Common use of Review of Title Clause in Contracts

Review of Title. Within ten business days after the Effective Date, Seller shall provide Buyer with a preliminary commitment for title insurance for the Property issued by the Title Company, together with complete and legible copies of all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) and a copy of the most recent survey of the Property in Seller’s possession (the “Survey”). Buyer shall have thirty days after the receipt of the Preliminary Commitment to advise Seller in writing of any encumbrances, restrictions, easements or other matters in the Preliminary Commitment or Survey (collectively, “Exceptions”) to which Buyer objects. All Exceptions to which Buyer does not object in writing within the thirty-day period shall be deemed accepted by Buyer. If Buyer objects to any Exceptions within the thirty-day period, Seller shall advise Buyer in writing within five business days after receipt of Buyer’s written objections: (a) which Exceptions Seller will remove at Closing, (b) which Exceptions the Title Company has agreed to insure around in the title policy to be issued at Closing (together with the proposed form of endorsement), and (c) which Exceptions will not be removed by Seller or insured around by Title Company. Buyer’s failure to terminate this Agreement prior to the expiration of the Inspection Period shall be deemed an acceptance of the condition of title, subject to Seller’s removal of those exceptions that Seller agrees to remove pursuant to this Section.

Review of Title. Within ten business days after the Effective Date, Seller shall provide Buyer with a preliminary commitment for title insurance for the Property issued by the Title Company, together with complete and legible copies of all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) and a copy of the most recent survey of the Property in Seller’s possession (the “Survey”). Buyer shall have thirty days after until February 15, 1997 to review the receipt Title Commitment, Title Documents and Survey (collectively "Title Evidence") and render any objections as to matters of the Preliminary Commitment to advise Seller title in writing to Seller. Any such matters of any encumbrances, restrictions, easements or other matters in the Preliminary Commitment or Survey (collectively, “Exceptions”) title not timely objected to which by Buyer objects. All Exceptions to which Buyer does not object in writing within the thirty-day period shall be deemed accepted by Buyerwaived and shall constitute additional permitted exceptions ("Additional Permitted Exceptions") hereunder. Seller shall have thirty (30) days from the date of such objections to have such objections removed or satisfied. If Buyer objects to any Exceptions within the thirty-day period, Seller shall advise fail to have such objections removed or satisfied within such time or during such time delivers a written notice to Buyer in writing that notwithstanding Seller's reasonable efforts, such objections may not be cured, then Buyer may, at its sole election, within five business ten (10) days after of the first to occur of the expiration of said thirty (30) day period or the date of receipt of Buyer’s such notice from Seller, by written objections: notice to Seller either (a) terminate this Agreement without any liability on its part in which Exceptions Seller will remove at Closing, case the Deposit together with interest thereon shall be refunded to Buyer and neither party shall have further rights or obligations hereunder (except as set forth in Section 5.3(b) hereof) or (b) which Exceptions the Title Company has agreed proceed to insure around in the Closing and take title policy to be issued at Closing (together with the proposed form of endorsement), and (c) which Exceptions will not be removed by Seller or insured around by Title Company. Buyer’s failure to terminate this Agreement prior to the expiration of the Inspection Period shall be deemed an acceptance of the condition of title, subject to Seller’s removal of those exceptions that such objections, in which case such non-cured objections shall become Additional Permitted Exceptions hereunder. Seller agrees to remove pursuant use reasonable efforts to satisfy promptly any such title objections; provided, however, that Seller shall not be obligated to expend more than $10,000 in the aggregate in connection with curing any such objections. Notwithstanding anything in this SectionAgreement to the contrary, Buyer shall not object to, and agrees to acquire the Property subject to, the initial permitted exceptions described on Exhibit H attached hereto ("Initial Permitted Exceptions", with the Initial Permitted Exceptions and the Additional Permitted Exceptions sometimes hereinafter collectively referred to as the "Permitted Exceptions").

