Title Review Process Sample Clauses

Title Review Process. Purchaser and Marriott have each initiated the title review process consisting of, with respect to the Leased Real Property, the Owned Real Property and the real property owned by any Minority Owned Entity located in the United States (the “Real Properties”), (A) ordering from the Title Company a Uniform Commercial Code financing statement search including a search on any Target and a commitment for owner’s title insurance, on such policy form as is available in the applicable jurisdiction as selected by Purchaser, and (B) ordering from ▇▇▇▇ & ▇▇▇▇▇ Corporation National Surveyors Network (“Surveyor”) an ALTA survey with such instructions regarding information to be shown and the scope of certification as Purchaser shall determine. The Uniform Commercial Code financing statement search results and the title commitments and surveys obtained by Purchaser, as revised or updated from time to time, are herein referred to as “Title Materials.” Copies of all Title Materials shall be provided to Marriott’s counsel as and when received, which copies shall not be required to be returned. During the period from the date of this Agreement and ending at 11:59 pm May 3, 2005 (the “Objection Period”), Purchaser shall notify Marriott in writing of those matters relating to title disclosed to Purchaser in the Title Materials or otherwise disclosed in materials received by Purchaser at least forty-eight (48) hours prior to 11:59 pm, May 3, 2005 to which Purchaser objects (including, for example, the size or configuration of any Real Properties which are not acceptable to Purchaser), and that are not Permitted Encumbrances set forth in items (b)-(e) of the definition thereof (collectively, the “Purchaser’s Objections”). As to matters relating to title disclosed in the Title Materials or otherwise disclosed in materials received by Purchaser within forty-eight (48) hours prior to 11:59 pm, May 3, 2005, Purchaser shall notify Marriott in writing of its Title Objections within forty-eight (48) hours of its receipt of such materials, but in no event later than 11:59 pm, May 5, 2005. Purchaser shall endeavor to deliver the Purchaser’s Objections in a reasonably expeditious manner and on a property-by-property basis commencing no later than the date hereof and thereafter as soon as reasonably practical after the date Purchaser receives the applicable portion of the Title Materials. Purchaser shall not be deemed to waive its right to make Purchaser’s Objections even if Purchaser’s O...