Common use of Title Objections Clause in Contracts

Title Objections. Purchaser will have until the 6:00 p.m. EST on December 8, 2017 to examine title to the Property and the Survey and in Purchaser’s sole discretion to object, by delivery of a notice of objections to Seller, time being of the essence, to any exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Survey (the “Exceptions”). In no event shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable Exceptions, except Seller agrees to cause to be removed at Closing any liens, mortgages or deeds of trust recorded against the Property created by, through or under Seller and any security instrument(s) recorded against the Property in connection with the foregoing (“Monetary Lien Removal Obligation”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions on or before the expiration of the Due Diligence Period, Purchaser may terminate this Agreement in accordance with Article VI. If Purchaser fails to terminate this Agreement in accordance with Article VI, the Exceptions and all other matters otherwise affecting title to the Property, except those matters Seller and/or the Title Company has removed or insured over or agreed to remove or insure over or which Seller is obligated to remove, will constitute the “Permitted Exceptions”.

Title Objections. Purchaser will have until the 6:00 p.m. EST on December 8, 2017 date that is five (5) days prior to the expiration of the Due Diligence Period to examine title to the Property and the Survey Existing Survey, and in Purchaser’s sole discretion to object, by delivery of a notice of objections to Seller, time being of the essence, to any exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Existing Survey (the “Exceptions”). In no event shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable Exceptions, except Seller agrees to cause to be removed at Closing any liens, mortgages or deeds of trust recorded against the Property remove monetary liens created by, through or under Seller and (but expressly excluding any security instrument(smechanics liens created by tenants) recorded against provided Seller’s liability for removal of all such liens (except in the Property in connection with the foregoing case of any mortgages or deeds of trust created by Seller) collectively shall be limited to $75,000 (“Monetary Lien Removal Obligation”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions exceptions on or before the expiration of the Due Diligence Period, Purchaser may terminate this Agreement in accordance with Article VI. If Purchaser fails to terminate this Agreement in accordance with Article VIAgreement, the Exceptions and all other matters otherwise affecting title to the Property, except those matters Seller and/or the Title Company has removed or insured over or agreed to remove or insure over or which Seller is obligated to remove, will constitute the “Permitted Exceptions”.

Title Objections. Purchaser If Seller elects not to remove any non-monetary Objections or Amendment Objections, Buyer will have until five (5) days from receipt of Seller’s notice, but in no event later than the 6:00 p.m. EST on December 8Closing Date, 2017 to examine title notify Seller of Buyer’s election either to proceed with the purchase and take the Property subject to those exceptions, in which case the Objections and the Survey and in Purchaser’s sole discretion to object, by delivery of a notice of objections to Seller, time being of the essence, to any exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Survey (the “Exceptions”). In no event Amendment Objections shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable be deemed Permitted Exceptions, except or to terminate this Agreement. If Seller agrees to gives notice that it will cause one or more non-monetary Objections or Amendment Objections to be removed at Closing but fails to remove any liens, mortgages or deeds of trust recorded against the Property created by, through or under Seller and any security instrument(s) recorded against the Property in connection with the foregoing (“Monetary Lien Removal Obligation”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions them from title on or before the expiration of the Due Diligence PeriodClosing Date, Purchaser Buyer may terminate this Agreement in accordance with Article VI. If Purchaser fails either (i) elect to terminate this Agreement in accordance by written notice to Seller, or (ii) proceed with Article VIthe purchase and take the Property subject to those exceptions, which shall be deemed Permitted Exceptions. If Buyer elects to terminate this Agreement under this Section 4(d), the Exceptions escrow will be terminated, all documents and all other matters otherwise affecting title funds, including the ▇▇▇▇▇▇▇ money note, will be returned to the Propertyparty who deposited them, and neither party will have any further rights or obligations under this Agreement except those matters as otherwise provided in this Agreement. If this Agreement is terminated due to non-removal of an Objection or Amendment Objection after Seller and/or the Title Company has removed or insured over or agreed to remove or insure over or which it, then Seller is obligated to remove, will constitute pay any costs of terminating the “Permitted Exceptions”escrow and any cancellation fee for the Preliminary Commitment.

