Title Examination and Property Inspection Sample Clauses
The Title Examination and Property Inspection clause establishes the right of a party, typically the buyer, to review the property's title records and physically inspect the property before completing a transaction. This process involves checking for any legal issues, such as liens or encumbrances, and assessing the property's physical condition to ensure it meets agreed-upon standards. By allowing thorough due diligence, this clause helps prevent disputes and protects the buyer from unforeseen legal or physical problems with the property.
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Title Examination and Property Inspection. (a) Purchaser has procurred obtained and reviewed (i) current surveys and title insurance commitments with respect to the Owned Real Property ("Owner's Title Commitments") pursuant to which the Title Company will agree to issue at Closing owner's policies of title insurance ("Owner's Title Policies") on American Land Title Association standard Form B-1990, without exceptions except as shown in the Owner's Title Commitments, to be issued by Chicago Title Insurance Company ("Title Company") in an amount in the case of each parcel equal to the purchase price allocated to such parcel of the Owned Real Property pursuant to Section 2.7, and (ii) current surveys and title insurance commitments with respect to the Real Property subject to a Lease (collectively, the "Leased Real Property") (the "Lessee Title Commitments", and collectively with the Owner's Title Commitments, the "Title Commitments") pursuant to which the Title Company will agree to issue at Closing lessee's policies of title insurance ("Lessee's Title Policies") on American Land Title Association standard form of leasehold owner's policy to insure leasehold estates, showing no exceptions except as shown in the Lessee Title Commitments. The Owner's Title Policies shall insure the Purchaser that, upon consummation of the purchase and sale herein contemplated, Purchaser will be vested with good, fee simple, marketable, and insurable title to the Owned Real Property, subject only to the Permitted Encumbrances or arising out of acts of the insured. The Lessee's Title Policies shall insure the Purchaser that, upon consummation of the transactions herein contemplated, Purchaser will be vested with a good, valid, marketable and insurable leasehold estate in and to the Leased Real Property, subject only to the Permitted Encumbrances. Purchaser has furnished to Seller a written statement of reasonable objections to exceptions, including any encumbrances or Surveys, which, in Purchaser's reasonable judgment, would materially interfere with or impair Purchaser's use of the Real Property for the operation of Applebee's restaurants or which would result in a material decrease in the value of the Real Property ("Material Objections"). Seller shall have until the Termination Date to satisfy such Material Objections (but with no obligation to do so) in all material respects, and if Seller fails to satisfy all Material Objections in all material respects on or prior to the Termination Date, then Purchaser's sole righ...
Title Examination and Property Inspection. (a) Purchaser shall have 30 days following receipt of the documents referred to in Section 4.12 (the "Title Inspection Period") to review same and furnish Seller a written statement of reasonable objections to exceptions which, in Purchaser's reasonable judgment, would materially interfere with or impair Purchaser's use of the Real Property for the operation of Applebee's restaurants ("Material Objections"). Seller shall have until the Termination Date to satisfy such Material Objections (but with no obligation to do so) in all material respects, and if Seller fails to satisfy all Material Objections in all material respects on or prior to the Termination Date, then Purchaser's sole right and remedy shall be to either (i) waive the objections and elect to close, or (ii) terminate this Agreement by giving written notice of such termination to Seller. If Purchaser fails to furnish Seller a written statement of Material Objections by the end of the Title Inspection Period with respect to any matter appearing as an exception on a Title Commitment, such matter shall be deemed waived by Purchaser and shall be a Permitted Encumbrance. The parties acknowledge that some of the Leased Real Property may be located in shopping centers, and as such, unless the leased premises are a free standing building located on a separate pad with its own legal description ("Free Standing Premises") the Lessee Title Commitments for such Leased Real Property will contain encumbrances for entire shopping centers.
Title Examination and Property Inspection. (a) Purchaser shall have until August 31, 1998 (the "The Inspection Period") to review the Title Commitments. Purchaser shall have until the end of the Title Inspection Period in which to furnish Seller a written statement of reasonable objections to exceptions, including any encumbrances or Surveys, which, in Purchaser reasonable judgment, would materially interfere with or impair Purchaser's use of the Real Property for the operation of Applebee's restaurants or which would result in a material decrease in the value of the Real Property ("Material Objections"). Seller shall have until the Termination Date to satisfy such Material Objections (but with no obligation to do so) in all material respects, and if Seller fails to satisfy all Material Objections in all material respects on or prior to the Termination Date, then Purchaser's sole right and remedy shall be to either (i) waive the objections and elect to close, or (ii) terminate this Agreement by giving written notice of such termination to Seller. If Purchaser fails to furnish Seller a written statement of Material Objections by the end of the Title Inspection Period with respect to any matter appearing as an exception on a Title Commitment, such matter shall be deemed waived by Purchaser and shall be a Permitted Encumbrance.