Common use of Title and Survey Matters Clause in Contracts

Title and Survey Matters. (a) Prior to the Effective Date, Purchaser has reviewed existing title work and surveys with respect to the Property, and Purchaser has approved the proforma owner’s policies of title insurance attached hereto as Exhibit B (the “Approved Proformas”). All exceptions and other title matters set forth in the Approved Proformas are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in the Approved Proformas are referred to herein as “Non-Permitted Encumbrances”. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured or insured around on or prior to the Closing Date, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect to the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below), in which event Purchaser and Seller shall proceed to Closing with respect to the remainder of the Property (subject to Section 5), except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i) hereto, (ii) terminate this Agreement in its entirety, in which event neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination, or (iii) proceed to Closing on the entirety of the Property, in which event the Non-Permitted Encumbrances shall be Permitted Encumbrances.

Title and Survey Matters. (a) Prior to the Effective Date, Purchaser has reviewed existing title work and surveys with respect to the Property, and Purchaser has approved the proforma owner’s policies of title insurance or commitments for title insurance attached hereto as Exhibit B (as applicable, the “Approved ProformasTitle Insurance Documents”). All exceptions and other title matters set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Non-Permitted Encumbrances”. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured or insured around on or prior to the Closing Date, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect to the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below), in which event Purchaser and Seller shall proceed to Closing with respect to the remainder of the Property (subject to Section 5), except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i) hereto, (ii) terminate this Agreement in its entirety, in which event neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination, or (iii) proceed to Closing on the entirety of the Property, in which event the Non-Permitted Encumbrances shall be Permitted Encumbrances.

Title and Survey Matters. (a) Prior to the Effective DatePurchaser may, Purchaser has reviewed existing title work and surveys with respect to the Propertyat its cost, and Purchaser has approved the proforma owner’s policies of obtain from a title insurance attached hereto as Exhibit B company of its choice ("Title Insurer") a commitment for owner's title insurance (the “Approved Proformas”). All exceptions "Commitment") and other title matters set forth in may obtain, at Purchaser's cost, a survey of the Approved Proformas are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in Property (the Approved Proformas are referred to herein as “Non-Permitted Encumbrances”Survey) from a surveyor of its choice. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured Commitment or insured around on Survey reveals any title or prior to survey condition that tin Purchaser's discretion renders the Closing DateProperty unsuitable for the Project, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect pursuant to Section 4.1 above, unless this Seller elects to cure the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below)objectionable items, in which event event, Purchaser shall state the nature of the title or survey objection and the recourse to be taken by Seller to cure the same and, Seller shall proceed have a period up to Closing with respect thirty (30) days within which to do so. In such event, all applicable deadlines and time periods under this Agreement shall be similarly extended, and if such objectionable matters are not cured by Seller within the remainder of the Property (subject to Section 5)time period provided herein, except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i) hereto, (ii) Purchaser may then terminate this Agreement in its entiretypursuant to Section 4.1 above. If title or survey objections are made by Buyer, in which event neither party Seller shall have any further rights thirty (30) days within which to cure same but shall have no obligation to do so, provided that if Seller does elect to do so the Closing Date shall be extended for a like period. Seller shall, upon request from Purchaser or obligations under this Agreement except for those which expressly survive terminationthe Title Insurer, or (iii) proceed to Closing on the entirety furnish a copy of its existing title policy and most recent survey of the Property. Any matters reflected on the Commitment or the Survey to which Purchaser does not object, in or any matters to which event the Non-Permitted Encumbrances it objects and which are thereafter cured by Seller as provided herein, shall be deemed to be Permitted EncumbrancesExceptions.

Title and Survey Matters. (a) Prior to the Effective Date, Purchaser has reviewed existing title work and surveys with respect to the Property, and Purchaser has approved the proforma owner’s policies of title insurance attached hereto as Exhibit B (the “Approved Proformas”). All exceptions and other title matters set forth in the Approved Proformas are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in the Approved Proformas are referred to herein as “Non-Permitted Encumbrances”. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured or insured around on or prior to the Closing Date, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect to the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below), in which event Purchaser and Seller shall proceed to Closing with respect to the remainder of the Property (subject to Section 5), except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i1(b)(i) hereto, (ii) terminate this Agreement in its entirety, in which event neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination, or (iii) proceed to Closing on the entirety of the Property, in which event the Non-Permitted Encumbrances shall be Permitted Encumbrances.

Title and Survey Matters. (a) Prior to the Effective Date, Purchaser has reviewed existing title work and surveys with respect to the Property, and Purchaser has approved the proforma owner’s policies of title insurance or commitments for title insurance attached hereto as Exhibit B (the “Approved ProformasTitle Insurance Documents”). All exceptions and other title matters set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Non-Permitted Encumbrances”. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured or insured around on or prior to the Closing Date, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect to the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below), in which event Purchaser and Seller shall proceed to Closing with respect to the remainder of the Property (subject to Section 5), except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i1(b)(i) hereto, (ii) terminate this Agreement in its entirety, in which event neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination, or (iii) proceed to Closing on the entirety of the Property, in which event the Non-Permitted Encumbrances shall be Permitted Encumbrances.

Title and Survey Matters. (a) Prior to the Effective Date, Purchaser has reviewed existing title work and surveys with respect to the Property, and Purchaser has approved the commitments for title insurance, proforma owner’s policies of title insurance and owner’s policies of title insurance attached hereto as Exhibit B C (the “Approved ProformasTitle Insurance Documents”). As between Purchaser or Seller on one hand, and the third party sellers under the applicable Purchase Agreements on the other hand, nothing herein shall constitute waiver of any rights thereunder or approval of any title matters for the Acquisition Property. All exceptions and other title matters set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Permitted Encumbrances”; all other exceptions or title matters that are not set forth in the Approved Proformas Title Insurance Documents are referred to herein as “Non-Permitted Encumbrances”. If Seller does not cause all of the Non-Permitted Encumbrances to be removed, cured or insured around on or prior to the Closing Date, then Purchaser may elect to exercise any of the following remedies: (i) partially terminate this Agreement solely with respect to the Individual Site(s) encumbered or affected by the applicable Non-Permitted Encumbrances, if, but only if, such partial termination would not result in a failure of the OZ Qualification Condition (as defined in Section 5(b)(ii) below), in which event Purchaser and Seller shall proceed to Closing with respect to the remainder of the Property (subject to Section 5), except that the Purchase Price will be reduced by the portion thereof that is allocated to the terminated Individual Site(s) as set forth on Schedule 1(a)(i1(b)(i) heretoor 1(c)(i) hereto (as applicable), (ii) terminate this Agreement in its entirety, in which event neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination, or (iii) proceed to Closing on the entirety of the Property, in which event the Non-Permitted Encumbrances shall be Permitted Encumbrances.