Common use of Title Review Clause in Contracts

Title Review. If Purchaser timely notifies Seller in writing of Title Objections, Seller will, within five (5) Business Days after Seller's receipt of Purchaser's notice (the "TITLE CURE PERIOD"), notify Purchaser in writing that Seller will either satisfy the Title Objections at Seller's sole cost and expense, or that Seller cannot or will not satisfy certain Title Objections at Seller's expense. Failure by Seller to timely respond shall be deemed Seller's decision not to cure any Title Objections. If Seller elects not to satisfy any of the Title Objections within the Title Cure Period, Purchaser has the option (as its sole remedy), exercisable at any time prior to the Termination Date (hereinafter defined), of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptions, or (ii) terminating this Contract and receiving back the Xxxxxxx Money (less the Independent Contract Consideration), in which latter event Seller and Purchaser will have no further obligations, one to the other, with respect to the subject matter of this Contract, except for return of the Xxxxxxx Money (less the Independent Contract Consideration) and other provisions that survive termination of this Contract by their terms. Purchaser's failure to deliver a notice of termination on or prior to the Termination Date shall constitute Purchaser's waiver of any Title Objection that Seller has elected not to satisfy.

Title Review. If Purchaser timely notifies On April 30, 2004, Seller received in writing of Purchaser's Title Objections. By 5:00 p.m. May 4, 2004, Seller will, within five (5) Business Days after Seller's receipt of Purchaser's notice (the "TITLE CURE PERIOD"), will notify Purchaser in writing that Seller will either satisfy the Title Objections at Seller's sole cost and expense, or that Seller cannot or will not satisfy certain Title Objections at Seller's expense. Failure by Seller to timely respond shall be deemed Seller's decision not to cure any Title Objections. If Seller elects not to satisfy any of the Title Objections within the Title Cure PeriodObjections, Purchaser has the option (as its sole remedy), exercisable at any time prior to the Termination Date 5:00 p.m., Dallas, Texas time on Friday, May 7, 2004 (hereinafter defined"TITLE REVIEW TERMINATION DATE"), of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptions, or (ii) terminating this Contract and receiving back the Xxxxxxx Money (less the Independent Contract Consideration), in which latter event Seller and Purchaser will have no further obligations, one to the other, with respect to the subject matter of this Contract, except for return of the Xxxxxxx Money (less the Independent Contract Consideration) and other provisions that survive termination of this Contract by their terms. In order to terminate this Contract pursuant to the preceding sentence, Purchaser shall deliver to Seller written notice ("TITLE TERMINATION NOTICE") of the specific Title Objection(s) pursuant to which Purchaser is terminating the Contract and the reason Purchaser deems such matter(s) to be objectionable. Purchaser's failure to deliver a notice of termination on or Title Termination Notice prior to the Title Review Termination Date shall constitute Purchaser's waiver of any Title Objection that Seller has elected not to satisfy.

Title Review. Within ten (10) days of the Contract Date, Seller shall deliver or cause to be delivered to Purchaser a commitment for an owner’s title insurance policy issued by the Title Company in the amount of the purchase price, covering title to the Property dated within 30 days of the date hereof showing title subject only to: (a) the Permitted Exceptions, as set forth below; (b) the standard title exceptions contained in the Title Company’s form owner’s policy; and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which shall be removed by Seller by the payment of money at the time of closing. At the same time, Seller shall also cause the Title Company to provide copies of all recorded documents noted in the title commitment. If the title commitment discloses unpermitted exceptions, Purchaser timely notifies shall notify Seller in writing prior to the expiration of Title Objectionsthe Due Diligence Period, and Seller will, within five (5) Business Days after Seller's receipt of Purchaser's notice (may attempt to have the "TITLE CURE PERIOD"), notify Purchaser in writing that Seller will either satisfy unpermitted exceptions removed from the Title Objections at Seller's sole cost and expense, or that Seller cannot or will not satisfy certain Title Objections at Seller's expense. Failure by Seller to timely respond shall be deemed Seller's decision not to cure any Title Objectionscommitment. If Seller elects not is unable or unwilling to satisfy any do so prior to the expiration of the Title Objections within the Title Cure Due Diligence Period, Purchaser has the option (as its sole remedy), exercisable at any time prior to the Termination Date (hereinafter defined), of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptions, or (ii) terminating may terminate this Contract and receiving back the Xxxxxxx Money (less the Independent Contract Consideration), in which latter event Seller and Contract. If Purchaser will have no further obligations, one to the other, with respect to the subject matter of so terminates this Contract, except for return of the Xxxxxxx all Exxxxxx Money (less the Independent Contract Consideration) shall be returned to Purchaser and other provisions that survive termination of this Contract by their termsshall be null and void. Purchaser's failure to deliver a notice of termination on or prior Title to the Termination Date Property shall constitute be conveyed to Purchaser by Special Warranty Deed (the “Warranty Deed’), free and clear of all liens and encumbrances except taxes and assessments which are a lien but not yet due and payable; any restrictions, reservations, easements or other encumbrances of record; encroachments; and impacts of zoning ordinances and building codes permitted by Purchaser's waiver of any Title Objection that Seller has elected not to satisfy, (the “Permitted Exceptions’).

