Title Insurance Report: Title Objections Sample Clauses

Title Insurance Report: Title Objections. Tenant will obtain, at its sole cost and expense, a report of title from a title insurance company licensed to do business in the Commonwealth of Kentucky with respect to the Land. If it has not already done so, promptly after the Commencement Date, Tenant may, at Tenant’s expense obtain a survey of the Land which shall locate all easements, restrictions and other matters of record affecting the Land and shall locate any such easements, restrictions and other matters of record and identify them by book and page reference. Within sixty (60) days after the delivery of such survey, Tenant shall obtain at Tenant’s sole cost and expense the report of title from a title insurance company licensed to do business in the Commonwealth of Kentucky with respect to the Land which report must then show the Land is free and clear of all liens, encumbrances and tenancies of any kind, nature in description except for (a) liens for current taxes not in default, (b) minor survey exceptions that do not adversely affect Tenant’s ability to construct and operate the Improvements, (c) utility easements which will not interfere with the development, construction or operation of the Improvements as contemplated by this Lease or the use and enjoyment of the Easement Areas (the “Permitted Encumbrances”). If the report of title shows liens and encumbrances other than Permitted Encumbrances, Tenant shall notify Landlord and shall allow Landlord forty- five (45) days after the receipt of the notice to satisfy and discharge of record the liens and encumbrances. If, within the forty-five (45) day period, Landlord shall not satisfy and discharge of record the liens and encumbrances, Tenant may, at its option, cancel this Lease by giving Landlord written notice within ten (10) days after the expiration of the forty-five (45) day period and the Lease shall terminate on the giving of notice. Upon termination, neither party shall have any further rights or liabilities under this Lease, except that in the event that following the termination of this Lease pursuant to this Article 23, Landlord, or any affiliate thereof, thereafter utilizes the Plans, or any part thereof, without the Tenant’s involvement, then Landlord shall reimburse Tenant for all Pre-Development Reimbursables, to the extent not previously reimbursed. In such case, Tenant shall provide documentation, satisfactory to Landlord for all requested Pre-Development Reimbursables.