Title Issues. (i) Borrower owns good, indefeasible, marketable and insurable fee simple title to the Premises, free and clear of all liens, other than the Permitted Encumbrances applicable to the Premises, and until the Indebtedness is paid in full Borrower shall not permit any liens (other than the Permitted Encumbrances, any title matters or exceptions approved in writing by Lender subsequent to the date hereof, taxes which are not yet due or delinquent, or any lien that is contested by Borrower in accordance with and subject to paragraph 1(e) of the Mortgage) to attach to the Premises. Borrower has good title to the Premises and has the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same. There are not now, and until the Indebtedness is paid in full, there will not be any outstanding options or agreements to purchase or rights of first refusal affecting the Premises, except the right of first refusal to purchase as set forth in paragraph 20 of the lease with The Stop & Shop Supermarket Company dated December 21, 2001. The Permitted Encumbrances do not and, until the Indebtedness is paid in full, will not materially and adversely affect (a) the ability of Borrower to pay in full all sums due under the Note or any of its other obligations in a timely manner (b) the use of the Premises for the use currently being made thereof, the operation of the Premises as currently being operated or the value of the Premises, or (c) the value or marketability of the Premises.
Title Issues and Objections Buyer shall be responsible for ordering at Buyers Expense a Title Opinion, title policy or title commitment for an Owner’s Policy of Title Insurance. Buyer shall forward the Title Opinion or Updated Commitment, when received, to Alexander Auctions & Real Estate Sales and Seller. Buyer shall, within fifteen (15) business days following Buyer’s receipt of the Title Opinion or Updated Commitment, notify Alexander Auctions & Real Estate Sales and Seller of Buyer’s written objection(s) to any exceptions that are shown in the Title Opinion or Commitment. Seller shall have 90 days to cure any such objections shown in the Title Opinion or Updated Commitment. In no event shall such objections include the matters waived by this agreement as described herein. In the event, Seller cannot cure the objections that were shown in the Title Opinion or Updated Commitment, Buyer may either terminate this Agreement, as provided herein, or elect to purchase the Property despite its objections. In any event, Buyer’s failure to respond, on or before five (5) days prior to the Closing, shall be deemed conclusive evidence of Buyer’s approval of the condition of title, as shown on the Commitment. In the event Seller cannot cure the objections shown in the Title Opinion or updated Commitment and Seller elects to terminate this Agreement, as provided herein, the xxxxxxx money deposit shall be refunded. If the transaction shall not be closed because of the title objections or refusal of the Seller to perform, then Seller shall pay the Agent the commission and expenses on demand. Failure or refusal of wife or husband of Seller or Buyer to execute deed or mortgage required hereunder shall be deemed default on the part of such Seller or Buyer.
Title Issues. 32 ARTICLE VII FINANCIAL STATEMENTS; OTHER PRIOR DELIVERIES AND PRE-CLOSING DELIVERIES
Title Issues. On or before the Closing Date, Seller (i) shall take all necessary action to (x) cure or resolve any violation of the Planning Act with respect to the Ontario, Canada Property, and (y) record the original leases (or memoranda thereof) with respect to the leased real property located in the following cities and towns: Columbus, Ohio; Houston, Texas; and Lufkin, Texas, (ii) use its best efforts to record the original leases (or memoranda thereof) with respect to Mobile, Alabama; Vacaville, California; Litchfield, Illinois; and Eufala, Alabama.
Title Issues. On or before July 15, 2015 (the “Title Review Deadline”), the City and Frost shall agree upon those matters presently affecting the title to Existing Tower Facilities whereupon such list of permitted exceptions shall be delivered to Weston Urban and attached to this Agreement as Exhibit “M” (the “Permitted Exceptions”). If the City and Frost do not agree upon the Permitted Exceptions on or before the Title Review Deadline (as such deadline may be extended by written agreement among all the Parties with the City Manager acting on behalf of the City), then any of the Parties may terminate this Agreement by delivering notice to the other Parties on or before the expiration of the tenth (10th) Business Day following the Title Review Deadline, whereupon (i) this Agreement and all Ancillary Agreements other than the City Lease Amendment shall terminate, (ii) the City Real Estate Xxxxxxx Money shall be refunded to Weston Urban in accordance with the Deed Escrow Agreement, (iii) the Prepaid Purchase Price Portion shall be refunded to the City in accordance with the Escrow Agreement and the Existing Tower Contract, and (vi) none of the Parties hereto shall have any continuing rights or obligations under this Agreement or under any of the terminated Ancillary Agreements (except as expressly set forth in any Ancillary Agreements) thereafter. If the City and Frost do not agree upon the Permitted Exceptions on or before the Title Review Deadline and no Party elects to terminate this Agreement before the expiration of the tenth (10th) Business Day following the Title Review Deadline, then the City shall be deemed to have accepted as Permitted Exceptions all matters shown on the Schedule B of the most recent title commitment issued to the City in regard to the Existing Tower Facilities prior to the Title Review Deadline. If after the date the Authorizing Ordinance is approved by the San Antonio City Council Frost causes any new matter to affect title to the Existing Tower Facilities that is not included among the Permitted Exceptions or not otherwise consented to by the City and Xxxxx does not cure such matter to the City’s reasonable satisfaction within thirty (30) days following receipt of written notice delivered by the City to Frost and Weston Urban, then the City shall have as its sole remedy for such default, the option of terminating this Agreement by delivering written notice thereof to the other Parties within fifteen (15) days following the expiration of such t...
