Common use of Title Defects and Objections Clause in Contracts

Title Defects and Objections. Buyer will have twenty (20) days from the date of receipt of the Title Commitment and Survey, whichever shall last occur, but in no event later than the expiration of the Inspection Period (as defined in Paragraph 4 below), to notify Seller in writing of any objections to any items identified in the Title Commitment, or of any other objections as to title matters. Seller will have until fifteen (15) days after receipt of Xxxxx’s written objections (“Seller’s Cure Period”) to elect, at its reasonable discretion, to cure all items to which Xxxxx has objected, cause such items to be modified in a manner which is reasonably satisfactory to Buyer or to advise Buyer that Seller does not intend to cure such items. Alternatively, within the Seller’s Cure Period, Buyer at Buyer’s cost may elect to obtain one or more endorsements to the Title Commitment, in a form reasonably acceptable to Buyer, providing title insurance protection with regard to any objections raised by Xxxxx. If Seller fails to cure to the reasonable satisfaction of Buyer any written objection by Xxxxx of which Seller has been given notice in accordance with this subparagraph (c), or elects not to cure, then Buyer may elect, as its sole remedy to either (i) waive the objection by written notice to Seller within ten (10) days after expiration of Seller’s Cure Period and proceed to Closing as herein provided, or (ii) terminate this Contract by written notice to Seller, in which case the Parties will be released from all obligations hereunder, except for any obligations that expressly survive the termination of this Contract. Buyer will have ten (10) business days after receipt of any amendment or update to the Title Commitment or Survey to object to any changes in the same fashion as objections to the initial Title Commitment or Survey under this subparagraph (c). Anything above to the contrary notwithstanding, Seller shall be obligated to, and shall cause all financing, mortgage, judgment and tax liens to be removed as title exceptions prior to or concurrently with Closing.

Title Defects and Objections. Buyer will have Within twenty (20) days from the date after Melody's receipt of receipt both of the Title Commitment Commitment, with copies of the recorded documents listed therein, and the Survey, whichever shall last occur, but in no event later than after the expiration of the Inspection Period (as defined in Paragraph 4 below), to notify Seller in writing of any objections to any items identified in the Title Commitment, or of any other objections as to title matters. Seller will have until fifteen (15) days after receipt of Xxxxx’s written objections (“Seller’s Cure Period”) to elect, at its reasonable discretion, to cure all items to which Xxxxx has objected, cause such items to be modified in a manner which is reasonably satisfactory to Buyer or to advise Buyer that Seller does not intend to cure such items. Alternatively, within the Seller’s Cure Period, Buyer at Buyer’s cost may elect to obtain one or more endorsements to the Title Commitment, in a form reasonably acceptable to Buyer, providing title insurance protection with regard to any objections raised by Xxxxx. If Seller fails to cure to the reasonable satisfaction of Buyer any written objection by Xxxxx of which Seller has been given notice in accordance with this subparagraph (c), or elects not to cure, then Buyer may elect, as its sole remedy to either (i) waive the objection by Melody shall give written notice to Seller Buffalo Highlands ("Notice of Defect") of each title defect set forth therein which is objectionable to Melody (a "Defect"). Melody's failure to give such Notice of Defect shall be deemed its acceptance of the matters disclosed therein for which objection is not given. If such Notice of Defect is given, Buffalo Highlands shall, within ten (10) days after expiration of Seller’s Cure Period and proceed its receipt thereof, notify Melody in writing of the Defects, if any, contained in Melody's Notice of Defect which Buffalo Highlands agrees to Closing as herein providedcure or cause to be cured ("Buffalo Highlands' Response"). Buffalo Highlands shall have no obligation to cure or cause the cure of any Defect. If Buffalo Highlands fails to timely provide Buffalo Highlands' Response, or (ii) Buffalo Highlands shall be deemed to have agreed to cure no such Defects. If Buffalo Highlands does not agree to cure all such Defects contained in Melody's Notice of Defect, then this Agreement shall terminate unless Melody elects to continue this Contract Agreement by written notice delivered to SellerBuffalo Highlands not later than the earlier of the date that is ten (10) days after receipt of Buffalo Highlands' Response or after the date on which Buffalo Highlands' Response would have been due; or the expiration of the Inspection Period, in which case the Parties will be released from all event neither Party shall have any further rights or obligations hereunderunder this Agreement, except for any obligations that those which expressly survive termination. If Melody gives such notice to continue, Melody's right to terminate the termination Agreement or condition its exercise of this Contractthe Option on the basis of the Defects shall be waived and the title to the Land shall be subject to those Defects which Buffalo Highlands has not agreed to cure and which are not otherwise cured prior to Closing. Buyer will The same procedure and time periods provided herein shall be applicable to any new matter first appearing in any subsequent title commitment or updated surveys, except that Melody shall have ten (10) business days after Melody's receipt of the document reflecting such matter within which to provide the Notice of Defect with respect to said new matters. Notwithstanding the foregoing to the contrary, Buffalo Highlands shall not cause any title defects which materially and adversely affect Melody's intended use of the Property or any monetary liens to become of record after the date of this Agreement without Melody's prior written consent, which consent may be withheld in Melody's sole and absolute discretion but which consent shall be deemed to have been given if Melody does not deliver to Buffalo Highlands written notice of consent or objection within five (5) days after receipt by Melody of any amendment or update to the Title Commitment or Survey to object to any changes in the same fashion as objections to the initial Title Commitment or Survey under this subparagraph (c). Anything above to the contrary notwithstanding, Seller shall be obligated to, and shall cause all financing, mortgage, judgment and tax liens to be removed as title exceptions prior to or concurrently with Closingwritten request for consent from Buffalo Highlands.

