Common use of Title Updates Clause in Contracts

Title Updates. If any supplemental title commitment or update issued subsequent to the date of the Title Commitment contains exceptions (the “New Exceptions”) other than those in the Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence). If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence), Purchaser will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to remove or insure over the objectionable New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure over) will be included as Permitted Exceptions.

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment Effective Date contains exceptions (the “New Exceptions”) other than those in the Title CommitmentCommitments or New Surveys and which have a material adverse effect on the use, value or operation of the Property (“New Exceptions”), Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to, remove the objectionable New Exceptions, provided, Seller will be required to remove prior to or insure over the objectionable at Closing all monetary liens constituting New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New ExceptionsExceptions (provided Seller will remove all monetary liens), then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overremove) will be included as Permitted Exceptions.

Title Updates. If any supplemental title commitment report or update issued subsequent to the date expiration of the Title Commitment Study Period contains exceptions for matters placed on the public record following the Approval Date or otherwise not disclosed by the Title Report initially delivered to Buyer (the “New Exceptions”) other than those in the Title Commitment), Purchaser Buyer will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller Sellers on or before the date that is five three (53) days Business Days following PurchaserBuyer’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser Buyer fails to deliver to Seller Sellers a notice of objections on or before such date (time being of the essence)date, Purchaser Buyer will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted ExceptionsExceptions except to the extent that the New Exception constitutes a Required Cure Matter. Seller If such New Exception constitutes a Required Cure Matter, Sellers shall cure the same in accordance with Section 5.6 hereof. If such New Exception does not constitute a Required Cure Matter, then Sellers will have not less than ten five (105) days from after the receipt of PurchaserBuyer’s notice (and, if necessary, Seller Sellers may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s responseday period), within which xxxx Xxxxxx time Sellers may, but is are under no obligation to to, remove or insure over the objectionable New Exceptions. If, If Buyer timely objects to such New Exception and such New Exception does not constitute a Required Cure Matter and within the ten five (105) day period, Seller Sellers or Title Company does do not (or does do not agree to) remove or insure over the objectionable New Exceptions, then Purchaser Buyer may terminate this Agreement upon written notice to Seller Sellers no later than five two (52) days following expiration of the five (105) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure over) will be included as Permitted Exceptions.day

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment Effective Date contains exceptions (the “New Exceptions”) other than those in the Title CommitmentCommitments or New Surveys and which have a material adverse effect on the use, value or operation of the Property (“New 18 Exceptions”), Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to, remove the objectionable New Exceptions, provided, Seller will be required to remove prior to or insure over the objectionable at Closing all monetary liens constituting New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New ExceptionsExceptions (provided Seller will remove all monetary liens), then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overremove) will be included as Permitted Exceptions.

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment contains exceptions (the “New Exceptions”) other than those in the Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New ExceptionsExceptions (except as provided in the Monetary Lien Removal Obligation), and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to to, remove or insure over the objectionable New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overand except as provided in the Monetary Lien Removal Obligation) will be included as Permitted Exceptions.

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment September 20, 2017 contains material exceptions (the “New Exceptions”) other than those in the original Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New ExceptionsExceptions (except Required Removal Items), and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten five (105) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten five (105) day period and for five two (52) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to to, remove or insure over the objectionable New ExceptionsExceptions (other than Required Removal Items). If, within the ten five (105) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than five two (52) business days following expiration of the five (105) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overand Required Removal Items) will be included as Permitted Exceptions.

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment contains exceptions (the “New Exceptions”) other than those in the Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New ExceptionsExceptions (except as provided in the Monetary Lien Removal Obligation), and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to to, remove or insure over the objectionable New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overand except as provided in the Monetary Lien Removal Obligation) will be included as Permitted Exceptions.. 12

Title Updates. If any supplemental title commitment report or update issued subsequent to the date of the Title Commitment contains exceptions (the “New Exceptions”) other than those in the Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) business days following Purchaser’s receipt of such supplement or update or, if earlier, the Closing Date (time being of the essence)update. If Purchaser fails to deliver to Seller a notice of objections on or before such date (time being of the essence)date, Purchaser will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted Exceptions. Seller will have not less than ten (10) business days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such ten (10) day period and for five (5) days following such period for Purchaser’s response), within which xxxx Xxxxxx may, but is under no obligation to remove or insure over the objectionable New Exceptions. If, within the ten (10) day period, Seller or Title Company does not (or does not agree to) remove or insure over the objectionable New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than five (5) days following expiration of the (10) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement). If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or insured over or agreed to remove or insure overremove) will be included as Permitted Exceptions.