Title Review. If Within fifteen (15) days following receipt of the Title Report (together with legible copies of all of the recorded documents referenced therein as exceptions) and the Survey, Purchaser timely notifies shall have reviewed and approved or disapproved those matters reflected on the Title Report and the Survey. In the event Purchaser objects to any such matters, Purchaser shall advise Seller in writing of Title Objectionsits objections within said fifteen (15) day period; provided, Seller will, within five however that such objections shall not include those items specifically excluded in Paragraph 4. Within ten (510) Business Days after days of Seller's receipt of Purchaser's notice (the "TITLE CURE PERIOD")objections, notify Seller shall advise Purchaser in writing that Seller will either satisfy as to whether it intends to correct the Title Objections at Seller's sole cost and expense, or that Seller cannot or will not satisfy certain Title Objections at Seller's expense. Failure by Seller defects to timely respond shall be deemed Seller's decision not to cure any Title Objectionswhich Purchaser has objected. If Seller elects not fails to satisfy any notify Purchaser within said ten (10) day period or timely notifies Purchaser of the Title Objections within the Title Cure Periodits refusal to correct some or all of such defects, Purchaser has shall have ten ( 10) days following the option (as its sole remedy), exercisable at any time prior to the Termination Date (hereinafter defined), earlier of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptionsexpiration of said Seller's ten (10) day response period, or (ii) terminating the date Purchaser receives Seller's notice of refusal, to advise Seller of its decision to close, notwithstanding the defects, or to terminate this Contract and receiving back Agreement. In the Xxxxxxx Money (less event of any such termination, neither party shall have any further rights or obligations hereunder, other than Seller's obligation to return or to direct the Independent Contract Consideration), in which latter event Seller and Purchaser will have no further obligations, one to the other, with respect to the subject matter of this Contract, except for return of the Xxxxxxx Money (less the Independent Contract Consideration) and other provisions that survive termination of this Contract by their terms. Purchaser's failure Xxxxxxx Money. Any matter reflected in the Title Report or the Survey not objected to deliver a notice of termination on or prior to in accordance with the Termination Date terms hereof shall constitute be deemed accepted by Purchaser's waiver of any Title Objection that Seller has elected not to satisfy.;

