Common use of Survey and Title Documents Clause in Contracts

Survey and Title Documents. Upon execution of this Agreement, but prior to the expiration of the Review Period as defined herein, Buyer may commission an ALTA survey covering the Land and all improvements on the Land and otherwise in form sufficient to permit deletion of the survey exception from the Owner’s Policy (“Survey”) and Buyer shall obtain a preliminary title report or title commitment for the issuance of the Owner’s Policy (“Title Report”) together with legible copies of all title exception documents shown thereon (“Title Documents”). Buyer’s approval of exceptions to title and the Survey shall be a condition precedent to Buyer’s obligation to purchase the Properties. Within fourteen (14) days after receipt of the Survey, Title Report and Title Documents, and within five (5) days after any updates or supplements thereto, Buyer shall furnish to Seller a written list of any objections to matters shown on the Title Report or the Survey, stating the items to which Buyer objects and the reasons therefor (“Disapproval Notice”). Seller shall then have fourteen (14) days after the date of such Disapproval Notice to make such arrangements or take such steps to satisfy Buyer’s objection(s) or to notify Buyer that it cannot or will not correct such issue (“Title Cure Period”). If (i) Seller is unable to remove or correct such objection(s) within the Title Cure Period and (ii) Buyer does not waive, in writing, its disapproval, then this Agreement shall terminate, the Deposit (less any escrow cancellation charges) shall be returned to Buyer, and the parties shall have no further obligations to each other except for such provisions that specifically survive the termination of this Agreement. If Buyer fails to timely give the Disapproval Notice as set forth herein, the condition in this Paragraph 4.B shall be deemed satisfied, and Buyer shall be deemed to have accepted all matters contained in the Title Report and the Survey.

Survey and Title Documents. Upon execution Within five (5) days after the opening of this Agreement, but prior to Escrow and the expiration funding of the Review Period as defined hereinInitial Deposit, Seller shall order and promptly thereafter deliver to Buyer may commission an ALTA survey covering the Land and all improvements on the Land and otherwise in form sufficient to permit deletion of the survey exception from the Owner’s Policy (“Survey”) and Buyer shall obtain a preliminary title report or title commitment for the issuance of the Owner’s 's Policy (“Title Report”) "TITLE REPORT"), together with legible copies of all title exception documents shown thereon (“Title Documents”"TITLE DOCUMENTS"). Buyer’s approval Seller shall also deliver to Buyer a copy of exceptions the most current ALTA survey of the Land, if any, in Seller's possession ("SURVEY"). If Buyer wishes to title and have the Survey updated or re-certified, or if required by the Title Company in connection with the issuance of the Owner's Policy, Buyer shall be a condition precedent responsible for paying all costs in connection therewith. On the later to Buyer’s obligation to purchase occur of (i) the Properties. Within fourteen expiration of the Review Period, or (14ii) the date which is ten (10) days after receipt Seller's delivery of the Survey, Title Report and Title Documents, and within five (5) days after any updates or supplements theretoDocuments to Buyer, Buyer shall furnish to Seller a written list of any objections to matters shown on the Title Report or the Survey, stating the items to which Buyer objects and the reasons therefor (“"DISAPPROVAL NOTICE"). In the event the Title Report is amended to include new exceptions/requirements that are not set forth in a prior Title Report and Buyer has any objections to such new exceptions/requirements, Buyer shall have until the later of (i) the expiration of the Review Period, or (ii) the date three (3) days after Buyer's receipt of the amended Title Report and copies of the documents identified in the new exceptions/requirements, within which to provide Seller with a Disapproval Notice”)Notice with respect to such objections. Seller shall then have fourteen (14) days after the date of such any Disapproval Notice to make such arrangements or take such steps to satisfy Buyer’s 's objection(s) or to notify Buyer that it cannot or will not correct such issue set forth therein (“Title Cure Period”"TITLE CURE PERIOD"). If If (i) Seller is either unable or unwilling to remove or correct such objection(s) within the Title Cure Period and (ii) Buyer does not waive, in writing, its disapproval, then this Agreement shall terminate, the Deposit (less any escrow cancellation charges) shall be returned to Buyer, and the parties shall have no further obligations to each other except for such provisions that specifically survive the termination of this Agreement. If Buyer fails to timely give the Disapproval Notice as set forth herein, the condition in this Paragraph 4.B shall be deemed satisfied, and Buyer shall be deemed to have accepted all matters contained in the Title Report and the Survey.