Common use of Subsequent Title Defects Clause in Contracts

Subsequent Title Defects. Buyer may, at or prior to Closing, notify Seller in writing (the "Subsequent Title Defects Notice") of any objection(s) to title exceptions (a) raised by the Title Company between the Expiration Date and the Closing and (b) not disclosed by the Title Company in writing or otherwise known to Buyer prior to the Expiration Date, provided that Buyer must notify Seller of such objection(s) to title within two (2) business days after being made aware of the existence of such exception. If Buyer gives a Subsequent Title Defects Notice to Seller, Seller shall have two (2) business days after receipt of the Subsequent Title Defects Notice to notify Buyer (a) that Seller will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) days; or (b) that Seller elects not to cause such exceptions to be removed. If Seller fails to timely give such notice to Buyer, Seller shall have been deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove any title exceptions to which Buyer objects; provided, however, that Seller shall remove, as of the Closing, all liens evidencing any deed of trust (and related documents securing financing), all delinquent tax liens, all mechanic's liens relating to work performed by Seller, all judgment liens and encumbrances created by Seller in violation of the provisions of Section 11.2

Subsequent Title Defects. Buyer mayIf, at or subsequent to the expiration of the Inspection Period and prior to Closing, notify Purchaser notifies Seller in writing (the "Subsequent Title Defects Notice") of any objection(s) to title exceptions (a) raised by the Title Company between the Expiration Date and the Closing and (b) not disclosed by the Title Company in writing or otherwise known to Buyer prior to the Expiration Date, provided that Buyer must notify Seller of such objection(s) to title within two (2) business days after being made aware of the existence of any encumbrance, encroachment, defect or other matter that has more than a de minimis effect on title to the Real Property, other than the Permitted Exceptions and any Required Cure Items (a “Subsequent Defect”), Seller will use such exceptionefforts and will expend such amount as it may, in its sole judgment, deem appropriate to remove or cure such Subsequent Defect prior to Closing. Seller will have no obligation, however, to cure any Subsequent Defect. If Buyer gives a Seller does not or is unable to so remove or cure all Subsequent Title Defects Notice prior to SellerClosing, Seller shall have two (2) business days after receipt of the Subsequent Title Defects Notice to notify Buyer Purchaser may (a) that waive all such uncured Subsequent Defects and accept such title as Seller is able to convey as of Closing without a reduction in the Purchase Price (in which case, such Subsequent Defects will remove such objectionable exceptions from title on or before the Closing, provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond ten (10) daysPermitted Exceptions); or (b) that Seller elects not terminate this Agreement, whereupon the Title Company will return the Deposit to cause such exceptions to Purchaser and all parties will be removed. If Seller fails to timely give such notice to Buyerrelieved of any further obligations hereunder, Seller shall have been deemed to have given notice to Buyer under clause (b). Seller shall have no obligation to remove except for those obligations which expressly survive any title exceptions to which Buyer objects; provided, however, that Seller shall remove, as of the Closing, all liens evidencing any deed of trust (and related documents securing financing), all delinquent tax liens, all mechanic's liens relating to work performed by Seller, all judgment liens and encumbrances created by Seller in violation of the provisions of Section 11.2termination hereof.