Common use of Unresolved Exceptions Clause in Contracts

Unresolved Exceptions. Within two (2) days after the date Seller receives Purchaser’s written notice of any Disapproved Exception within the time period specified above (or the first Business Day after said two (2) day period, if the second (2nd) day is not a Business Day), Seller shall notify Purchaser in writing of any Disapproved Exceptions which Seller is unable or unwilling to cause to be removed or insured against prior to or at the Closing (the “Unresolved Exceptions”). With respect to any Unresolved Exception, Purchaser shall elect, by giving written notice to Seller and the Escrow Company on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions (i) to terminate this Agreement, or (ii) to waive Purchaser’s disapproval of such Unresolved Exceptions, in such latter event each such Unresolved Exception shall then be deemed a Permitted Exception. Purchaser’s failure to terminate this Agreement on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions shall constitute Purchaser’s agreement to treat such Unresolved Exception(s) as Permitted Exception(s). If Purchaser terminates this Agreement in accordance with this Section 4, this Agreement will be deemed terminated, and the Deposit shall immediately be refunded to Purchaser. Title and escrow cancellation costs shall be paid by Seller and Purchaser as provided in Section 17(c).

Unresolved Exceptions. Within two (2) days after the date Seller receives Purchaser’s written notice of any Disapproved Exception within the time period specified above (or the first Business Day after said two (2) day period, if the second (2nd) day is not a Business Day), Seller shall notify Purchaser in writing of any Disapproved Exceptions which Seller is unable or unwilling to cause to be removed or insured against prior to or at the Closing (the “Unresolved Exceptions”). With respect to any Unresolved Exception, Purchaser shall elect, by giving written notice to Seller and the Escrow Company on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions (i) to terminate this Agreement, or (ii) to waive Purchaser’s disapproval of such Unresolved Exceptions, in such latter event each such Unresolved Exception shall then be deemed a Permitted Exception. Purchaser’s failure to terminate this Agreement on or before the later of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions shall constitute Purchaser’s agreement to treat such Unresolved Exception(s) as Permitted Exception(s). If Purchaser terminates this Agreement in accordance with this Section 4, this Agreement will be deemed terminated, and the Deposit shall immediately be refunded to Purchaser. Title and escrow cancellation costs shall be paid by Seller and Purchaser as provided in Section 17(c).17I.

Unresolved Exceptions. Within two (2) five days after the date Seller receives PurchaserBuyer’s timely written notice of any Disapproved Exception within the time period specified above (or the first Business Day after said two (2) day period, if the second (2nd) day is not a Business Day)Exception, Seller shall notify Purchaser Buyer by e-mail notice in writing accordance with Section 19.4 of any Disapproved Exceptions Exception which Seller is unable or unwilling to cause to be removed or insured against prior to or at the Closing (the “Unresolved Exceptions”). With respect If Seller fails to notify Buyer of its election to remove or insure any of such Unresolved ExceptionExceptions prior to the expiration of such five day period, Purchaser Seller shall be deemed to have declined to cause all such Disapproved Exceptions to be removed or insured against. Notwithstanding anything herein to the contrary, Seller shall remove or, to Buyer’s reasonable satisfaction, bond against all judgments, mortgages, deeds of trust, mechanics’ or materialmen’s liens, real estate tax liens, other tax liens and/or other monetary liens encumbering the Property (collectively, “Monetary Liens”) other than the Monetary Liens that secure the Loans and liens for taxes and assessments not yet due and payable or monetary liens caused by Buyer, its agents, representatives, consultants or engineers. If there are Unresolved Exceptions, Buyer shall elect, by giving written notice to notifying Seller and the Escrow Company on or before the later within five days after receipt of the last day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions notice: (i) to terminate this Agreement, or (ii) to waive PurchaserBuyer’s disapproval of such Unresolved Exceptions and thereby convert them to Permitted Exceptions, in such latter event each such Unresolved Exception shall then be deemed a Permitted Exception. PurchaserBuyer’s failure to terminate this Agreement on or before the later of the last by such fifth day of the Due Diligence Period or two (2) Business Days after the date Purchaser receives Seller’s written notice of any Unresolved Exceptions shall constitute PurchaserBuyer’s agreement to treat such Unresolved Exception(s) Exceptions as Permitted Exception(s)Exceptions. If Purchaser Buyer terminates this Agreement in accordance with this Section 4Section, this Agreement will be deemed terminated, and the Deposit shall immediately be refunded to PurchaserBuyer in accordance with Section 2.1.4. Title and escrow cancellation costs shall be paid by Seller and Purchaser Buyer as provided in Section 17(c)15.3.