Title Review. Within ten (10) days of the Contract Date, Seller shall deliver or cause to be delivered to Purchaser a commitment for an owner’s title insurance policy issued by the Title Company in the amount of the purchase price, covering title to the Property dated within 30 days of the date hereof showing title subject only to: (a) the Permitted Exceptions, as set forth below; (b) the standard title exceptions contained in the Title Company’s form owner’s policy; and (c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which shall be removed by Seller by the payment of money at the time of closing. At the same time, Seller shall also cause the Title Company to provide copies of all recorded documents noted in the title commitment. If the title commitment discloses unpermitted exceptions, Purchaser timely notifies shall notify Seller in writing prior to the expiration of Title Objectionsthe Due Diligence Period, and Seller will, within five (5) Business Days after Seller's receipt of Purchaser's notice (may attempt to have the "TITLE CURE PERIOD"), notify Purchaser in writing that Seller will either satisfy unpermitted exceptions removed from the Title Objections at Seller's sole cost and expense, or that Seller cannot or will not satisfy certain Title Objections at Seller's expense. Failure by Seller to timely respond shall be deemed Seller's decision not to cure any Title Objectionscommitment. If Seller elects not is unable or unwilling to satisfy any do so prior to the expiration of the Title Objections within the Title Cure Due Diligence Period, Purchaser has the option (as its sole remedy), exercisable at any time prior to the Termination Date (hereinafter defined), of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptions, or (ii) terminating may terminate this Contract and receiving back the Xxxxxxx Money (less the Independent Contract Consideration), in which latter event Seller and Contract. If Purchaser will have no further obligations, one to the other, with respect to the subject matter of so terminates this Contract, except for return of the all Xxxxxxx Money (less the Independent Contract Consideration) shall be returned to Purchaser and other provisions that survive termination of this Contract by their termsshall be null and void. Purchaser's failure to deliver a notice of termination on or prior Title to the Termination Date Property shall constitute be conveyed to Purchaser by Special Warranty Deed (the “Warranty Deed’), free and clear of all liens and encumbrances except taxes and assessments which are a lien but not yet due and payable; any restrictions, reservations, easements or other encumbrances of record; encroachments; and impacts of zoning ordinances and building codes permitted by Purchaser's waiver of any Title Objection that Seller has elected not to satisfy, (the “Permitted Exceptions’).

Title Review. Purchaser shall have ten (10) days after its receipt of the last of the Title Commitment and the copies of each title exception document, but in no event later than the expiration of the Review Period (the "Title Review Period"), to give Seller a detailed notice objecting to any exception or condition contained in the Title Commitment or shown on the Updated Survey, if any. If Purchaser does not give notice of any objections to Seller within the Title Review Period, Purchaser shall be deemed to have approved the title as shown in the Title Commitment, the title exceptions, and all matters shown on the Updated Survey. If Purchaser provides timely notifies Seller in writing of Title Objectionsobjections, Seller will, within shall have five (5) Business Days days after Seller's receipt of Purchaser's notice (the "TITLE CURE PERIODTitle Cure Period")) in which to cure or attempt to cure Purchaser's objections; provided, notify Purchaser in writing however that Seller will either satisfy the Title Objections at Seller's sole cost and expense, or that Seller canshall not or will not satisfy certain Title Objections at Seller's expense. Failure by Seller to timely respond shall be deemed Seller's decision not have any obligation to cure any of Purchaser's objections. Seller may bond around any mechanics' or materialmen's lien(s) and abstract(s) of judgment to the Title ObjectionsCompany's reasonable satisfaction. If Seller elects Purchaser provides timely objections and all of Purchaser's objections are not to satisfy any of cured within the Title Objections Cure Period for any reason, then, within five (5) days after the last day of the Title Cure Period, Purchaser has the option (shall, as its sole and exclusive remedy), exercisable waiving all other remedies, either: (a) terminate this Agreement by giving a termination notice to Seller, at any which time prior to the Termination Date (hereinafter defined), of either (i) waiving the unsatisfied Title Objections, in which event the unsatisfied Title Objections will become Permitted Exceptions, or (ii) terminating this Contract and receiving back Escrowee shall return the Xxxxxxx Money (less to Purchaser and the Independent Contract Consideration), in which latter event Seller and Purchaser will parties shall have no further obligationsrights, one liabilities, or obligations under this Agreement (other than those that expressly survive termination); or (b) waive the uncured objections by proceeding to Closing and thereby be deemed to have approved the other, with respect to the subject matter of this Contract, except for return of the Xxxxxxx Money (less the Independent Contract Consideration) and other provisions that survive termination of this Contract by their terms. Purchaser's failure to deliver a title as shown in the Title Commitment, the title exception documents, and the Updated Survey, if any. If Seller does not timely receive notice of termination on or prior to the Termination Date shall constitute Purchaser's waiver of any election to terminate under this Section 3.3, Purchaser will be deemed to have waived the uncured objections and to approve the Partnership's title as shown in the Commitment, the title exception documents, and the Updated Survey. All exceptions shown on the Existing Survey, the Title Objection Commitment, the title exception documents, or the Updated Survey that Seller has elected are not to satisfycured within the Title Cure Period shall be the "Permitted Exceptions".