Survey Contingency Clause Samples
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Survey Contingency. Seller has provided to Buyer a copy of the existing Survey for the Real Property (the "Existing Survey"). Buyer may, but shall not be obligated to obtain, at its own expense, an updated survey of the Real Property. If the updated survey discloses matters affecting title to the Real Property not shown on the Existing Survey, not part of the Permitted Encumbrances and not readily apparent from a physical inspection of the Real Property that are objectionable to Buyer ("Additional Matters Objection"), Buyer shall notify Seller of such objection, in writing, on or before March 20, 2003. This contingency shall be deemed satisfied or waived if Seller has not received written notice of Buyer's Additional Matters Objection on or before March 20, 2003. Any such written notice shall state all of Buyer's objections with specificity and shall be limited to matters that currently or in the future may materially interfere with the operation or development of the Real Property as a shopping mall. Upon receipt of such notice, Seller may, but shall not be obligated to, if curable, elect to cure any such objections by giving notice of such election to Buyer within ten (10) Business Days after receipt of Buyer's notice. Failure of Seller to give such notice shall mean Seller has elected not to cure. If Seller cures such obligation before Closing, this Agreement shall continue in full force and effect. If Seller elects to cure such objections and if such objections are curable but not cured on or before Closing, this Agreement shall nevertheless continue in force and effect, and if the Closing shall take place Seller shall agree in writing with Buyer to continue such cure after the Closing. If Seller chooses not to cure such objections, Buyer may elect to terminate this Agreement by written notice given within ten (10) Business Days after Seller notifies (or is deemed to have notified) of its election not to cure, in which event the Deposit shall be returned to Buyer, and neither party shall have any further obligations hereunder except for the Covenants Surviving Termination. If requested by Seller, Buyer will confirm in writing whether this survey contingency has been satisfied and, if so, the date on which it was satisfied.
Survey Contingency. Buyer, at its sole expense, may obtain a survey of the Realty prepared by a land surveying company registered in the same state as the Realty. Buyer shall have Sixty-five (65) days from the Effective Date to deliver to Seller in writing any objection to a matter shown on the survey, which materially affects the Property or Buyer's use of the Property. If Buyer fails to timely deliver notice to Seller of any survey objections (or elects not to obtain a survey), then Buyer is deemed to have waived all rights to object to any matters shown on the survey (or that would be shown on a current survey). Seller may elect in Seller's sole discretion whether or not to attempt a cure of such survey objections. Upon receipt of notice from Seller indicating that Seller elects not to pursue a cure of a survey objection, Buyer shall have five (5) business days to deliver notice to Seller terminating this Contract, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be disbursed to Seller and the parties shall have no further obligations hereunder except those provisions that expressly survive. If Seller pursues a cure and is unable to cure the survey objections by the Closing Date, then Buyer shall have the option to either terminate this Contract (in which event the ▇▇▇▇▇▇▇ Money Deposit shall be disbursed to Seller and the parties shall have no further obligations hereunder except those provisions that expressly survive), or close on the purchase of the Property with no Purchase Price reduction, in which case Buyer is deemed to have accepted any uncured survey objections and waived any rights against Seller relating thereto.
Survey Contingency. Buyer, at its sole expense, may obtain a survey of the Realty prepared by a land surveying company registered in the same state as the Realty. Buyer shall have Seventy-five (75) days from the Effective Date to deliver to Seller in writing any objection to a matter shown on the survey, which materially affects the Property or Buyer's
Survey Contingency. Buyer has ordered a Property survey. If such survey is received prior to June 15, 2007, and if such survey discloses additional material and adverse title exceptions not disclosed in the PTR (“Survey Exception”), then Buyer may terminate this Agreement by written notice to Seller along with a copy of the Survey received by Seller on or before the earlier of June 15, 2007 or three (3) business days after the Buyer’s receipt of the survey (“Notice”). Upon Seller’s receipt of a timely Notice, this Agreement shall terminate, Buyer shall be entitled to a return of the Deposit, the parties shall split equally any escrow cancellation fees and all obligations under this Agreement shall terminate except for Buyer’s obligations under Sections 5.1.3, 5.3 and 10. This Section 5.6 shall terminate at the end of business on June 15, 2007.
Survey Contingency. Buyer may, not later than twenty (20) days after the Effective date, cause or obtain a physical land survey of the Property. If Buyer procures such survey, the obligations of the Buyer hereunder are contingent upon said survey demonstrating or confirming that: (i) the Property comprises the boundaries which Seller has indicated to Buyer; (ii) that there are no boundary overlaps, adverse claims, disputes, set back encroachments, encroachments by improvements or other circumstances which could affect the title, enjoyment or use of the Property by Buyer, and (iii) that the dwelling was constructed in conformity with the requirements of the Declaration.