Common use of Title Commitments; Surveys Clause in Contracts

Title Commitments; Surveys. On or before thirty (30) days after the Contract Date, Buyer shall furnish Sellers with a preliminary title reports issued by the Title Company covering the Projects (the "Title Reports") and a written notice specifying those title exceptions which are not acceptable to Buyer in Buyer's commercially reasonable judgment, which objection may include matters shown on any updated or re-certified survey which Buyer may obtain (the "Disapproved Exceptions"). Buyer's failure to designate as one of the Disapproved Exceptions a title exception shown on the Title Report shall constitute Buyer's approval of such title exception (all title exceptions not designated by Buyer as Disapproved Exceptions are in this Agreement called "Permitted Exceptions"). The applicable Seller(s) shall use their best efforts to cause the removal of all Disapproved Exceptions on or before ten (10) days after Buyer's notice to Seller of such Disapproved Exceptions, except that liens of an ascertainable amount and other items which can be removed by the payment of money shall be paid and discharged by Sellers at or before Closing. Within such ten (10) day period, Seller(s) shall notify Buyer of all Disapproved Exceptions that Seller(s), after using their best efforts, are unable to remove. Seller(s)' failure to give Buyer notice of Seller(s)' inability to remove any Disapproved Exceptions shall constitute such Seller(s)' covenant that such Disapproved Exceptions shall be removed at or prior to the Closing. Buyer shall have the rights set forth in Section 9.4 if any Disapproved Exceptions cannot be removed by the applicable Seller(s) at or prior to the Closing.

Title Commitments; Surveys. On (a) The Sellers shall deliver to Buyer, within sixty (60) days of the date hereof, a title commitment for each Owned Real Property (each, a “Commitment”) from [ ] (the “Title Company”) sufficient in form to allow Buyer to obtain, at Buyer’s sole cost and expense, a standard form of title insurance policy (the “Title Insurance Policies”) insuring the fee simple interest in each Owned Real Property, subject only to Permitted Liens. The Sellers agree to deliver any information as may be required by the Title Company under the requirements section of each Commitment or before otherwise in connection with the issuance of the final Title Insurance Policies. The Sellers shall provide an affidavit of title and/or such other information as the Title Company may reasonably require in order for the Title Company to delete the mechanics’ lien and parties in possession exceptions and to insure over the “gap” (i.e., the period of time between the effective date of the Title Company’s last bringdown of title to such Owned Real Property and the Closing Date) and to use commercially reasonable efforts to cause the Title Company to delete all standard exceptions from the final Title Insurance Policies. (b) Within thirty (30) business days after the Contract Dateprior to Closing, Buyer shall furnish Sellers with a preliminary title reports issued by cause the Title Company covering to deliver to the Projects (Sellers an update to each Commitment. If the "update to any Commitment reveals any new exception to any Title Reports") Insurance Policy that is not a Permitted Lien, then the Sellers shall have the right, but not the obligation, to cure, remedy or otherwise satisfy any such exception at its sole cost and expense prior to Closing in a written notice specifying those title exceptions which are not manner reasonably acceptable to Buyer in Buyer's commercially reasonable judgmentand Title Company; provided, which objection may include matters shown on however, that any updated or re-certified survey which Buyer may obtain (the "Disapproved Exceptions"). Buyer's failure to designate as one of the Disapproved Exceptions a title exception shown on the Title Report shall constitute Buyer's approval of such title exception (all title exceptions not designated curable by Buyer as Disapproved Exceptions are in this Agreement called "Permitted Exceptions"). The applicable Seller(s) shall use their best efforts to cause the removal of all Disapproved Exceptions on or before ten (10) days after Buyer's notice to Seller of such Disapproved Exceptions, except that liens of an ascertainable amount and other items which can be removed by the payment of money a liquidated amount, or which the Sellers voluntarily caused to be an encumbrance on title, the Sellers shall be paid and discharged by Sellers at or before required to remove prior to Closing. Within In the event that the Sellers elect to correct any such ten (10) day periodexception or are required to correct such exception, Seller(s) the Sellers shall notify Buyer of all Disapproved Exceptions that Seller(s), after using their best efforts, are unable endeavor to remove. Seller(s)' failure to give Buyer notice of Seller(s)' inability to remove any Disapproved Exceptions shall constitute correct such Seller(s)' covenant that such Disapproved Exceptions shall be removed exception at or prior to the Closing. Buyer agrees that the Sellers may accomplish the correction of any such exception by causing the Title Company to delete such objection, or provide an endorsement to the owner’s title policy to be issued to Buyer, provided, however, that no endorsement shall be limited by an indemnity from the Sellers. In the event that the Sellers elect not to correct any such exception that the Sellers are not otherwise required to correct, Buyer shall have the rights set forth right, in Section 9.4 its sole discretion, to either: (i) waive its objection to any such exception and accept title “as is” in which event any such exception shall be deemed a Permitted Lien; or (ii) terminate this Agreement, in which event Buyer and the Sellers shall be released of all obligations under this Agreement (except for those specified to survive termination of this Agreement) without liability of either party to the other for any cures or remedies related to such Title Insurance Policy. (c) The premiums for the Title Insurance Policies and all costs and expenses incurred in connection therewith (including in connection with the Commitments), including the attorney fees for examination of the abstract and survey (if any Disapproved Exceptions cannot be removed required by the applicable Seller(sTitle Company) shall be paid one hundred percent (100%) by Buyer, and all abstracting costs in excess of the title insurance abstracting cost shall be paid by Buyer. (d) In addition, the Sellers have delivered to Buyer those certain surveys of the Owned Real Properties as identified on Disclosure Schedule Section 5.04 (“Surveys”). Buyer shall, at or prior to the Closingits sole cost and expense, obtain updates of such Surveys.