Title Defects and Objections. Buyer Tentative Exercising Buyers will have twenty until sixty (2060) days from after the date of receipt last to be received of the Title Commitment and Survey, whichever shall last occur, but in no event later than the expiration of the Inspection Period (as defined in Paragraph 4 below), Survey to notify Seller in writing of any objections to any items identified in the Title Commitment, Commitment or of any other objections as to title matterson the Survey. Seller will have until fifteen up to forty-five (1545) days after receipt of Xxxxx’s written Tentative Exercising Buyers’ objections (“Seller’s Cure Period”) to elect, at its reasonable discretion, to cure all items to which Xxxxx has Tentative Exercising Buyers have objected, cause such items to be modified in a manner which is reasonably satisfactory to Buyer Tentative Exercising Buyers or to advise Buyer Tentative Exercising Buyers that Seller does not intend to cure such items. Alternatively, If any item objected to by Tentative Exercising Buyers in such sixty (60) day period is not curable within the Seller’s Cure Period, Buyer Seller shall (a) have such additional time to cure such item(s) as may be reasonably necessary; provided, that in no event shall the additional time to cure exceed ninety (90) days after the expiration of the initial sixty (60) day cure period, so long as Seller commences such cure within Seller’s Cure Period and diligently pursues the same to completion prior to the Closing or, (b) at BuyerSeller’s cost may elect to obtain one or more endorsements to the Title Commitment, in a form reasonably acceptable to BuyerTentative Exercising Buyers, providing title insurance protection with regard to any objections raised by XxxxxTentative Exercising Buyers. If Seller fails to respond with its election prior to the expiration of Seller’s Cure Period, fails to cure to the reasonable satisfaction of Buyer Tentative Exercising Buyers any written objection by Xxxxx Tentative Exercising Buyers of which Seller has been given notice in accordance with this subparagraph (cSection 2.7(d), or elects not to curecure any items to which Tentative Exercising Buyers have objected, then Buyer may electTentative Exercising Buyers may, as its in their sole remedy to either discretion (i) waive withdraw their Purchase Option Tentative Exercise Notice with respect to the objection applicable Purchase Option Opportunity by written delivering notice thereof to Seller, or (ii) approve any items previously objected to and continue with the exercise of the Land Purchase Option in accordance with the terms of Section 2.8 below by delivering notice to Seller within thereof. Tentative Exercising Buyers shall have ten (10) days after expiration of Seller’s Cure Period and proceed to Closing as herein provided, or (ii) terminate this Contract by written notice to Seller, in which case the Parties will be released from all obligations hereunder, except for any obligations that expressly survive the termination of this Contract. Buyer will have ten (10) business days after receipt of any amendment or update to the Title Commitment or Survey to object to any changes such amendments in the same fashion manner as Buyers can make objections to the initial Title Commitment or Survey under this subparagraph (cSection 2.7(d). Anything above to the contrary notwithstanding, Seller shall be obligated to, and shall cause all financing, mortgagejudgment, judgment mechanics, and tax liens to be removed as title exceptions prior to or concurrently with the Closing. If Tentative Exercising Buyers fail to elect either option (i) or option (ii) above to Seller prior to the Purchase Option Exercise Deadline, Tentative Exercising Buyers shall be deemed to have elected to proceed under option (ii) above, in which case all matters not objected to by Tentative Exercising Buyers or not cured by Seller shall be deemed to be approved by Tentative Exercising Buyers.

Title Defects and Objections. Buyer will have twenty (20) days from the date of receipt of the Title Commitment and Survey, whichever shall last occur, but in no event later than the expiration of the Inspection Period (as defined in Paragraph 4 below), to notify Seller in writing of any objections to any items identified in the Title Commitment, or of any other objections as to title matters. Seller will have until fifteen (15) days after receipt of XxxxxBuyer’s written objections (“Seller’s Cure Period”) to elect, at its reasonable discretion, to cure all items to which Xxxxx Buyer has objected, cause such items to be modified in a manner which is reasonably satisfactory to Buyer or to advise Buyer that Seller does not intend to cure such items. Alternatively, within the Seller’s Cure Period, Buyer at Buyer’s cost may elect to obtain one or more endorsements to the Title Commitment, in a form reasonably acceptable to Buyer, providing title insurance protection with regard to any objections raised by XxxxxBuyer. If Seller fails to cure to the reasonable satisfaction of Buyer any written objection by Xxxxx Buyer of which Seller has been given notice in accordance with this subparagraph (c), or elects not to cure, then Buyer may elect, as its sole remedy to either (i) waive the objection by written notice to Seller within ten (10) days after expiration of Seller’s Cure Period and proceed to Closing as herein provided, or (ii) terminate this Contract by written notice to Seller, in which case the Parties will be released from all obligations hereunder, except for any obligations that expressly survive the termination of this Contract. Buyer will have ten (10) business days after receipt of any amendment or update to the Title Commitment or Survey to object to any changes in the same fashion as objections to the initial Title Commitment or Survey under this subparagraph (c). Anything above to the contrary notwithstanding, Seller shall be obligated to, and shall cause all financing, mortgage, judgment and tax liens to be removed as title exceptions prior to or concurrently with Closing.