Common use of Procedure for Approval of Title Clause in Contracts

Procedure for Approval of Title. Seller shall, no later than ten (10) days following the Effective Date (the “Delivery Date”), provide to Buyer a current title insurance commitment and/or preliminary title report for the Real Property, including legible copies of all items identified as exceptions therein (the “Title Documents”). Buyer shall have thirty (30) days following the later of (a) the Effective Date; and (b) the receipt of the later of the Title Documents and the Survey (hereinafter defined) to review and approve, in writing, the condition of the title to the Real Property (“Title Review Period”). 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 Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period either that the condition of title is acceptable or of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted all exceptions to title or other conditions or matters which are shown on the Survey or described in the Title Documents. Seller may, at its sole option, elect, by written notice given to Buyer within three (3) days following the conclusion of the Title Review Period (“

Procedure for Approval of Title. Seller shall, no later than ten (10) days following the Effective Date (the “Delivery Date”), provide to Buyer acknowledges that it has already received a current title insurance commitment and/or preliminary title report for the Real Property, including Property (the “Commitment”) together with legible copies of all items identified as exceptions therein (the “Title Documents”). Buyer shall have thirty (30) days following the later of (a) the Effective Date; and (b) the receipt of the later of the Title Documents and the Survey “Survey” (hereinafter definedas defined in Section 4.1.1) to review and approve, in writing, the condition of the title to the Real Property (“Title Review Period”). 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 Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period either that the condition of title is acceptable or of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted waived objection to all exceptions to title or other conditions or matters which are shown on the Survey or described in the Title Documents. Seller may, at its sole option, elect, by written notice given to Buyer within three seven (37) days following the conclusion of the Title Review Period (“