Title Review Period. With respect to each Property separately, Purchaser shall have a period of time beginning the latter of (i) the execution of this Agreement or (ii) upon Purchaser's receipt of the Title Report for such Property and copies of all documents referred to therein and ending at 5:00 p.m., Central Standard Time, fifteen (15) business days thereafter (the "Title Review Period"), to review the Title Report for such Property and to give Seller and Escrow Agent notice of any title exceptions relating to such Property which are unacceptable to Purchaser. Purchaser shall be deemed to have waived its right to object to any exception included in the Title Report if Purchaser fails to notify Seller of such objections prior to the expiration of the Title Review Period for such Property. If Purchaser gives notice of dissatisfaction as to any exception to title as shown in the Title Report for any Property, or any amendment thereto, Seller may, but shall not be obligated to, attempt to eliminate the disapproved exception from the Title Report for such Property or any amendment thereto prior to the Closing Date for such Property. If Seller elects to eliminate the disapproved exception and does not eliminate it by a date which is at least ten (10) business days prior to the Closing Date for such Property, Purchaser's sole and exclusive remedies shall be to either (i) cancel this Agreement, with respect to such Property only, by giving Seller and Escrow Agent written notice of cancellation at least five (5) business days prior to the Closing Date for such Property, (ii) close such transaction, with respect to such Property only, subject to such previously disapproved exception, or (iii) cancel this Agreement in full, as to all Properties. Notwithstanding the foregoing, if Seller notifies Purchaser in writing of its election not to eliminate a disapproved exception to title, Purchaser shall have until the earlier of the Closing Date or five (5) business days after receiving Seller's written notice of such election to either (i) cancel this transaction or proceed to Closing, with respect to such Property only, or (ii) cancel this Agreement in full, as to all Properties. Purchaser's failure to make a timely election shall be deemed its election to close this transaction with respect to such Property only, taking title subject to any previously disapproved title exception. With respect to any amendments or updates to the Title Report or previous amendments or updates thereto, the s...
Title Review Period. Seller has delivered to Purchaser and Purchaser acknowledges receipt of (i) the following Commitment for Title Insurance with copies of all recorded instruments affecting the applicable portion of the Property and recited as exceptions in the Commitment for Title Insurance: Commitment No 3020-724461TX1 issued April 13, 2015 with regard Regency on the Green, North Richland Hills, Texas (the "Commitment") and (ii) a copy of the following: ALTA/ACSM Land Title Survey dated June 19, 2015 prepared by Xxxxxxxx Xxxxxxxxx TRPLS No 4873. At Closing, Purchaser shall reimburse Seller for the actual out-of-pocket amount paid by Seller to the surveyor for the Survey in the amount of $15,500 and the Purchaser will bear any cost to modify or change the Survey to include any items beyond the survey requirements of XXXXXXX MAC and XXXXXX XXX. If Purchaser has an objection to items disclosed in the Commitment or Survey, then Purchaser may give Seller written notice of its objections for a period of fifteen (15) days after the Effective Date but in no event later than five (5) days before the expiration of the Feasibility Period. If Purchaser gives timely written notice of its objections, then Seller may, but has no obligation to (except as expressly provided herein), cure those objections for a period of two (2) Business Days from the date Seller receives Purchaser's notice ("Seller's Cure Period"). Seller shall utilize reasonable diligence to cure any errors in the Commitment, provided Seller has no obligation to expend any money, to incur any contractual or other obligations, or to institute any litigation in pursuing its efforts, other than to remove at Closing (i) financing liens of an ascertainable amount created by, through, or under Seller, (ii) any exceptions or encumbrances to title which are created by, under or through Seller after the date of the Commitment without Purchaser’s prior written consent, and (iii) any Purchase and Sale Agreement15233083_2 12
Title Review Period. After receipt of the last of the Title Commitment, legible copies of the Exception Instruments, and the Survey, Purchaser shall have a period of twenty (20) days to review the state of Seller’s title to the Property (the “Title Review Period”). If the Survey, the Title Commitment or the Exception Instruments reflect or disclose any defect, exception or other matter affecting the Property (“Title Defects”) that is unacceptable to Purchaser for any reason whatsoever, then prior to the expiration of the Title Review Period, Purchaser may provide Seller with written notice of its objections, and Seller shall have ten (10) days (the “Cure Period”) from the date of the notice to remove or cure any Title Defects to the satisfaction of Purchaser. Seller shall use its reasonable, good faith efforts to remove or cure the Title Defects to Purchaser’s satisfaction, but shall not be required to incur any costs in doing so (other than as provided in Section 2.4 below) or to institute litigation. If Seller does not cure any or all of the Title Defects within the Cure Period, Seller shall notify Purchaser in writing, prior to the expiration of the Cure Period, of its failure to cure such Title Defects, and Purchaser may, prior to the later of (a) ten (10) days after receipt of Seller’s notice of its failure to cure or (b) the expiration of the Inspection Period (hereinafter defined), either (i) terminate this Agreement by written notice delivered to Seller, or (ii) elect to waive any uncured Title Defect. If Purchaser fails to terminate the Agreement by written notice delivered to Seller prior to the expiration of the time period referenced in the immediately preceding sentence, then any Title Defects that Seller has not cured shall be deemed waived by Purchaser. If Purchaser shall fail to notify Seller in writing of any objections to the state of Seller’s title to the Property as shown by the Title Commitment, the Exception Documents or the Survey, or if Purchaser elects to waive all or any of the Title Defects, or is deemed to have waived all or any of the Title Defects, then any exceptions to Seller’s title to which Purchaser has not objected or which have been objected to and waived by Purchaser and which are disclosed by the Title Commitment shall be considered to be “Permitted Exceptions.” If Purchaser terminates this Agreement pursuant to this section, then neither Seller nor Purchaser shall have any further rights or obligations under this Agreement and the Xxxxxx...
