Subsequently Disclosed Title Exceptions Clause Samples

Subsequently Disclosed Title Exceptions. If, at any time after the expiration of the Title Exam Deadline, any updates to the Title Commitments or the Surveys disclose any additional item that is not a Permitted Exception, and was not disclosed on any version of or update to the Title Commitments delivered to Purchaser prior to the expiration of the Title Exam Deadline (the “New Exception”), then Purchaser shall have five (5) days from the date of its receipt of such update (the “New Exception Review Period”) to notify Sellers’ Representative in writing of Purchaser’s objection to the New Exception. If Purchaser objects to the New Exception, then Sellers’ Representative may in its sole discretion notify Purchaser as to whether or not Sellers are willing to attempt to cure the New Exception. If Sellers’ Representative fails to deliver a notice to Purchaser within five (5) days after the expiration of the New Exception Review Period, then Sellers shall be deemed to have elected not to cure the New Exception. If Purchaser is dissatisfied with Sellers’ response (unless Sellers have agreed to cure the New Exception), or lack thereof, Purchaser may, as its exclusive remedy elect either: (i) to terminate this Agreement, in which event the ▇▇▇▇▇▇▇ Money shall be promptly returned to Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the New Exception. If Purchaser fails to notify Sellers’ Representative of Purchaser’s election to terminate this Agreement in accordance with the foregoing sentence within ten (10) days after the expiration of the New Exception Review Period, then Purchaser shall be deemed to have elected to irrevocably waive any objections to the New Exception. If Sellers’ Representative timely elects to attempt to cure the New Exception, then the provisions of Section 2.3 above shall apply with respect thereto.