TITLE CONTINGENCY. On or before Closing, the seller shall convey and deliver the title to the Property to the Buyer free the Property from any and all encumbrances other than the following: , and to have the title to the Property in good and marketable condition.
TITLE CONTINGENCY. On or before the fifth (5th) business day following the Seller’s execution of this Agreement, Seller will order for the benefit of the Buyer a commitment for an owner's title insurance policy, together with accurate copies of all matters of record referred to in the commitment, including without limitation those matters of record referred to in Schedule B of the commitment. The commitment will be ordered from and issued by the Title Company. Buyer will have seven (7) calendar days after receipt of the commitment and copies of all matters of record, to review the commitment and any matters of record or other exclusion or exception noted therein. Such matter(s) of record, exclusions or exceptions (except for those which are, or form the basis for, standard exclusions or exceptions in title insurance commitments and policies normally issued by the Title Company) shall be referred to as the “Title Matters”. If, within such seven (7) calendar day period, Buyer delivers written notice ("Buyer's Objection Notice ") to Seller specifying objection to any Title Matter(s), then Seller will make a good faith effort to correct or eliminate the Title Matter(s) specified in the Buyer's Objection Notice; provided that Seller will not be required to expend more than one percent (1%) of the Purchase Price in the aggregate to correct or eliminate those Title Matter(s); further provided however, notwithstanding the foregoing, Seller will be obligated to expend an amount equal to the net proceeds arising from the sale of the Premises to satisfy and obtain the release of any mortgage, lien or other interest granted by Seller or any lien or encumbrance securing a judgment entered against Seller. The Buyer will be deemed to have accepted and to maintain no objection to any Title Matters not specified in the Buyer's Objection Notice. If the Seller is unable to correct or eliminate any Title Matter specified in the Buyer’s Objection Notice, then, on or before the seventh (7th) calendar day following delivery by Seller to Buyer of written notice ("Seller's Notice") specifying any Title Matter that Seller is unable to correct or eliminate, Buyer may elect to terminate this Agreement by giving written notice of termination to Seller, whereupon the Deposit will be refunded to Buyer and all other obligations of the parties hereunder will cease and this Agreement will be null and void. If Buyer fails to terminate this Agreement by giving written notice of termination to Seller on or befo...
TITLE CONTINGENCY. 30 7.5 Property Financial Statements..............................................................31
TITLE CONTINGENCY. At Closing, Owner Entity's title to the Real Property shall be good and marketable and subject only to the Permitted Encumbrances. Seller shall cooperate with Buyer and Title Company and take all actions reasonably necessary to induce Title Company to issue a title insurance policy in accordance with the foregoing but Seller shall not be obligated to incur any additional liability as result thereof. Except for equipment leases to be assigned, Seller agrees to remove or discharge prior to Closing any Encumbrance created by Seller or Owner Entity or imposed against the Property Assets (or any of them) which is not a Permitted Encumbrance or at Seller's option (and with Buyer's approval in Buyer's reasonable judgment), cause the Title Company to insure over such Encumbrance. If title to the Real Property is not as required above, Buyer shall have the option of accepting such title as exists and abating the Purchase Price to the extent of Encumbrances of an ascertainable amount, or if the Encumbrance is of a nature that it would materially interfere with the use, development or value of the Real Property as a shopping mall, or with Buyer's ability to obtain financing with respect thereto of terminating this Agreement, whereupon the Deposit shall be returned to Buyer, Seller shall pay Buyer the Due Diligence Expenses, and neither party shall have any obligation to the other except for the Covenants Surviving Termination.
