Common use of Review of Title Clause in Contracts

Review of Title. Prior to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), to deliver to Developer a standard preliminary title report (the “Report”) with respect to title to the Site dated no more than ten (10) days prior to the Date of Agreement, together with legible copies of the documents underlying the exceptions (“Exceptions”) set forth in the Report. The Developer shall have the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty (60) days from the later to occur of (i) the Effective Date, or (ii) the date of its receipt of the Report and legible copies of all Exceptions to give written notice to City and Escrow Holder of Developer’s approval or disapproval of any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City of its disapproval of any Exceptions in the Report, the City shall have thirty (30) days from the receipt of written notice of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved Exceptions. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City cannot or does not elect to remove any of the disapproved Exceptions within that period, Developer shall have thirty (30) days after the expiration of such thirty (30) day period to either give the City written notice that Developer elects to proceed with the purchase of the Site subject to the disapproved Exceptions or to give the City written notice that the Developer elects to terminate this Agreement. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Condition of Title.” Developer shall have the right to approve or disapprove any additional and previously unreported Exceptions reported by the Title Company after Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.

Review of Title. Prior Within fifteen (15) days of the Effective Date, Agency shall cause Title Company or another title company mutually acceptable to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), Parties to deliver to Developer a standard preliminary title report (the “Preliminary Title Report”) with respect to title to the Site dated no more than ten (10) days prior to the Date of Agreement, together with legible copies of the documents underlying the exceptions (“Exceptions”) set forth in the Report. The Developer shall have the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty twenty-five (6025) days from the later to occur of (i) the Effective Date, or (ii) the date of its Developer’s receipt of the Preliminary Title Report and legible copies of all Exceptions to give written notice Notice to City Agency and the Escrow Holder Agent of Developer’s approval or disapproval of the Preliminary Title Report, including without limitation any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City Agency of its Developer’s disapproval of any Exceptions in the Reportitems, the City Agency shall have thirty the right, but not the obligation, to remove any disapproved items after receiving Notice of Developer’s disapproval or provide assurances reasonably satisfactory to Developer that such items will be removed or remedied on or before the Closing. Agency shall exercise such right by Notice to Developer within ten (3010) days from the of receipt of written notice Notice from Developer of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved ExceptionsDeveloper’s disapproval. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City Agency cannot or does not elect to remove any of the disapproved Exceptions within that perioditems, Developer shall have thirty ten (3010) days after the expiration of such thirty Agency’s ten (3010) day election period to either (i) give the City written notice Agency Notice that Developer elects intends to proceed with the purchase of the Site Conveyance subject to the disapproved Exceptions items or (ii) give Agency Notice that Developer does not elect to give accept the City written notice that the Developer Conveyance and elects to terminate the Escrow and this Agreement, whereupon any sums deposited by Developer into Escrow and all interest earned thereon shall be returned to Developer. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer shall have the right to approve or disapprove in the manner provided in this Section any additional and previously unreported Exceptions Exception reported by the Title Company or otherwise discovered after Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.

Review of Title. Prior Within fifteen (15) days of the Effective Date, Agency shall cause Title Company or another title company mutually acceptable to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), Parties to deliver to Developer a standard preliminary title report (the “Report”) reports with respect to title to the Site dated no more than ten (10) days prior to the Date of AgreementSite, together with legible copies of the documents underlying the exceptions (the “Exceptions”) set forth in the Report. The Developer shall have preliminary title reports (collectively, the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow“Preliminary Title Reports”). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty twenty-five (6025) days from the later to occur of (i) the Effective Date, or (ii) the date of its receipt of the Report and legible copies of all Exceptions Preliminary Title Reports to give written notice Notice to City Agency and the Escrow Holder Agent of Developer’s approval or disapproval of the Preliminary Title Report, including without limitation any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City Agency of its Developer’s disapproval of any Exceptions in items with respect to the ReportPreliminary Title Reports, the City Agency shall have thirty the right, but not the obligation, to remove any disapproved items after receiving Notice of Developer’s disapproval or provide assurances reasonably satisfactory to Developer that such items will be removed or remedied on or before the Closing. Agency shall exercise such right by Notice to Developer within ten (3010) days from the of receipt of written notice Notice from Developer of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved ExceptionsDeveloper’s disapproval. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City Agency cannot or does not elect to remove any of the disapproved Exceptions within that perioditems, Developer shall have thirty ten (3010) days after the expiration of such thirty Agency’s ten (3010) day election period to either (i) give the City written notice Agency Notice that Developer elects intends to proceed with the purchase of the Site Conveyance subject to the disapproved Exceptions items or (ii) give Agency Notice that Developer does not elect to give accept the City written notice that the Developer Conveyance and elects to terminate the Escrow and this Agreement, whereupon any sums deposited by Developer into Escrow and all interest earned thereon shall be returned to Developer. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer shall have the right to approve or disapprove in the manner provided in this Section any additional and previously unreported Exceptions Exception reported by the Title Company or otherwise discovered after Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.