Title Issues. (i) Borrower owns indefeasible, marketable and insurable fee simple title to the Premises, free and clear of all liens, other than the Permitted Encumbrances applicable to the Premises, and until the Indebtedness is paid in full Borrower shall not permit any liens (other than the Permitted Encumbrances, any title matters or exceptions approved in writing by Lender subsequent to the date hereof, taxes that are not yet due or delinquent, or any lien that is contested by the Borrower in accordance with and subject to paragraph 1(e) of the Deed of Trust) to attach to the Premises. Borrower has the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same. There are not now, and until the Indebtedness is paid in full, there will not be any outstanding options or agreements to purchase or rights of first refusal affecting the Premises. The Permitted Encumbrances do not and, until the Indebtedness is paid in full, will not materially and adversely affect (a) the ability of Borrower to pay in full all sums due under the Note or any of its other obligations in a timely manner (b) the use of the Premises for the use currently being made thereof, the operation of the Premises as currently being operated or the value of the Premises, or (c) the value or marketability of the Premises.
Title Issues. Choice Financial being successful in obtaining good and marketable title to the Subject Property either through a deed in lieu of foreclosure, or a real estate mortgage foreclosure action. There should be no encumbrances or liens upon the real estate except for terms acceptable to Buyer with respect to the HIF mortgage and restrictions.
Title Issues. The Town will continue to own, and will lease to the District pursuant to the Property Availability IGA, the Depot site. Although a lease will not require a title insurance policy, the Town agrees that as the owner it is responsible for defending any and all title disputes relating to the Depot site and any adjoining property owned by the Town. In the event of a question as to the validity of the Town’s claim of ownership, the Town agrees to take reasonable steps necessary to confirm its ownership of the Depot site, including seeking to obtain appropriate deeds or other forms of documentation as to such property, and, if necessary, bringing a quiet title action or other legal proceeding to resolve any possible title disputes.
Title Issues. If Purchaser raises any objections to the quality of Seller’s title, Seller shall have a minimum of thirty (30) days from the earlier of the closing date or the date upon which Seller receives a copy of a title insurance commitment or a title report to resolve title exceptions or defects or other title issues which in any way impede or impair Seller’s ability to convey title as required herein. If within such thirty (30) day period, Seller determines it is unable or unwilling to resolve such matters, then Purchaser: (i) may take title in its then state, thereby waiving any title objections, or (ii) terminate the Contract and receive a refund of any xxxxxxx money as Purchaser’s sole and exclusive remedy and Seller shall have no further obligations to Purchaser whatsoever and the Contract shall be deemed null and void and of no further force or effect. Alternatively, in such circumstances, Seller may terminate the Contract and refund Purchaser’s xxxxxxx money, such refund being Purchaser’s exclusive remedy for such termination and Seller shall have no further obligations to Purchaser whatsoever and the Contract shall be deemed null and void and of no further force or effect. In the event Seller fails to resolve the title issues within the aforesaid thirty (30) day period, all parties shall presume Seller determined it is unable or unwilling to resolve such issues. Seller shall refund Purchaser’s xxxxxxx money and Seller shall have no further obligations to Purchaser whatsoever and the Contract shall be deemed null and void and of no further force or effect.
Title Issues i. Until the Indebtedness is paid in full Gatehouse shall not permit any liens (other than the Senior Loan and taxes which are not yet due or delinquent and mechanic’s and materialman’s liens being contested by appropriate proceedings) to attach to the Hotel Property. As of the Hotel Closing, Gatehouse will have good title to the Hotel Property and will have the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same. There are not now, and until the Indebtedness is paid in full, there will not be any outstanding options or agreements to purchase or rights of first refusal affecting the Hotel Property.