TITLE CONTINGENCY. Purchaser's obligation to purchase the Property is subject to its obtaining within fifteen (15) days after the Effective Date a commitment for an Owner's Title Insurance Policy (the "Title Commitment"), dated not earlier than the Effective Date of this Agreement, issued by the Title Company, together with such copies of all items and documents referred to in the Title Commitment. The Title Commitment will commit the Title Company to issue the Owner's Title Policy to Purchaser at the Closing in the amount of the Purchase Price. Purchaser shall use its best efforts to obtain the Title Commitment. Purchaser shall deliver a copy of the Title Commitment to Seller immediately upon Purchaser's receipt thereof. Purchaser shall have until five (5) days after its receipt thereof to state any objections in writing. This contingency shall be deemed satisfied or waived if such written notice of objection is not provided by Purchaser on or before the expiration of such five-day period. Such written notice of objection shall state all of Purchaser's objections with specificity. Upon receipt of such notice, Seller may, but shall not be obligated to, cure such objection. If Seller cures such objections within 15 days, or, if such objections are such that they cannot be cured within 15 days and Seller has commenced curing such objections and thereafter diligently proceeds to perfect such cure, then this Agreement shall continue in full force and effect and the Closing Date shall be adjusted accordingly. If Seller is unable or chooses not to cure such objections within the time permitted, then this Agreement shall terminate, and Seller shall instruct the Escrow Agent to return the Initial Deposit to Purchaser, and neither party shall have any further obligations hereunder except for the Surviving Covenants. Notwithstanding the foregoing, however, Purchaser may waive such objections that Seller is unable or chooses not to cure within 10 days after receipt of a notice that Seller is unable or chooses not to cure such objections, and upon receipt by Seller of such waiver in full from Purchaser, this Agreement shall remain in full force and effect with no reduction in the Purchase Price. If requested by Seller, Purchaser will confirm in writing whether this title contingency has been satisfied and, if so, the date on which it was satisfied. Seller assumes no obligations to Purchaser with respect to matters disclosed as title exceptions in the Title Commitment. Purchaser shall pr...
TITLE CONTINGENCY. The County’s purchase of the Property is subject to the County’s approval and satisfaction of a preliminary title report to be delivered to it by Seller. The County’s purchase of the Property is further contingent on the Seller’s ability to provide title to the County that is free from liens and encumbrances.
TITLE CONTINGENCY. In the event Buyer fails to timely deliver Buyer’s Title Notice, then Buyer shall be deemed to have waived all title objections to matters shown in the Title Commitment. If Buyer has timely delivered Buyer’s Title Notice and Seller elects (or is deemed to have elected) to proceed (in whole or in part) in accordance with clause (B) of Paragraph 8(a)(ii) of this Agreement, then Buyer shall have until the Contingency Expiration Date to terminate this Agreement by delivering written notice thereof to Seller and Escrow Agent, in which case the provisions of Paragraph 9(c) of this Agreement shall govern. If Buyer shall fail to provide Seller and Escrow Agent with written notice of termination on or before the Contingency Expiration Date, then Buyer shall be deemed to have waived all of its title objections (except with respect to the Rejected Exceptions).
TITLE CONTINGENCY. Except as stated in paragraph 4. If title is not merchantable or otherwise recordable and written notice of such defect is given by buyer to seller within the time herein provided for delivery of deed and shall not be rendered merchantable by the date of closing, this contract at buyers option may be declared void and of no effect, and each party hereto shall be released from all obligations hereunder and the payment made hereunder shall thereupon be returned to buyer. Taxes/assessments. All real estate taxes and other known assessments, if any, for the year of closing shall be prorated as of the closing date, using for such purpose the rate and valuation shown on the latest available tax assessment information from the Sheridan county assessors office.
TITLE CONTINGENCY. A condition precedent to Buyer's obligation to purchase the Property shall be the willingness of the Title Company to issue to Buyer on the Closing Date an A.L.
TITLE CONTINGENCY. In the event Donee fails to deliver Xxxxx’s Title Notice, then Donee shall be deemed to have waived all title objections to matters shown in the Title Commitment. If Donee has timely delivered Xxxxx’s Title Notice and Donor elects not to correct such objections, or is deemed to have elected not to correct such objections as provided in clause (B) of Section 1.3.1 hereof, Donee may either waive the objection and proceed to Closing, or Donee may terminate this Agreement and neither Donor nor Donee shall have any further liability or obligation under this Agreement. If Donee fails to terminate this Agreement on or before the Closing Date, then Donee shall be deemed to have waived all of its title objections (except with respect to those specific matters objected to in Donee’s Title Notice which are agreed to be eliminated in Donor’s Title Notice (the “Rejected Exceptions”).