Review of Title. Prior Within fifteen (15) days of the Effective Date, Housing Authority shall cause Title Company or another title company mutually acceptable to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), Parties to deliver to Developer a standard preliminary title report (the “Preliminary Title Report”) with respect to title to the Site dated no more than ten (10) days prior to the Date of Agreement, together with legible copies of the documents underlying the exceptions (“Exceptions”) set forth in the Report. The Developer shall have the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty twenty-five (6025) days from the later to occur of (i) the Effective Date, or (ii) the date of its Developer’s receipt of the Preliminary Title Report and legible copies of all Exceptions to give written notice Notice to City Housing Authority and the Escrow Holder Agent of Developer’s approval or disapproval of the Preliminary Title Report, including without limitation any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City Housing Authority of its Developer’s disapproval of any Exceptions in the Reportitems, the City Housing Authority shall have thirty the right, but not the obligation, to remove any disapproved items after receiving Notice of Developer’s disapproval or provide assurances reasonably satisfactory to Developer that such items will be removed or remedied on or before the Closing. Housing Authority shall exercise such right by Notice to Developer within ten (3010) days from the of receipt of written notice Notice from Developer of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved ExceptionsDeveloper’s disapproval. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City Housing Authority cannot or does not elect to remove any of the disapproved Exceptions within that perioditems, Developer shall have thirty ten (3010) days after the expiration of such thirty Housing Authority’s ten (3010) day election period to either (i) give the City written notice Housing Authority Notice that Developer elects intends to proceed with the purchase of the Site Conveyance subject to the disapproved Exceptions items or (ii) give Housing Authority Notice that Developer does not elect to give accept the City written notice that the Developer Conveyance and elects to terminate the Escrow and this Agreement, whereupon any sums deposited by Developer into Escrow and all interest earned thereon shall be returned to Developer. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer In addition, the Permitted Exceptions shall have the right to approve or disapprove any additional and previously unreported Exceptions reported by the Title Company after Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.include:

Review of Title. Prior to the Date of Agreement, the City has caused First American will cause Fidelity National Title Insurance Company Company, or another title company mutually agreeable to both parties (the “Title Company”), to deliver to Developer a standard preliminary title report (the “Report”) with respect to the title to the Site dated no more than ten (10) days prior to the Date of AgreementSite, together with legible copies of the documents underlying the exceptions (“Exceptions”) set forth in the Report, within thirty (30) days from the date of this Agreement. The Developer shall have has the right to reasonably approve or disapprove the Exceptions in its sole discretionExceptions; provided, however, that the Developer hereby approves the following ExceptionsException: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty has thirty (6030) days from the later to occur of (i) the Effective Date, or (ii) the date of its receipt of the Report and legible copies of all Exceptions to give written notice to City and Escrow Holder Agent of Developer’s approval or disapproval of any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of Exceptions set forth in the Site and to approve or disapprove the survey and all Exceptions to title shown on the surveyReport. Developer’s failure to give written approval disapproval of the Report within such time limit shall be is deemed disapproval approval of the Report. If Developer notifies City of its disapproval of any Exceptions in the Report, City has the City shall have right, but not the obligation, to remove any disapproved Exceptions within thirty (30) days from the receipt of after receiving written notice of Developer’s disapproval by or provide assurances satisfactory to Developer that such Exception(s) will be removed on or before the Developer to determine whether or not it will undertake the removal of any disapproved Exceptions. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such ExceptionsClosing. If City cannot or does not elect to remove any of the disapproved Exceptions within that period, Developer shall have thirty has fifteen (3015) days after the expiration of such thirty (30) day period to either give the City written notice that Developer elects to proceed with the purchase of the Site subject to the disapproved Exceptions or to give the City written notice that the Developer elects to terminate this Agreement. The Exceptions to title approved by Developer as provided herein shall hereinafter be are referred to as the “Condition of Title.” The Developer shall have has the right to approve or disapprove any additional and previously unreported further Exceptions reported by the Title Company after the Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, . The City shall cannot voluntarily create any new exceptions to title following the Date of Agreementthis Agreement without the approval of the Developer, which approval cannot unreasonably be withheld.

