Common use of Survey Contingency Clause in Contracts

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. 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 a survey of the Real Property. If the updated survey discloses matters affecting title to the Real Property not shown on the Existing Survey, that are 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 objection before Closing, then 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. Seller has provided Purchaser's obligation to Buyer purchase the Property is subject to its receipt, on or before October 1, 1997, of a copy survey of the existing Survey for the Real Property by a registered surveyor (the "Existing Survey"). Buyer mayThe Survey shall show the location of all improvements, but structures, driveways, parking areas, easements, rights of way, and any encroachments and shall not be obligated to obtain, at its own expense, an updated survey specify whether the Property is within the 100 year flood plain or flood way. The Survey shall further set forth a legal description 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 boundaries of the Real Property that are objectionable in accordance with local practices. Notwithstanding the immediately following paragraph or any other provision in this Agreement to Buyer ("Additional Matters Objection")the contrary, Buyer shall notify if Purchaser, in Purchaser's sole and exclusive determination, is dissatisfied with the Survey or the matters disclosed thereby, Purchaser may, by notice given to Seller at any time or before October 23, 1997, which notice need not specify the particularities of such objectiondissatisfaction, elect to terminate this Agreement, in writingwhich event the Deposit shall be promptly returned to Purchaser and thereupon, on or before March 20the parties hereto shall have no further liabilities to each other except for the Surviving Covenants. In addition to and not in limitation of the preceding sentence, 2003Purchaser shall have until October 23, 1997 to object in writing to the Survey, including any objection to the boundaries set forth in the Survey and to the legal description. This contingency shall be deemed satisfied or waived if Seller has Purchaser does not received give written notice of BuyerPurchaser's Additional Matters Objection objection on or before March 20, 2003such date. Any such written notice shall state all of BuyerPurchaser'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 mallspecificity. Upon If within five (5) days after receipt of such notice, Seller may, but shall not be obligated to, if curable, elect fails to give written notice to Purchaser in which Seller agrees to cure any and remedy all 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 then Purchaser may elect to either (i) terminate this Agreement by giving written notice given thereof to Seller within ten five (105) Business Days after Seller notifies (or is deemed to have notified) of its election not to cureadditional days, in which event the Deposit shall be promptly returned to BuyerPurchaser, and, thereupon, the parties shall have no further liabilities to each other except for the Surviving Covenants, or (ii) waive any such objection(s)(other than objections Seller is required to cure pursuant to Section 4.2 (a) hereof), in which event this Agreement shall remain in full force and effect. Notwithstanding the foregoing, if Purchaser fails to do either (i) or (ii) above within said five (5) additional days, then this Agreement will automatically terminate, in which event the Deposit will be promptly returned to Purchaser and thereupon the parties will have no further obligations hereunder except for the Surviving Covenants. If Seller gives such notice agreeing to cure (it being acknowledged that Seller has no duty to cure such objections, except as set forth in Section 4.2(a) hereof) and if Seller cures such objections on or before October 23, 1997, or, if such objections are such that they cannot be cured before such date and Seller has commenced curing such objections and thereafter diligently proceeds to perfect such cure (but in no event beyond forty-five (45) days unless agreed to by Purchaser), then this Agreement shall continue in force and effect, and the Closing Date shall be adjusted accordingly. If Seller is unable to, or chooses not to, cure such objections within the time permitted (except for objections Seller is obligated to cure under Section 4.2 hereof), then Purchaser may elect to terminate this Agreement, in which event the Deposit shall be promptly returned to Purchaser, and, thereupon, neither party shall have any further obligations hereunder except for the Covenants Surviving TerminationCovenants. Notwithstanding the foregoing, however, Purchaser may waive any and all such objections that Seller is unable to or chooses not to cure, and upon receipt by Seller of such waiver from Purchaser within ten (10) days of notice from Seller that it is unable or chooses not to cure such objections, this Agreement shall remain in full force and effect with no reduction in the Purchase Price as to such waived objections. If requested by Seller, Buyer Purchaser will confirm in writing whether Purchaser has waived its rights to terminate this survey contingency has been satisfied and, if so, the date on which it was satisfiedAgreement pursuant to this Section 6.4.

