Common use of Title Review Items Clause in Contracts

Title Review Items. Title Company shall deliver to Purchaser, at Seller’s cost, an commitment to issue a standard Texas form T-1 Owner Policy of Title Insurance or a reissuance of the existing title policy of the Seller obtained in 2014 (the “Title Commitment”), issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements. The Title Commitment shall be delivered to Purchaser with a complete legible set of all exceptions described therein. The date of delivery of the Title Commitment and exception documents shall herein be the “Title Delivery Date.” Purchaser shall, on or before twenty (20) days after the Title Delivery Date (the “Title Review Date”), deliver to Seller in writing any objections to matters shown in the Title Commitment and/or on the Survey, provided that the final “as Built” Survey has then been delivered to Purchaser. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Survey, if then delivered to Purchaser, shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes of the Title Commitment and the approval of the Survey, respectively. Notwithstanding the foregoing, if the final “As Built” Survey is not delivered to Purchaser at least ten (10) days prior to the Title Review Date, Purchaser shall have ten (10) days after the actual delivery of said final Survey to review same and deliver to Seller any objections thereto and if Purchaser fails to deliver any objection to the Survey within said ten (10) day period, Purchaser shall be deemed to have accepted the Survey. If Purchaser timely objects to any exceptions set forth in the Title Commitment or disclosures made on the Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not the obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten (10) business days of the date Seller receives Purchaser’s objections to such items. Notwithstanding any provision to the contrary, Purchaser shall not be required to object to any monetary liens or monetary encumbrances, or real property taxes and assessments existing against the Property and due and payable as of the Closing Date (as defined herein) and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) may be released as of the Closing, provided Seller must provide Buyer notice during the 10 business day cure period if any such encumbrance will not be cured at Closing (as defined herein). If Seller elects not to cure, or fails to timely respond to any of Purchaser’s objection(s), Seller shall be deemed to have elected not to cure such item. Purchaser may, within 5 business days of Seller’s election or failure to cure, terminate this Contract by delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02. In the event that Purchaser delivers a timely notice of termination pursuant to this Section 3.02, the Title Company, acting as escrow agent, shall release and return the ▇▇▇▇▇▇▇ Money Deposit to Purchaser. If Purchaser fails to terminate this Contract as set forth herein, Purchaser shall be deemed to have waived its objection to the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a Permitted Exception.

Title Review Items. Title Company Seller shall deliver obtain and cause to Purchaser, at Seller’s cost, an be delivered to Purchaser within fifteen (15) days after the Trigger Date a ALTA for commitment to issue a standard Texas form T-1 Owner Policy of Title Insurance or a reissuance of the existing for title policy of the Seller obtained in 2014 (the “Title Commitment”)commitment, issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements. The Title Commitment shall be delivered to Purchaser with a complete legible set Improvements and provide copies of all exceptions described therein. The date of delivery of the Title Commitment and title exception documents shall herein be referred to therein (collectively, the “Title Delivery Date.” Commitment”). Purchaser shall, on or before twenty the twenty-fifth (2025th) days day after the Title Delivery Date (the “Title Review Trigger Date”), deliver to Seller in writing any objections to matters (other than standard printed exceptions) shown in the Title Commitment and/or on the Existing Survey, provided that the final “as Built” Survey has then been delivered to Purchaser. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Survey, if then delivered to Purchaser, Existing Survey shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes of the Title Commitment and the approval of the Existing Survey, respectively. Notwithstanding the foregoing, if the final “As Built” Survey is not delivered to Purchaser at least ten (10) days prior to the Title Review Date, Purchaser shall have ten (10) days after the actual delivery of said final Survey to review same and deliver to Seller any objections thereto and if Purchaser fails to deliver any objection to the Survey within said ten (10) day period, Purchaser shall be deemed to have accepted the Survey. If Purchaser timely objects to any exceptions or matters (that are properly objectionable) set forth in the Title Commitment or disclosures made on the Existing Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not the any obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten (10) business days of the date Seller receives Purchaser’s objections to such items. Notwithstanding any provision to the contrary, Purchaser shall not be required to object to any monetary liens or monetary encumbrancesencumbrances created by or through Seller (or assumed or affirmatively accepted subject to by Seller), mechanics’ and materialmen’s liens created by or through Seller, or real property taxes and assessments existing against the Property and due and payable as of prior to the Closing Date (as defined herein) ), and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) may will be released as of the Closing, provided Seller must provide Buyer notice during the 10 business day cure period if any such encumbrance will not be cured at Closing (as defined herein). If Seller elects not to cure, or fails to timely respond to any of Purchaser’s objection(s)objections, then Seller shall be deemed to have elected not to cure such item. item and Purchaser may, within 5 business fifteen (15) days of Seller’s election or failure to curethereafter, terminate this Contract by the delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02. In ; provided, however, that in the event that Purchaser timely delivers a timely notice of termination pursuant to this Section 3.02, the Title Company, acting as escrow agent, Escrow Agent shall promptly release and return the ▇▇▇▇▇▇▇ Money Deposit to Purchaser. If Purchaser fails to terminate this Contract as set forth hereintimely give notice of termination, Purchaser shall it will be deemed to have waived its objection to the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a Permitted Exception. Purchaser may obtain an updated Title Commitment from time to time prior to Closing to determine if there are any additional exceptions to coverage noted in respect to the Real Property, and upon receipt thereof (and any instruments of record relating thereto) will deliver a copy thereof to Seller. If any new matter (not shown on the Existing Survey or earlier Title Commitment) appears on the Updated Survey or any updated Title Commitment, Purchaser and Seller shall follow the same objection and cure timeline and process as set forth above in respect to such matters, with the dates for objection and the timelines beginning with the date on which the Purchaser obtained the Updated Survey (or was required to have done so, if sooner) or obtained the updated Title Commitment, and the parties have the same rights and remedies for uncured subsequent objections to any such new objectionable Updated Survey or updated Title Commitment matters as are set forth above for the initial Existing Survey and original Title Commitment review by Purchaser.