Review of Title. Prior Within fifteen (15) days of the Effective Date, Agency shall cause Title Company or another title company mutually acceptable to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), Parties to deliver to Developer a standard preliminary title report (the “Report”) with respect to title to the Site dated no more than ten (10) days prior to the Date of AgreementMarketplace Site/500 S. Anaheim Blvd. Site, together with legible copies of the documents underlying the exceptions (the “Exceptions”) set forth in the preliminary title report (collectively, the “Preliminary Title Report. The Developer shall have the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow”). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty twenty-five (6025) days from the later to occur of (i) the Effective Date, or (ii) the date of its receipt of the Preliminary Title Report and legible copies of all Exceptions to give written notice Notice to City Agency and the Escrow Holder Agent of Developer’s approval or disapproval of the Preliminary Title Report, including without limitation any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City Agency of its Developer’s disapproval of any Exceptions in items with respect to the Preliminary Title Report, the City Agency shall have thirty the right, but not the obligation, to remove any disapproved items after receiving Notice of Developer’s disapproval or provide assurances reasonably satisfactory to Developer that such items will be removed or remedied on or before the Closing. Agency shall exercise such right by Notice to Developer within ten (3010) days from the of receipt of written notice Notice from Developer of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved ExceptionsDeveloper’s disapproval. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City Agency cannot or does not elect to remove any of the disapproved Exceptions within that perioditems, Developer shall have thirty ten (3010) days after the expiration of such thirty Agency’s ten (3010) day election period to either (i) give the City written notice Agency Notice that Developer elects intends to proceed with the purchase of the Site Conveyance subject to the disapproved Exceptions items or (ii) give Agency Notice that Developer does not elect to give accept the City written notice that the Developer Conveyance and elects to terminate the Escrow and this Agreement, whereupon any sums deposited by Developer into Escrow and all interest earned thereon shall be returned to Developer. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer shall have the right to approve or disapprove in the manner provided in this Section any additional and previously unreported Exceptions Exception reported by the Title Company or otherwise discovered after Developer has approved the Condition of Title for the Site (which are is not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.

Review of Title. Prior Within fifteen (15) days of the Effective Date, Agency shall cause Title Company or another title company mutually acceptable to the Date of Agreement, the City has caused First American Title Insurance Company (the “Title Company”), Parties to deliver to Developer a standard preliminary title report (the “Preliminary Title Report”) with respect to title to the Site dated no more than ten (10) days prior to the Date of Agreement, together with legible copies of the documents underlying the exceptions (“Exceptions”) set forth in the Report. The Developer shall have the right to approve or disapprove the Exceptions in its sole discretion; provided, however, that the Developer hereby approves the following Exceptions: The Redevelopment Plan. The lien of any non-delinquent property taxes and assessments (to be prorated at close of Escrow). The provisions of the Grant Deed and Environmental Restriction. Developer shall have sixty twenty-five (6025) days from the later to occur of (i) the Effective Date, or (ii) the date of its Developer’s receipt of the Preliminary Title Report and legible copies of all Exceptions to give written notice Notice to City Agency and the Escrow Holder Agent of Developer’s approval or disapproval of the Preliminary Title Report, including without limitation any of such Exceptions. Developer shall have right to obtain, at its expense, an ALTA survey of the Site and to approve or disapprove the survey and all Exceptions to title shown on the survey. Developer’s failure to give written approval of the Report within such time limit shall be deemed disapproval of the Report. If Developer notifies City Agency of its Developer’s disapproval of any Exceptions in the Reportitems, the City Agency shall have thirty the right, but not the obligation, to remove any disapproved items after receiving Notice of Developer’s disapproval or provide assurances reasonably satisfactory to Developer that such items will be removed or remedied on or before the Closings. Agency shall exercise such right by Notice to Developer within ten (3010) days from the of receipt of written notice Notice from Developer of disapproval by the Developer to determine whether or not it will undertake the removal of any disapproved ExceptionsDeveloper’s disapproval. If the City elects to remove such Exceptions, it shall diligently proceed to effect the removal of such Exceptions. If City Agency cannot or does not elect to remove any of the disapproved Exceptions within that perioditems, Developer shall have thirty ten (3010) days after the expiration of such thirty Agency’s ten (3010) day election period to either (i) give the City written notice Agency Notice that Developer elects intends to proceed with the purchase of the Site Conveyances subject to the disapproved Exceptions items or (ii) give Agency Notice that Developer does not elect to give accept the City written notice that the Developer Conveyances and elects to terminate the Escrow and this Agreement, whereupon any sums deposited by Developer into Escrow and all interest earned thereon shall be returned to Developer. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer shall have the right to approve or disapprove in the manner provided in this Section any additional and previously unreported Exceptions Exception reported by the Title Company or otherwise discovered after Developer has approved the Condition of Title for the Site (which are not created by Developer), except for any covenant recorded against the Site with respect to the Landfill Gases, which covenant Developer shall have the right to reasonably approve in advance of recordation, City shall not voluntarily create any new exceptions to title following the Date of Agreement.