Survey Contingency. Seller has provided shall submit to Buyer Purchaser a copy of the existing Survey for Seller's most recent ALTA survey of the Real Property (the "Existing Survey"). Buyer may, but Purchaser shall not be obligated to obtain, at its own expense, an updated survey have until 5:00 p.m. Eastern Time on the last day of the Real Property. If the updated survey discloses matters affecting title Feasibility Period to object in writing to the Real Property not shown on the Existing Survey, not part of including, without limitation, any objection to the Permitted Encumbrances boundaries set forth in the Survey and not readily apparent from a physical inspection of to 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, 2003legal description. This contingency shall be deemed satisfied or waived if Seller has not received written notice of BuyerPurchaser's Additional Matters Objection objection on or before March 20, 2003such time and date. Any such written notice shall state all of BuyerPurchaser'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 mallspecificity. 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 cureobjections. If Seller cures such obligation before Closingobjections within fifteen (15) days, this Agreement shall continue in full force and effect. If Seller elects to cure such objections and or, if such objections are curable such that they cannot be cured within fifteen (15) days and Seller has commenced curing such objections and thereafter diligently proceeds to perfect such cure (but not cured on or before Closingin no event beyond forty-five (45) days unless agreed to by Purchaser), then this Agreement shall nevertheless continue in force and effect, and if the Closing Date shall take place Seller shall agree in writing with Buyer to continue such cure after the Closingbe adjusted accordingly. If Seller is unable to, or chooses not to to, cure such objectionsobjections within the time permitted, Buyer may elect to terminate this Agreement by written notice given within ten (10) Business Days after shall terminate, Seller notifies (or is deemed shall instruct the Escrow Holder to have notified) of its election not to cure, in which event return the Deposit shall be returned to BuyerPurchaser, less one-half of any escrow fee charged by the Escrow Holder, and neither party shall have any further obligations hereunder except for the Covenants Surviving TerminationCovenants. Notwithstanding the foregoing, however, Purchaser may waive such objections that Seller is unable to or chooses not to cure, and upon receipt by Seller of such waiver in full from Purchaser within ten (10) days of notice from Seller that it is unable or chooses not to cure such objections, this Agreement shall remain in full force and effect with no reduction in the Purchase Price. If requested by Seller, Buyer Purchaser will confirm in writing whether this survey contingency has been satisfied and, if so, the date on which it was satisfied.

Survey Contingency. Seller has provided Purchaser's obligation to Buyer purchase the Property is subject to its obtaining, within fifteen (15) days after the Effective Date, an ALTA survey of the Real Property by a registered surveyor (the "Survey"). The Survey shall show the location of all improvements, structures, driveways, parking areas, easements, rights of way, and any encroachments. Purchaser shall use its best efforts to obtain the Survey. Purchaser shall provide a copy of the existing Survey for the Real Property Survey, which shall be certified to Purchaser and Seller, to Seller immediately upon its receipt thereof. Purchaser shall have until five (the "Existing Survey"). Buyer may, but shall not be obligated 5) days after receipt thereof to obtain, at its own expense, an updated survey of the Real Property. If the updated survey discloses matters affecting title object in writing to the Real Property not shown on the Existing Survey, not part of including any objection to the Permitted Encumbrances boundaries set forth in the Survey and not readily apparent from a physical inspection of to 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, 2003legal description. This contingency shall be deemed satisfied or waived if Seller has not received written notice of BuyerPurchaser's Additional Matters Objection on or objection before March 20, 2003such date. Any such written notice shall state all of BuyerPurchaser'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 mallspecificity. 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 cureobjections. If Seller cures such obligation before Closingobjections within 15 days, this Agreement shall continue in full force and effect. If Seller elects to cure such objections and or, if such objections are curable such that they cannot be cured within 15 days and Seller has commenced curing such objections and thereafter diligently proceeds to perfect such cure (but not cured on or before Closingin no event beyond 45 days unless agreed to by Purchaser), then this Agreement shall nevertheless continue in force and effect, and if the Closing Date shall take place Seller shall agree in writing with Buyer to continue such cure after the Closingbe adjusted accordingly. If Seller is unable to, or chooses not to to, cure such objectionsobjections within the time permitted, Buyer may elect to terminate this Agreement by written notice given within ten (10) Business Days after shall terminate, Seller notifies (or is deemed shall instruct the Escrow Agent to have notified) of its election not to cure, in which event return the Deposit shall be returned to BuyerPurchaser, and neither party shall have any further obligations hereunder except for the Covenants Surviving TerminationCovenants. Notwithstanding the foregoing, however, Purchaser may waive such objections that Seller is unable to or chooses not to cure, and upon receipt by Seller of such waiver in full from Purchaser within 10 days of notice from Seller that it is unable or chooses not to cure such objections, this Agreement shall remain in full force and effect with no reduction in the Purchase Price. If requested by Seller, Buyer Purchaser will confirm in writing whether this survey contingency has been satisfied and, if so, the date on which it was satisfied. Seller shall provide a copy of the Survey to Purchaser at or prior to Closing.