Common use of Title Approval Clause in Contracts

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the end of the Inspection Period to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until Closing to cure the same. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 to do so. If the objections are not cured within such time period, Buyer may (I) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the end of the Inspection Period to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx Buyer shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until thirty (30) days from the date of such written notice to cure the same. If required, the Closing Date shall be extended to allow such cure; provided, however, that the Closing Date shall not be extended beyond the aforementioned 30-day cure period unless otherwise agreed by Buyer and Seller. Closing to cure the same. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 to do so. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.

Title Approval. Within ten (10) days of Seller has caused the Effective Date of this Contract, Seller shall Title Company to deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "“Commitment"”) and, to the extent available, legible and copies of all recorded instruments noted affecting the Land and recited as exceptions in the Commitment, (and a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such the Commitment or shown on in the surveySurvey (as hereinafter defined), Buyer shall have until 5:00 p.m. Houston, Texas local no later than the end expiration of the Inspection Feasibility Period (the “Objection Period”) to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall, within two (2) days after the date of receipt of such objections, advise Buyer in writing if it will cure any or all of the same at or before Closing (Seller shall have until no obligation to expend any money or institute any litigation in pursuing any such efforts; provided, that, Seller shall be obligated, at Closing to cure the sameeffects of any mortgages or deed of trust liens against the Property voluntarily granted by Seller and the effects of any voluntary conveyances of interests in the Property, other than Tenant Leases, made by Seller after the Effective Date [collectively, the “Mandatory Cure Matters”]). If Seller agrees to utilize reasonable efforts and reasonable diligence is unwilling or unable to cure such objectionsthe objections (if Seller fails to so advise Buyer within two (2) days after the receipt of Buyer’s written objections to title, if any, provided that Seller shall be deemed to have elected not be required to expend more than $1,000 cure the same), Buyer shall, as its sole and exclusive remedy, elect within two (2) business days following Seller’s notice of its unwillingness or inability to do so. If cure the objections are not cured within such time period, Buyer may to either (Ia) terminate this Contract upon written notice to Seller in which event and the Deposit Xxxxxxx Money shall be returned refunded to Buyer Buyer, and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided aboveContract, or (iib) waive the unsatisfied objections and close the transaction and with no reduction in the Sales Price Price. If Buyer does not deliver such written election within such time period, then Buyer shall be deemed to have waived the unsatisfied objections and elected to close the transaction without a reduction in the Sales Price. If Buyer fails to timely notify Seller in writing of any such objections during the Objection Period, it shall be deemed that Buyer has approved and found the Commitment, the Survey and all matters reflected on or in any of them to be acceptable and permitted hereunder and Buyer has agreed to take title to the Property subject to such matters, and Buyer may not thereafter refuse to consummate the sale contemplated by this Contract or claim any failure of Seller’s obligations under this Contract solely because of any such matters. Any items to which Buyer does not object in writing within the Objection Period or to which it does object but subsequently waives (or is deemed to have waived) shall be reduceddeemed to be “Permitted Exceptions” (herein so defined).

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and together with a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the end of the Inspection Period to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx Buyer shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until Closing thirty (30) days from the date of such written objections to cure the same. If required, the Closing Date shall be extended to allow such cure period. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 to do so. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the end of the Inspection Period to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx Buyer shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until thirty (30) days from the date of such written notice to cure the same. If required, the Closing Date shall be extended to allow such cure. Closing to cure the same. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 to do so. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "CommitmentPTR") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the CommitmentPTR, (and a together with an ALTA survey of the Land and ImprovementsImprovements (the "Survey"). If Buyer has an objection to items disclosed in such Commitment PTR or shown on the surveySurvey, Buyer shall have until ten (10) days from the end date of receipt of the last of the PTR, the Survey or the underlying title exception documents (the "Title Inspection Period Period") to make written objections to Seller; provided, however, that the Title Inspection Period shall not extend, in any event, beyond the end of the Inspection Period, unless otherwise agreed by the parties in writing. Any items disclosed in such Commitment PTR or shown on the survey Survey, if not timely objected to by Xxxxx Buyer, shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until Closing thirty (30) days from the date of its receipt of such written objections to cure the same. If required, the Closing Date shall be extended to allow such cure period. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any; provided, provided that if Buyer has given timely written objection notice of the same during the Title Inspection Period (or within three (3) business days after obtaining knowledge thereof, if any such item is first disclosed following the end of such Title Inspection Period), Seller shall remove (i) all liens of definitive or ascertainable amount (other than taxes and assessments) and (ii) any other defects, provided, further that Seller shall not be required have no obligation to expend more than remove the items described in clauses (i) and (ii) of this Paragraph 12 to the extent the aggregate cost to remove the same exceeds $1,000 to do so10,000. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced. Seller shall bear the cost, if any, of having the Survey certified to Brauvin Capital Trust, Inc.; Buyer shall bear the cost, if any, of making any changes or updates to the Survey requested by Buyer or its lender, if any. As contemplated by Paragraph 6(C) above, Buyer shall fully satisfy itself as to the condition of title to the Property and its ability to obtain all desired title insurance coverage from the Title Company during the Inspection Period. In the event any matter affecting title is newly disclosed to Buyer following the expiration the Inspection Period and prior to the Closing Date, then Buyer shall have three (3) business days within which to give Seller written notice of objection to only such newly described matter(s) and Seller shall then have thirty (30) days from the date of its receipt of such written objection to cure the same subject to the limitations of this Paragraph 12. If required, the Closing Date shall be extended to allow such cure period. Any such new matter, if not timely objected to by Buyer, shall be deemed an Approved Title Matter.

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and together with a survey of the Land and Improvements). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the end of the Inspection Period to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until Closing thirty (30) days from the date of such written objections to cure the same. If required, the Closing Date shall be extended to allow such cure period. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 to do so. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.

Title Approval. Within ten (10) days of the Effective Date of this Contract, Seller shall deliver to Buyer a Commitment for Title Insurance or Preliminary Title Report, as applicable, issued by Title Company (the "Commitment") and, to the extent available, legible copies of all recorded instruments noted as exceptions in the Commitment, (and together with a survey of the Land and ImprovementsImprovements (within three (3) days of Seller's receipt of the same). If Buyer has an objection to items disclosed in such Commitment or shown on the survey, Buyer shall have until the latter to occur of (i) 10 days following receipt of the title and survey materials described in the preceding sentence or (ii) the end of the Inspection Period Period, to make written objections to Seller. Any items disclosed in such Commitment or shown on the survey if not timely objected to by Xxxxx Buyer shall be deemed approved ("Approved Title Matters"). If Buyer makes such written objections, Seller shall have until Closing thirty (30) days from the date of such written objections to cure the same. If required, the Closing Date shall be extended to allow such cure. Seller agrees to utilize reasonable efforts and reasonable diligence to cure such objections, if any, provided that Seller shall not be required to expend more than $1,000 3,000 to do so. If the objections are not cured within such time period, Buyer may (Ii) terminate this Contract upon written notice to Seller in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations pursuant to this Contract except as otherwise provided above, or (ii) waive the unsatisfied objections and close the transaction and the Sales Price shall not be reduced.