Common use of Title Adequacy Determination Clause in Contracts

Title Adequacy Determination. Within thirty (30) days following the Effective Date, the City shall cause a reputable title company to issue a Preliminary Title Report (the "Report") on the Site to Sonnenblick. If Sonnenblick objects to any exception appearing on the Report or should any title exception arise after the date of the Report, Sonnenblick may object to such exception, provided such objection is made to the City in writing on or before 5 P.M. on the thirtieth (30th) day following the date that Xxxxxxxxxxx receives the Report. If Sonnenblick objects to any exception to title, the City within fifteen (15) days of receipt of Sonnenblick’s objection shall notify Sonnenblick in writing whether City elects to (1) cause the exception to be removed of record, (2) obtain a commitment from the title company for an appropriate endorsement to the policy of title insurance to be issued to Sonnenblick insuring against the objectionable exception, or (3) terminate this Agreement unless Sonnenblick elects to take title subject to such exception. If either the City or Sonnenblick elects to terminate this Agreement pursuant to this Section 2.7(b), neither shall thereafter have any obligations to or rights against the others hereunder, except as set forth in Sections 3.3 (No Lis Pendens) and 3.6 (No Commissions). If Xxxxxxxxxxx fails to provide any notification to the City regarding this matter prior to expiration of the time period set forth herein, the condition set forth in this Section 2.4(b) shall be deemed satisfied, this Agreement shall continue in effect, and the condition of title at closing under any executed DA shall be as set forth in the Report.

Title Adequacy Determination. Within thirty (30) days following the Effective Date, the City shall cause a reputable title company to issue a Preliminary Title Report (the "Report") on the Site to Sonnenblick. If Sonnenblick objects to any exception appearing on the Report or should any title exception arise after the date of the Report, Sonnenblick may object to such exception, provided such objection is made to the City in writing on or before 5 P.M. on the thirtieth (30th) day following the date that Xxxxxxxxxxx Sonnenblick receives the Report. If Sonnenblick objects to any exception to title, the City within fifteen (15) days of receipt of Sonnenblick’s objection shall notify Sonnenblick in writing whether City elects to (1) cause the exception to be removed of record, (2) obtain a commitment from the title company for an appropriate endorsement to the policy of title insurance to be issued to Sonnenblick insuring against the objectionable exception, or (3) terminate this Agreement unless Sonnenblick elects to take title subject to such exception. If either the City or Sonnenblick elects to terminate this Agreement pursuant to this Section 2.7(b), neither shall thereafter have any obligations to or rights against the others hereunder, except as set forth in Sections 3.3 (No Lis Pendens) and 3.6 (No Commissions). If Xxxxxxxxxxx Sonnenblick fails to provide any notification to the City regarding this matter prior to expiration of the time period set forth herein, the condition set forth in this Section 2.4(b) shall be deemed satisfied, this Agreement shall continue in effect, and the condition of title at closing under any executed DA shall be as set forth in the Report.