period and returning Deposit, less the Due Diligence Items (hereinafter defined) Independent Consideration, or (ii) waive the any objections that Seller has not elected to cure and close this transaction as otherwise contemplated herein. If Buyer does not terminate this Agreement on or before the expiration of the Due Diligence Period in accordance with this Section 5.3, then Buyer shall fail have no right to terminate this Agreement during as a result of (i) the Inspection Periodexceptions to title disclosed in the Title Documents (except for the Must Cure Liens and those matters which Seller has agreed in writing to cure) or those (ii) matters affecting title that are reflected on the Survey. Any exceptions to title disclosed on the Title Documents that are accepted or deemed accepted by Buyer pursuant to the terms of this paragraph, all including any endorsements or supplements to the Title Documents issued prior to Close of Escrow, rights of Tenant under the Lease, and those matters shown affecting title that are reflected on the Survey or described in the Title Report, except for monetary liens for indebtedness as of the Seller and any matters the Seller has agreed to cure in writingClose 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 Survey (hereinafter defined)ALTA survey by Xxxxx X. Xxxx, Xx. 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 within eight (8) days after prior to the Opening expiration of Escrowthe Inspection Period, Buyer shall provide Seller with 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 objectionsobjection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two (2) days after before the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period 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 Survey (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 within eight (8) days after prior to the Opening expiration of Escrowthe 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. Should Seller elect to attempt to cure or remove the objectionsobjection, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two (2) days after before the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period the Inspection Period and returning the Due Diligence Items (hereinafter defined) 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, 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 Survey (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 within eight (8) days after prior to the Opening expiration of Escrowthe 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. Should Seller elect to attempt to cure or remove the objectionsobjection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two (2) days after before the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period and returning the Inspection Period, whereupon Buyer shall return all Due Diligence Items (hereinafter defined) or (ii) waive to Seller, 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, Refundable Deposit shall be deemed "Permitted Exceptions."paid to Buyer, the Nonrefundable Deposit shall be retained by Seller and,

Procedure for Approval of Title. During the Inspection Period (hereafter defined) Buyer shall review the Title Documents (hereinafter defined) and the Survey (hereinafter defined)ALTA survey by Xxxxx X. Xxxx, Xx. 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 within eight (8) days after prior to the Opening expiration of Escrowthe 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 objectionsobjection, it shall be a condition precedent to Buyer's obligation to acquire the Property that Seller cures such title objections, objection prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two (2) days after before the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period 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 Survey (hereinafter defined), as updated by Buyer. 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 within eight (8) days after prior to the Opening expiration of Escrowthe 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. Should Seller elect to attempt to cure or remove the any title objections, it shall be a condition precedent to Buyer's ’s obligation to acquire the Property that Seller cures such title objections, objections prior to Buyer's reasonable satisfaction within ten (10) days after the date Close of Buyer's written notice of objectionsEscrow. Unless Seller provides written notice to Buyer within two no later than three (23) business days after prior to the date expiration of Buyer's written notice of objections 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 within five (5) days after expiration before the end of such two (2) day period and returning the Due Diligence Items (hereinafter defined) Inspection Period 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, shall be deemed "“Permitted Exceptions."” Notwithstanding the foregoing, the Loan Documents shall constitute Permitted Exceptions.