Common use of Title Review Clause in Contracts

Title Review. During the Contingency Period (as defined below), Buyer shall finish reviewing the Title Binder and any surveys of the Property, and at least ten (10) business days before the expiration of the Contingency Period, Buyer shall notify Seller of what exceptions, to title, if any, will not be accepted by Buyer. If Buyer fails to give Seller such notice at least ten (10) business days before the expiration of the Contingency Period. Buyer shall be deemed to have accepted the title as is. Seller shall have two (2) business days after receipt of Buyer’s notice of objections to give Buyer notice of which exceptions, if any, Seller shall cause to be removed from title. If Seller fails to give Buyer such notice before the expiration of the two (2)-day period, (“Seller’s Notice Period”) Seller shall be deemed to have elected not to cause such objectionable exceptions to be removed from title. If Seller gives notice that it will not remove any objectionable exception from title or shall be deemed to have elected not to cause such objectionable exceptions to be removed from title, Buyer may terminate the Agreement by giving written notice to Seller. Failure by Buyer to so terminate this Agreement before the expiration of Contingency Period, shall be deemed as Buyer’s election to proceed with this transaction. Encumbrances to be discharged by Seller may be paid out of the Purchase Price at Closing.

Title Review. During the Contingency Period (as defined below), Buyer shall finish reviewing the Title Binder and any surveys of the Property, and at least Within ten (10) business calendar days before the expiration of the Contingency Perioddate of Mutual Acceptance, Seller shall deliver or cause to be delivered to Buyer, an ALTA preliminary commitment for title insurance issued by First American Title Insurance Company on the Property and copies of all of the documents noted as title exceptions in the commitment. Buyer shall have twenty (20) calendar days after the receipt of the commitment within which to notify Seller in writing of what Buyer's disapproval of any of the exceptions, encumbrances or defects shown in the commitment. Failure of Buyer to title, if any, will not provide written notice of disapproval of any encumbrances or defects within the aforementioned time limit shall be accepted by Buyerdeemed notice of approval. If Buyer fails objects to give any exceptions, Seller such notice at least shall, within ten (10) business days before the expiration of the Contingency Period. Buyer shall be deemed to have accepted the title as is. Seller shall have two (2) business calendar days after receipt of Buyer’s 's objections, deliver to Buyer written notice of objections that either (a) Seller will, at Seller's expense, attempt to give remove the exceptions to which Buyer notice of which has objected before the Closing Date or (b) Seller is unwilling or unable to eliminate said exceptions, if any, Seller shall cause to be removed from title. If Seller fails to give so notify Buyer such notice before the expiration of the two (2)-day period, (“Seller’s Notice Period”) Seller shall be deemed or is unwilling or unable to have elected not to cause such objectionable exceptions to be removed from title. If Seller gives notice that it will not remove any objectionable such exception from title or shall be deemed to have elected not to cause such objectionable exceptions to be removed from titleby the Closing Date, Buyer may terminate the Agreement by giving written notice elect to Seller. Failure by Buyer to so terminate this Agreement before and receive back the expiration of Contingency Periodentire xxxxxxx money, in which event Buyer and Seller shall be deemed as Buyer’s election have no further obligations under this Agreement; or, alternatively, Buyer may elect to proceed with this transaction. Encumbrances purchase the Property subject to be discharged by Seller may be paid out of the Purchase Price at Closingsuch exceptions.

Title Review. During the Contingency Period (as defined below), Buyer shall finish reviewing the Title Binder and any surveys of the Property, and at least ten twenty (1020) business days before the expiration of the Contingency Period, Buyer shall notify Seller of what exceptions, to title, if any, will not be accepted by Buyer. If Buyer fails to give Seller such notice at least ten twenty (1020) business days before the expiration of the Contingency Period. Buyer shall be deemed to have accepted the title as is. Seller shall have two twenty (220) business days after receipt of Buyer’s notice of objections to give Buyer notice of which exceptions, if any, Seller shall cause to be removed from title. If Seller fails to give Buyer such notice before the expiration of the two (2)-day twenty-day period, (“Seller’s Notice Period”) Seller shall be deemed to have elected not to cause such objectionable exceptions to be removed from title. If Seller gives notice that it will not remove any objectionable exception from title or shall be deemed to have elected not to cause such objectionable exceptions to be removed from title, Buyer may terminate the Agreement by giving written notice to Seller. Failure by Buyer to so terminate this Agreement before the the expiration of Contingency Period, shall be deemed as Buyer’s election to proceed with this transaction. Encumbrances to be discharged by Seller may be paid out of the Purchase Price at Closing.

Title Review. During the Contingency Period Not later than five (as defined below), Buyer shall finish reviewing the Title Binder and any surveys of the Property, and at least ten (105) business days before the expiration end of the Contingency Due Diligence Period, Buyer shall notify deliver to Seller a written notice stating that Buyer either (a) approves the condition of what exceptionstitle as shown on the PTR, or (b) disapproves any specific exceptions to title, if any, will not be accepted by Buyertitle showing on the PTR. If Buyer fails to give Seller provide such written notice at least ten (10) business days on or before the expiration of the Contingency Period. such date, Buyer shall be deemed to have accepted approved the condition of title as isshown on the PTR. If Buyer delivers a timely written notice in which Buyer disapproves any specific exceptions to title, Seller shall either cause such exceptions to be removed on or before the Closing Date or shall notify Buyer in writing on or before the end of the Due Diligence Period that Seller will not cause such exceptions to be removed. If Seller notifies Buyer in writing on or before the end of the Due Diligence Period that it will not cause such exceptions to be removed, Buyer may either terminate this Agreement prior to the end of the Due Diligence Period as provided in Section 4.4 below, or waive its disapproval to such exceptions and proceed to Closing, in which case Seller shall have two (2) business days after receipt of Buyer’s notice of objections to give Buyer notice of which exceptions, if any, Seller shall cause to be removed from title. If Seller fails to give Buyer such notice before the expiration of the two (2)-day period, (“Seller’s Notice Period”) Seller shall be deemed to have elected not no obligation to cause such objectionable exceptions to be removed from title. Seller’s failure to provide such notice shall be deemed Seller’s election not to cause such exceptions to be removed. Notwithstanding the foregoing, Seller agrees to extinguish on the Closing Date all monetary liens or encumbrances affecting title to the Property (excluding the lien for real property taxes and assessments that are not yet delinquent, and any liens caused by Buyer). If Seller gives notice that it will Buyer does not remove any objectionable exception from title or terminate this Agreement before the end of the Due Diligence Period, Buyer shall irrevocably be deemed to have elected not to cause waive its disapproval to such objectionable exceptions title exceptions, to be removed from titlehave approved the condition of title to the Property, Buyer may terminate the Agreement by giving written notice and to Seller. Failure by Buyer to so terminate this Agreement before the expiration of Contingency Period, shall be deemed as Buyer’s election have elected to proceed with this transaction. Encumbrances to be discharged by Seller may be paid out of the Purchase Price at Closing.