Title Review Period. Purchaser shall have the number of days specified in the Schedule to review the Survey and Title Commitment and to deliver to Seller the Defect Notice. All items in Schedule C to the Title Commitment (except item No. 3) shall automatically be deemed an objection by Purchaser, which Seller shall cure, at or prior to Closing. If there are any other objections by Purchaser, Seller in good faith shall attempt to satisfy such objections within the number of days specified in the Schedule. If Seller is unable to satisfy all of Purchaser’s objections, Seller shall deliver the Cure Notice to Purchaser listing all objections that Seller is unable to satisfy. After receipt of the Cure Notice or, if Seller fails to timely deliver the Cure Notice, Purchaser may either waive such uncured objections and accept such title as Seller is able to convey or terminate this Agreement. Any item: (i) to which Purchaser does not object or which Purchaser waives in writing; and (ii) which is shown on Schedule B of the Title Commitment as of the date of the Defect Notice, shall be deemed a “Permitted Exception”. In no event may any matter or instrument which affects the Property become a Permitted Exception until Purchaser has: (i) been advised in writing of the existence of such matter or instrument; (ii) received a legible copy of the instrument, if any, creating such exception; and (iii) failed to object to the exception within Ten (10) days following Purchaser’s receipt of written notification of the existence of such exception and the instrument creating such exception. If Purchaser terminates this Agreement as provided for herein, then the Xxxxxxx Money shall be returned immediately to Purchaser, and neither Seller nor Purchaser shall have any further right or obligation hereunder.
Title Review Period. The “Title Review Period” shall end on June 2, 2022, at 5:00 p.m. (California time).
Title Review Period. The Title Review Period shall be a period of sixty (60) days from and after the Effective Date.
Title Review Period. Section 7.4.1 of the Agreement is hereby revised as follows:
Title Review Period. The "TITLE REVIEW PERIOD" shall end on September 16, 2004, at 5:00 p.m. (California time).
Title Review Period. Seller and Purchaser agree to extend the Title Review Period set forth in Section 6(b) of the Contract, as the Title Review Period relates to Survey matters only, to 5:00 P. M. on November 22, 2005 for the sole purpose of allowing Purchaser to complete and review the Survey of the Property and object to Survey matters only which materially affect Purchaser’s intended use of the Property. Purchaser agrees to deliver the Additional Deposit of $500,000.00 to the Escrow Agent on or before November 23, 2005. Furthermore, Purchaser acknowledges and agrees that the Initial Deposit and the Additional Deposit shall be deemed non-refundable to Purchaser until Closing unless Seller shall default under the Contract, or a title matter arises under Section 6(c) of the Contract and Purchaser terminates the Contract pursuant to the provisions of Section 6(c) of the Contract, or the Survey discloses a defect which materially affects Purchaser’s intended use of the Property and which defect Seller is unable to cure following notification by Purchaser of such defect as provided in the Contract.
Title Review Period. Within ten (10) days after receipt of the Title Commitments, Buyer shall deliver a notice to Seller (“Buyer’s Title Notice”) of those title exceptions which are not approved by Buyer (collectively, “Unpermitted Exceptions”). Buyer hereby agrees that (i) any items listed on title commitments obtained by Sellers in connection with the acquisition of the Properties on the Merger Date (or, with respect to the Property owned by KRG Branson IV, LLC, a Delaware limited liability company, any items listed on the owner’s policy of title insurance with an effective date of June 27, 2014, insuring title in the name of Inland Diversified Branson Hills IV, L.L.C. a Delaware limited liability company), (ii) any memoranda or other documents relating to Leases, (iii) any exceptions relating to Assumed Financing, (iv) all easements, restrictions, or other matters of record in favor of utilities or governmental entities, and (v) all matters that are Permitted Exceptions, shall not be considered Unpermitted Exceptions. If Buyer fails to timely deliver a Buyer’s Title Notice, then Buyer shall be deemed to have accepted the condition of title as reflected on the Title Commitments.