Title Objections. Purchaser will have until the 6:00 p.m. EST on December 8, 2017 expiration of the Due Diligence Period to examine title to the Property and the Survey and in Purchaser’s sole discretion to object, by delivery of a notice of objections to Seller, time being of the essence, to any exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Survey (the “Exceptions”). In no event shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable Exceptions, except Seller agrees to cause to be removed at Closing any mortgages, deeds of trust, mechanic's liens, mortgages or deeds of trust other monetary liens recorded against the Property created by, through or under Seller and any security instrument(s) recorded against the Property in connection with the foregoing (“Monetary Lien Removal ObligationLiens”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions exceptions on or before the expiration of the Due Diligence Period, Purchaser may terminate this Agreement in accordance with Article VIby written notice to Seller prior to the expiration of the Due Diligence Period. If Purchaser fails to terminate this Agreement in accordance with Article VIAgreement, the Exceptions and all other matters otherwise affecting title to the Property, except Monetary Liens and those matters Seller and/or the Title Company has removed or removed, insured over or agreed to remove or insure over or which Seller is obligated to removeover, will constitute the “Permitted Exceptions”.

Title Objections. Purchaser will have until the 6:00 p.m. EST on December 8, 2017 has provided to examine title to the Property and the Survey and in Purchaser’s sole discretion to object, by delivery of Seller a notice of objections to Seller, time being of the essence, to any certain exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Survey (the “Exceptions”). In no event shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable Exceptions, except Seller agrees to cause to be removed at Closing (i) any liens, mortgages or deeds of trust recorded against the Property created by, through or under Seller and any security instrument(s) recorded against the Property in connection with the foregoing unless such instrument has lapsed and (ii) any other monetary lien created by, through or under Seller; provided however, Seller’s liability for removal of all such liens described in this subsection (ii) collectively shall be limited to $50,000.00 (provided, however, Purchaser shall be entitled to object to any liens described in this subsection (ii) exceeding such $50,000.00 amount pursuant to Section 8.4 as New Exceptions (hereinafter defined), and if Seller does not remove such liens in accordance with Section 8.4, Purchaser shall be entitled to terminate this Agreement by written notice to Seller pursuant to Section 8.4 and receive a return of the Deposit) (“Monetary Lien Removal Obligation”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions on or before the expiration of the Due Diligence Period, Purchaser may terminate this Agreement in accordance with Article VI. If Purchaser fails to terminate this Agreement in accordance with Article VI, the The Exceptions and all other matters otherwise affecting title to the Property, except those matters Seller and/or the Title Company has removed or insured over or agreed to remove or insure over on or which Seller is obligated to removebefore the expiration of the Due Diligence Period, will constitute the “Permitted Exceptions”.

Title Objections. Purchaser will have until the 6:00 p.m. EST on December 8, 2017 date that is five (5) days prior to the expiration of the Due Diligence Period to examine title to the Property and the Survey Existing Survey, and in Purchaser’s sole discretion to object, by delivery of a notice of objections to Seller, time being of the essence, to any exceptions to title disclosed on the Title Commitment and to any matters disclosed on the Existing Survey (the “Exceptions”). In no event shall Exceptions include any Monetary Lien Removal Obligations (as defined below). Upon receipt of such objections from Purchaser, Seller may, but is under no obligation to, remove or agree to remove the objectionable Exceptions, except Seller agrees to cause to be removed at Closing any liens, mortgages or deeds of trust recorded against the Property remove monetary liens created by, through or under Seller and (but expressly excluding any security instrument(smechanics liens created by tenants) recorded against provided Seller’s liability for removal of all such liens (except in the Property in connection with the foregoing case of any mortgages or deeds of trust created by Seller) collectively shall be limited to $75,000 (“Monetary Lien Removal Obligation”). If Seller or Title Company does not (or does not agree to) remove or insure over (without payment of additional premium) the objectionable Exceptions exceptions on or before the expiration of the Due Diligence Period, Purchaser may terminate this Agreement in accordance with Article VI. If Purchaser fails to terminate this Agreement in accordance with Article VIAgreement, the Exceptions and all other matters otherwise affecting title to the Property, except those matters Seller and/or the Title Company has removed or insured over or agreed to remove or insure over or which Seller is obligated to remove, will constitute the “Permitted Exceptions”.. 11