Review of Title. Within ten (10) business days after of the Effective Date, Seller shall will provide Buyer with a preliminary commitment for title insurance for the Property issued by the Title CompanyProperty, together with complete and legible copies of all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) and a copy of the most recent survey of the Property in Seller’s possession (the “Survey”). Buyer shall have thirty fifteen (15) days after the receipt of the Preliminary Commitment and Survey to advise Seller in writing of any encumbrances, restrictions, easements or other matters in (the Preliminary Commitment or Survey (collectively, “Exceptions”) to which Buyer objects. All Exceptions to which Buyer does not object in writing within the thirty15-day period shall be deemed accepted by Buyer. If Buyer objects to any Exceptions within the thirty15-day period, Seller shall advise Buyer in writing within five business (5) days after of receipt of Buyer’s written objections: objections (a) which Exceptions Seller Buyer will remove at Closing, (b) which Exceptions the Title Company title company has agreed to insure around in the title policy to be issued at Closing (together with the proposed form of endorsement), ) and (c) which Exceptions will not be removed by Seller or insured around by Title Companyaround. Within ten (10) days of receipt of Seller’s response to Buyer’s failure written objections, and assuming Seller has not agreed to remove all exceptions to which Buyer objects, Buyer shall notify Seller in writing of Buyer’s election to either (a) terminate this Agreement prior Agreement, in which event the Xxxxxxx Money shall be returned to Buyer, or (b) waive its objections to the expiration of Exceptions the Inspection Period title company has agreed to insure around and the Exceptions Seller will not remove or insure around, in which event such Exceptions shall be deemed an acceptance of accepted by Buyer. Notwithstanding the condition of titleforegoing, subject to Seller’s removal of those exceptions that Seller agrees to remove pursuant all financial encumbrances and liens at or prior to this SectionClosing, and if Seller fails to do so, Buyer may cause any remaining financial encumbrances and liens to be satisfied in full at Closing from the Purchase Price.

Review of Title. Within ten business days after Spiexxx xxx delivered written notice (the Effective Date"Objection Notice") to the Contributors prior to the date hereof that certain of the exceptions to title disclosed by the title commitments, Seller shall provide Buyer preliminary title reports and surveys delivered to Spiexxx xx part of the Due Diligence Materials or otherwise obtained by Spiexxx xx connection with a preliminary commitment for its due diligence hereunder prior to such date are objectionable to Spiexxx ("Xbjections"). Attached hereto as Schedule 5.2(a) are Schedules B to the Proforma policies of title insurance for the Property issued by the Title Company, together with complete and legible copies of Properties which show all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) and a copy to title that have been approved by Spiexxx xx of the most recent survey of the Property in Seller’s possession date hereof (the “Survey”and all such exceptions shall constitute "Permitted Exceptions," as hereinafter defined). Buyer Schedule 5.2(b) hereto sets forth certain Objections that the applicable Contributors shall have thirty days after the receipt of the Preliminary Commitment use their reasonable efforts to advise Seller in writing of any encumbrances, restrictions, easements or other matters in the Preliminary Commitment or Survey (collectively, “Exceptions”) to which Buyer objects. All Exceptions to which Buyer does not object in writing within the thirty-day period shall be deemed accepted by Buyer. If Buyer objects to any Exceptions within the thirty-day period, Seller shall advise Buyer in writing within five business days after receipt of Buyer’s written objections: (a) which Exceptions Seller will remove at Closing, (b) which Exceptions cause the Title Company has agreed to delete as a title exception or to insure around over to Spiexxx'x xxxisfaction (if the same is an exception to title), or to otherwise resolve in the title policy manner prescribed by Schedule 5.2(b), before the applicable Closing Date. If, after using such reasonable efforts, the applicable Contributors are unable, with respect to any of the Objections set forth in Part I of Schedule 5.2(b), to cause such Objection to be issued at Closing deleted, insured over, or otherwise resolved as aforesaid, then the same shall constitute Permitted Exceptions hereunder (together if the same were title exceptions) and Spiexxx xxxll accept title to the applicable Property subject thereto, and the Contributors' failure to otherwise resolve such Objections shall be deemed, waived by Spiexxx xxx Spiexxx xxxll proceed with the proposed form contribution or leasing of endorsementthe applicable Property notwithstanding the same. If, after using such reasonable efforts, the applicable Contributors are unable, with respect to any of the Objections set forth in Part II of Schedule 5.2(b), and to cause such Objection to be deleted, insured over, or otherwise, resolved as aforesaid, then the applicable Contributors shall provide written notice to Spiexxx xxxreof. If Contributors give Spiexxx xxxh notice, Spiexxx xxxll have two (c2) which Exceptions will not be removed by Seller Business Days to elect to proceed with the contribution or insured around by Title Company. Buyer’s failure to leasing of the applicable Property or terminate this Agreement prior to in its entirety, in the expiration event none of the Inspection Period shall Closings have occurred, or solely with respect to all contemporaneous and future Closings in the event the First Closing has occurred. If Spiexxx xxxls to give Contributors written notice of its election within said two (2) Business Days, Spiexxx xxxll be deemed an acceptance to have elected to waive such Objections and to proceed with the contribution or leasing of the condition of title, subject to Seller’s removal of those exceptions applicable Property. In the event that Seller agrees to remove Spiexxx xxxminates this Agreement pursuant to this Section.paragraph, the Deposit (to the extent it has not been theretofore released in accordance with this Agreement) shall be immediately returned to Spiexxx, xxd the parties hereto shall have no further liability under this Agreement, except under the Termination Surviving Provisions. If Spiexxx xxxcts or is deemed to have elected to proceed with the contribution or leasing of the applicable Property, then all such Objections that Spiexxx xxxves or is deemed to have

