Subsequent Matters Affecting Title Sample Clauses
Subsequent Matters Affecting Title. If, for any reason whatsoever, ---------------------------------- the title insurance policy which would otherwise be delivered to Buyer at Closing reflects, as exceptions, any items other than Permitted Exceptions or such Objectionable Items which Buyer has previously elected to accept in accordance with the Section hereof entitled "Title Insurance Commitment", which would materially, adversely affect the then current use of the Property, such items shall, if and only if Buyer shall give written notice thereof to Seller no later than the date of Closing, be deemed "Objectionable Items," and, if Buyer shall so give notice to Seller, then:
(a) The Closing shall, at Seller's option, be postponed to the first business day which is at least thirty (30) days after the date previously set for Closing; and
(b) The rights and obligations of Buyer and Seller with regard to such Objectionable Items shall be as set forth in the Section hereof entitled "Title Insurance Commitment".
Subsequent Matters Affecting Title. Seller and Buyer shall promptly notify the other party if it becomes aware prior to Closing of any matters affecting title not specified in the Survey, Commitment, or the ALTA Supplement. Seller shall not create any new exceptions to title, and shall use all reasonable efforts to prevent any other person or entity from creating new exceptions to title to the Property prior to Closing. If Buyer becomes aware of any matters affecting title not specified in the Survey, Commitment, or the ALTA Supplement, all such subsequent matters shall be subject to Buyer’s approval as if they had been so disclosed, except that the Buyer shall in any event have no less than five (5) business days to review and either approve or disapprove such subsequent exceptions. If approved, such matters shall be deemed to be Permitted Exceptions.
Subsequent Matters Affecting Title. If, for any reason whatsoever, the title insurance policy which would otherwise be delivered to Purchaser at Closing reflects, as exceptions, any items first appearing of record after the date of the Commitment (other than the Joint Use Agreement) which are objectionable to Purchaser, Purchaser shall give written notice of such items to Seller no later than the Closing Date, and, if Purchaser shall so give notice to Seller, then:
(a) the Closing shall be postponed to the first business day which is thirty (30) days after the date previously set for Closing, or such earlier date as may be mutually agreed to between Purchaser and Seller; and
(b) the rights and obligations of Purchaser and Seller with regard to such items shall be as set forth in Section 5.1 hereof.
Subsequent Matters Affecting Title. 17 5.3 Survey ................................................... 17 5.4 Lien Search .............................................. 18 6. Condition of the Property ........................................ 18 6.1
Subsequent Matters Affecting Title. If, for any reason whatsoever, any updated title commitment or any updated Survey reflects, as exceptions, any items other than Permitted Exceptions, such items shall be deemed "Objectionable Items", and then:
(a) the Closing shall be postponed to the first business day which is at least fifteen (15) days after the date previously set for Closing; and
(b) the rights and obligations of Buyer and Seller with regard to such Objectionable Items shall be as set forth in Section 5.1.