Common use of Title Review Period Clause in Contracts

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. Purchaser shall have The “Title Review Period” means the number period of time ending on the date which is ten (10) business days specified in following the Schedule to review the Survey and date as of which Buyer has received a Title Commitment and to deliver to Seller a Survey for each of the Defect NoticeProperties. All items in Schedule C to Buyer shall have until the end of the Title Commitment Review Period to notify the Company of any objections Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (except item No10) business days after receipt of Buyer’s objections (the “Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. 3) shall automatically be deemed an objection by Purchaser, which Each such Seller shall cure, at or prior to Closingnotify Buyer of its election by the end of the Title Response Period. 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 a Seller is unable or unwilling to satisfy all undertake to eliminate or modify such unacceptable exceptions or conditions with respect to a Property to the reasonable satisfaction of Purchaser’s objectionsBuyer within the Title Response Period, Seller shall deliver Buyer may elect not to proceed with the Cure Notice Transaction in accordance with Section 13.1(c)(iii), such election to Purchaser listing all objections that Seller is unable to satisfy. After receipt of be made on or before the Cure Notice or, if Seller fails to timely deliver fifth (5th) business day after 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 end of the Title Commitment as of Response Period (the date of the Defect Notice“Title Decision Date”); provided, however, that Sellers shall be deemed required to cure at or before the Closing any such exception or condition that is based upon a “Permitted Exception”mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate. In no event Alternatively, Buyer may any matter or instrument which affects elect to proceed to Closing and accept the Property become a Permitted Exception until Purchaser has: (i) been advised or Properties in writing of the existence of question subject to all such matter exceptions or instrument; (ii) received a legible copy of the instrument, if any, creating such exception; and (iii) failed conditions 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 hereunderwhich Buyer objected.

Title Review Period. Purchaser shall have three (3) business days (the number "Title Review Period") after the receipt of days specified the Title Commitments for each of the Real Properties, and copies of all instruments referred to therein, to notify Seller, in writing, of such objections as Purchaser may have to anything contained in the Schedule Title Commitment; provided, however, that Purchaser shall not be entitled to review object to any Permitted Exception described in paragraphs (a) through (c) of Section 3.3 hereof. In the Survey and Title Commitment and event Purchaser shall notify Seller of objections to deliver to Seller the Defect Notice. All items in Schedule C title prior to the expiration of the Title Commitment Review Period, Seller shall have five (except item No. 35) shall automatically be deemed an objection by Purchaserdays after receipt of notification of such objections (the "Cure Period"), within which Seller may, but shall cure, at not be obligated to cure or prior to Closing. If there are any other objections by Purchaser, Seller in good faith shall attempt to satisfy remove such objections within the number of days specified in the Scheduleobjections. If Seller is unable fails either to satisfy all cure or remove such objections to the reasonable satisfaction of Purchaser’s objections, Seller shall deliver the Cure Notice Title Company prior to Purchaser listing all objections that Seller is unable to satisfy. After receipt the expiration of the Cure Notice orPeriod, if Seller fails to timely deliver Purchaser shall have two (2) days after the earlier of the expiration of the Cure Notice, Purchaser may Period or written notice from Seller stating Seller will not cure such objections (the "Election Period") in which either to terminate this Agreement by written notice to Seller or to waive such uncured objections and accept such title as Seller is able to convey without any reduction in the Purchase Price. Failure of Purchaser to send written notice of the election available to it pursuant to the preceding sentence on or terminate this Agreementbefore the expiration of the Election Period shall be deemed an election by Purchaser to waive its objections and accept such title as Seller is able to convey without any reduction in the Purchase Price. Any item: (i) item contained in the Title Commitment to which Purchaser does not object or which Purchaser waives in writing; and (ii) which is shown on Schedule B of during the Title Commitment as of the date of the Defect NoticeReview Period, or waives its objections, 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. 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 Objection 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 cureSeller, agrees to use good faith efforts to satisfly at or prior to Closing. If there are any other objections by PurchaserSeller may, Seller in good faith but shall have no obligation to attempt to satisfy such any Schedule B objections within the number of days specified in the Schedule. If Seller is unable or unwilling to satisfy all of Purchaser’s objections, Seller shall deliver the Cure Notice to Purchaser listing all objections that Seller is unable or unwilling to satisfy. After receipt of the Cure Notice or, if Seller fails to timely deliver the Cure Notice, Purchaser may as its sole remedy either waive such uncured objections and accept such title as Seller is able to convey without reduction in the Purchase Price 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 Objection 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. Purchaser shall have ten (10) days (the number "Title Review Period") after the receipt of days specified the last of the Title Commitment, legible copies of all instruments referred to in the Schedule to review B thereof, and the Survey and Title Commitment and to deliver notify Seller, in writing, of any objections Purchaser may have to Seller the Defect Notice. All items anything contained in Schedule C to the Title Commitment (except or the Survey; provided, however, that Purchaser shall not be entitled to object to any Permitted Exceptions described in Section 2.5 hereof. Any item No. 3) shall automatically contained in the Title Commitment or the Survey to which Purchaser does not object during the Title Review Period will be deemed an objection by Purchasera Permitted Exception. In the event Purchaser shall notify Seller of objections to title or the Survey prior to the expiration of the Title Review Period, Seller shall have ten (10) days after receipt of notification of such objections, or such greater period of time as may be mutually acceptable to Purchaser and Seller (the "Cure Period"), within which Seller may (but shall curenot be required to) cure or remove such objections; provided, at or prior to Closing. If there are any other objections by Purchaserhowever, Seller in good faith shall attempt be required to satisfy such objections within obtain the number release of days specified in the Scheduleany liens created by Seller. If Seller is unable fails either to satisfy all cure or remove any objection to the reasonable satisfaction of Purchaser’s objections, Seller shall deliver the Cure Notice Title Company and Purchaser prior to Purchaser listing all objections that Seller is unable to satisfy. After receipt the expiration of the Cure Notice or, if Seller fails to timely deliver the Cure NoticePeriod, Purchaser may either (a) terminate this Agreement by written notice to Seller and receive a return of the Earnest Money, at which time this Agreement will become null and void xx (x) waive such uncured objections objection and accept such title as Seller is able to convey or terminate this Agreementwithout any reduction in the Purchase Price. Any item: (i) Failure of Purchaser to which Purchaser does not object or which Purchaser waives in writing; and (ii) which is shown on Schedule B send written notice of the Title Commitment as election available to Purchaser pursuant to the preceding sentence within five (5) calendar days after the expiration of the date of the Defect Notice, shall Cure Period will be deemed a “Permitted Exception”. In no event may an election by Purchaser to waive Purchaser's objection and accept such title as Seller is able to convey without any matter or instrument which affects reduction in 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 hereunderPurchase Price.