Title Review Items. Title Company shall deliver to Purchaser, at SellerPurchaser’s costsole cost and expense, shall promptly after the Effective Date order an ALTA form commitment to issue a standard Texas form T-1 Owner Policy of Title Insurance or a reissuance of the existing for title policy of the Seller obtained in 2014 insurance (the “Title Commitment”), issued by the Title Company which shall set forth the state of title to the Real Property and the Improvements. The Title Commitment shall be delivered to Purchaser with a complete legible set of all exceptions described therein. The date of delivery Within five (5) days after receipt of the Title Commitment and exception documents shall herein be the “Title Delivery Date.” Purchaser shallSurvey, on or before but in no event later than twenty (20) days after the Title Delivery Date (the “Title Review Date”), deliver to Seller in writing any objections to matters shown in the Title Commitment and/or on the Survey, provided that the final “as Built” Survey has then been delivered to Purchaser. Purchaser’s failure to timely object to any exception set forth in the Title Commitment or any disclosure made on the Survey, if then delivered to Purchaser, shall be deemed to constitute Purchaser’s approval of all such exceptions and disclosures and all such exceptions and disclosures shall then become Permitted Exceptions (as defined herein), for purposes of the Title Commitment and the approval of the Survey, respectively. Notwithstanding the foregoing, if the final “As Built” Survey is not delivered to Purchaser at least ten (10) days prior to the Title Review Effective Date, Purchaser shall have ten (10) days after deliver copies of the actual delivery of said final Survey to review same and deliver to Seller and notification to Seller of any objections thereto and if Purchaser fails to deliver any objection to the Survey within said ten (10) day periodtitle to the Property, Purchaser shall be deemed to have accepted including, without limitation, any matters that may appear from the Survey. If Purchaser timely objects Seller agrees to any exceptions set forth in remove all liens or encumbrances that evidence an obligation to pay a specific sum of money on or before the Title Commitment or disclosures made on date of the Survey in accordance with the terms and conditions of this Section 3.02, then Seller shall have the right, but not the obligation, to attempt to cure, or cause to be cured, any such items which are the subject of such timely objections within ten Closing. Within three (103) business days after Seller’s receipt of the date Seller receives Purchaser’s notice of objections, Seller shall by written notice to Purchaser state whether or not Seller can or will correct any other objections to such items. Notwithstanding any provision to the contrary, Purchaser shall not be required to object to any monetary liens title specified in Purchaser’s notice of objections on or monetary encumbrances, or real property taxes and assessments existing against the Property and due and payable as of the Closing Date (as defined herein) and the parties agree that such items (collectively, the “Nonpermitted Exceptions”) may be released as of before the Closing, provided Seller must provide Buyer notice during the 10 business day cure period if any such encumbrance will not be cured at Closing (as defined herein). If Seller elects not to curecorrect any such non-monetary objections on or before the Closing, or fails Purchaser shall, by written notice to timely respond to any of Purchaser’s objection(s), Seller shall be deemed to have elected not to cure such item. Purchaser may, delivered within 5 business five (5) days of after Seller’s election or failure to curenotice, either (i) terminate this Contract by delivery to Seller and the Title Company of a written notice of termination pursuant to this Section 3.02. In the Agreement, in which event that Purchaser delivers a timely notice of termination pursuant to this Section 3.02, the Title Company, acting as escrow agent, shall release and return the ▇▇▇▇▇▇▇ Money Deposit to Purchaser. If Purchaser fails to terminate this Contract as set forth herein, Purchaser shall be deemed promptly paid to Purchaser and neither party shall have waived any further rights, interests, or obligations hereunder, except for such rights, interests or obligations which, by the express terms of this Agreement, survive the termination hereof, or (ii) waive such objections and accept such title as Seller can convey without abatement of the Purchase Price. Any encumbrances, easements, restrictions and/or covenants of record and matters revealed by the Title Commitment and the Survey to which Purchaser does not object or with respect to which Purchaser has objected and subsequently waives its objection to shall constitute “Permitted Encumbrances”, and shall be included in the disapproved, uncured item(s), whereupon each such disapproved, uncured item shall then become a Permitted ExceptionExceptions specified in Section 5.01 below.