Review of Title. Within ten (10) business days after of the Effective Date, Seller shall will provide Buyer with a preliminary commitment for title insurance for the Property issued by the Title CompanyProperty, together with complete and legible copies of all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) and a copy of the most recent survey of the Property in Seller’s possession (the “Survey”). Buyer shall have thirty fifteen (15) days after the receipt of the Preliminary Commitment and Survey to advise Seller in writing of any encumbrances, restrictions, easements or other matters in (the Preliminary Commitment or Survey (collectively, “Exceptions”) to which Buyer objects. All Exceptions to which Buyer Xxxxx does not object in writing within the thirty15-day period shall be deemed accepted by BuyerXxxxx. If Buyer objects to any Exceptions within the thirty15-day period, Seller shall advise Buyer in writing within five business (5) days after of receipt of Buyer’s written objections: objections (a) which Exceptions Seller Buyer will remove at Closing, (b) which Exceptions the Title Company title company has agreed to insure around in the title policy to be issued at Closing (together with the proposed form of endorsement), ) and (c) which Exceptions will not be removed by Seller or insured around by Title Companyaround. Within ten (10) days of receipt of Seller’s response to Buyer’s failure written objections, and assuming Seller has not agreed to remove all exceptions to which Buyer objects, Buyer shall notify Seller in writing of Buyer’s election to either (a) terminate this Agreement prior Agreement, in which event the Xxxxxxx Money shall be returned to Buyer, or (b) waive its objections to the expiration of Exceptions the Inspection Period title company has agreed to insure around and the Exceptions Seller will not remove or insure around, in which event such Exceptions shall be deemed an acceptance of accepted by Xxxxx. Notwithstanding the condition of titleforegoing, subject to Seller’s removal of those exceptions that Seller Xxxxxx agrees to remove pursuant all financial encumbrances and liens at or prior to this SectionClosing, and if Seller fails to do so, Buyer may cause any remaining financial encumbrances and liens to be satisfied in full at Closing from the Purchase Price.

Review of Title. Within ten business days As promptly as practicable after the Effective Date, Seller shall request the Title Company to provide Buyer and Seller with a preliminary commitment for title insurance for the Property Premises issued by the Title Company, together with complete and legible (to the extent available) copies of all exceptions and encumbrances noted thereon (the “Preliminary Commitment”) , and a copy of the most recent survey of the Property in Seller’s possession (together with such exceptions and encumbrances, the “SurveyTitle Documentation”). Buyer shall have thirty days five (5) Business Days after the its receipt of the Preliminary Commitment thereof to advise Seller in writing of any encumbrances, restrictions, easements or other matters in the Preliminary Commitment or Survey that are not Permitted Encumbrances (collectively, collectively “Exceptions”) to which Buyer objects. All Exceptions to which Buyer Xxxxx does not object in writing within the thirty-day such five (5) Business Day period shall be deemed accepted by BuyerBuyer and shall constitute Permitted Encumbrances. If Buyer objects to any Exceptions within the thirty-day five (5) Business Day period, Seller shall advise Buyer in writing within five business days (5) Business Days after receipt of Buyer’s written objections: (a) which of such Exceptions Seller will remove at or prior to Closing, (b) which of such Exceptions the Title Company has agreed to insure around over in the title policy to be issued at Closing (together with the proposed form of endorsement), and (c) which of such Exceptions will not be removed by Seller or insured around over by Title CompanySeller. BuyerThe failure of Seller to respond within such time period shall be deemed to be Seller’s failure election not to terminate this Agreement remove or insure over any Exceptions, provided that Seller shall be obligated to remove, on or prior to the expiration Closing Date, any mortgage, deed of trust or other instrument securing obligations for borrowed money executed by Seller that encumbers the Premises. Within five (5) days after receipt of Seller’s response to Buyer’s written objections, and if Seller has not agreed to remove or cause Title Company to insure over all Exceptions to which Buyer objects or if the form of the Inspection Period proposed endorsements or insurance is not acceptable to Buyer in its reasonable discretion, Buyer shall notify Seller in writing of Buyer’s election to either: (a) terminate this Agreement, or (b) waive its objections to such Exceptions and/or the form of the proposed endorsements or insurance, in which event such Exceptions shall be deemed an acceptance of the condition of title, subject to Seller’s removal of those exceptions that Seller agrees to remove pursuant to this Sectionaccepted by Buyer.