Common use of Title Update Clause in Contracts

Title Update. If, prior to Closing, the Title Company updates the Title Commitment (the “Title Update”) and such Title Update discloses matters not reflected in the Title Evidence (“New Exceptions”), Buyer may object to the New Exceptions to the extent the same are not Permitted Encumbrances if such New Exceptions materially adversely affect the use of the Property or materially detract from the value of the Property within five (5) days following the date of receipt by Buyer of the Title Update. If Buyer does not so object within such 5-day period, then such New Exceptions shall be deemed waived by Buyer. If any New Exception is so objected to by Buyer within such 5-day period (the “Objections”), then Seller shall use reasonable efforts to cure the Objections within ten (10) days after its receipt of the Objections, which cure may include causing the Title Company to provide affirmative coverage to Buyer. If any Objection is not cured within such 10-day period, then Buyer may provide written notice to Seller of its intent to terminate this Agreement or to waive any uncured Objections and proceed to Closing. Seller shall have no obligation to cure. Pending such cure, the Closing will be postponed as necessary to accommodate such time period. Notwithstanding anything to the contrary in this Section 3.1.3, all New Exceptions that are judgment liens, mechanics liens and mortgages arising through Seller shall automatically be deemed to be objected to by Buyer as "Objections" that may not be cured by Seller causing the Title Company to provide affirmative coverage to Buyer.

Title Update. If, prior to Closing, the Title Company updates the Title Commitment (the “Title Update”) and such Title Update discloses matters not reflected in the Title Evidence (“New Exceptions”), Buyer may object to the New Exceptions to the extent the same are not Permitted Encumbrances if such New Exceptions materially adversely affect the use of the Property or materially detract from the value of the Property within five (5) days following the date of receipt by Buyer of the Title Update. If Buyer does not so object within such 5-day period, then such New Exceptions shall be deemed waived by Buyer. If any New Exception is so objected to by Buyer within such 5-day period (the “Objections”), then Seller shall use reasonable efforts to cure the Objections within ten (10) days after its receipt of the Objections, which cure may include causing the Title Company to provide affirmative coverage to Buyer. If any Objection is not cured within such 10-day period, then Buyer may provide written notice to Seller of its intent to terminate this Agreement or to waive any uncured Objections and proceed to Closing. Seller shall have no obligation to cure. Pending such cure, the Closing will be postponed as necessary to accommodate such time period. Notwithstanding anything to the contrary in this Section 3.1.3, all New Exceptions that are judgment liens, mechanics liens and mortgages -3- arising through Seller shall automatically be deemed to be objected to by Buyer as "Objections" that may not be cured by Seller causing the Title Company to provide affirmative coverage to Buyer.