Updated Surveys Clause Samples

Updated Surveys. Not less than thirty (30) days prior to Closing, Seller shall provide or make available updates of the Existing Surveys (or new surveys) for each Property, each dated within sixty (60) days of the Closing Date, that will reflect no new survey matters other than those that are Permitted Encumbrances or which otherwise are reasonably acceptable to Purchasers.

Updated Surveys. On or before the Closing, Purchaser will have the right, from time to time, to obtain (and deliver to Seller a copy of) an update of a new or previously updated survey (the “Updated Survey”). If the Updated Survey discloses any matters that are not listed on Purchaser’s prior survey, the same shall be considered Additional Title Defects and Purchaser shall have the right to object to such Additional Title Defects by providing written notice of same to Seller, within the earlier of (i) ten (10) Business Days after receipt of such Updated Survey or (ii) the Closing Date. If Purchaser timely delivers notice of such Additional Title Defects to Seller, Seller will use reasonable good faith efforts to cure such Additional Title Defects prior to Closing; provided that Purchaser, as determined in it sole and absolute discretion, shall have the right, from time to time, to extend the Closing for a period not longer than 150 days in order for Seller to cure such Additional Title Defects. In the event that Seller, using reasonable good faith efforts, is unable to timely cure such Additional Title Defects, then Purchaser shall have the option of either (x) proceeding to Closing and accepting title to the Property “as is”, without diminution in the Purchase Price, or (y) terminating this Agreement by written notice to Seller, in which event this Agreement shall be cancelled, the Deposit shall be returned to Purchaser, and neither party shall have any further obligations to each other with respect to the matters contained in this Agreement, except for those matters which survive the termination of this Agreement. Notwithstanding anything in this Section 9.05 to the contrary: (i) Seller shall be obligated to cure any such Additional Title Defects to the extent provided in the last sentence of Section 9.01 above; and (ii) in the event that any such Additional Title Defects are the result of a default by Seller under the terms of this Agreement, including, without limitation, Section 9.01 above, then nothing in this Section 9.05 shall affect Purchaser’s rights or remedies with respect to such default.

Updated Surveys. MTLM shall have received current ALTA surveys of the Owned Real Property and of the Leased Real Property leased from the Port Authority which surveys shall

Updated Surveys. (a) Purchaser, at its sole cost and expense, shall have the right to procure an updated survey for the Casino Property and/or the Bobtail Property (each hereinafter referred to as an “Updated Survey”), which Updated Survey shall be in form and content as required by Purchaser, in its sole discretion. (b) Upon receipt of the Updated Survey, Purchaser shall have ten (10) days from receipt of the Updated Survey to object in writing to any material items which were not identified in the Survey (i.e. which appear on the Updated Survey for the first time) and which were not reasonably discoverable at the end of the Inspection Period (“Purchaser’s Updated Survey Objection”). (c) If Purchaser so objects, Seller shall have from the earliest to occur: (i) ten (10) days from the date of Purchaser’s Updated Survey Objection; and (ii) thirty (30) days prior to Closing, to cure the objections or notify Purchaser, in writing, of Seller’s unwillingness to cure such objections (“Seller’s Updated Survey Notice”). (d) If Seller is unable or unwilling to cure such objections, Purchaser shall have until the date of Closing to determine whether Purchaser will: (i) waive such objections in writing and purchase the Property notwithstanding such objections, or (ii) terminate this Contract by written notice to Seller, in which event the Seller shall immediately return the ▇▇▇▇▇▇▇ Money Deposit to Purchaser upon demand by Purchaser to Seller, and neither Seller nor Purchaser shall have any further obligations hereunder.

Updated Surveys. The Purchaser acknowledges that it has received and reviewed each of the Delivered Surveys and hereby confirms that, with the exception of the objections described in Schedule 3.1(c) (the "Initial Survey Objections"), the conditions shown on the Delivered Surveys are acceptable to the Purchaser. If requested by the Purchaser, CFCL agrees to cooperate with the Purchaser in permitting the Purchaser to obtain, at the Purchaser's expense, an update of any one or more of the Delivered Surveys (each, an "Updated Survey"). The Purchaser will have the right to object to new matters set forth in any Updated Survey in accordance with the provisions of Section 3.2(a) below, except that the Purchaser will not have the right to object to any new matters unless they constitute Other Exceptions and were not set forth in the Delivered Surveys.

Updated Surveys. Updates to the Existing Surveys (which shall be an “as-built”, ALTA completion survey showing the location of all improvements in respect of the Real Property) (the “Surveys”) certified to Sellers, Purchaser and Title Company, have been delivered to Purchaser on or prior to the Closing and reflecting no Liens other than Permitted Liens and no Material Survey Defects.

Updated Surveys. If Purchaser shall have elected to obtain updated surveys with respect to any Center, no survey shall reflect any state of fact which (i) was not reflected on the Survey or disclosed in Section 5 hereof, (ii) is not a Permitted Title Exception and (iii) materially adversely affects the marketability of the title to, or the present use of, the Center; provided, however, that if any survey does reflect a state of fact as described in clauses (i), (ii) and (iii) hereof, such state of fact shall not constitute the failure of a condition precedent if, before 5:00 p.m. on the day preceding the Scheduled Closing Date, Sellers cause the state of fact to be eliminated or the state of fact becomes a Permitted Title Exception.

Updated Surveys. CBL acknowledges that it has received and reviewed each of the Delivered Surveys and hereby confirms that, except to the extent of items that are identified as Initial Title Objections on Schedule 3.1(b)(i), the conditions shown on the Delivered Surveys are acceptable to CBL. Notwithstanding the foregoing, JRI agrees that it will use commercially reasonable efforts to take the remedial actions outlined on Schedule 3.2(c) in respect of the Delivered Surveys and, where relevant, to obtain revised surveys reflecting such actions, although the parties also agree that completion of the actions outlined on Schedule 3.2(c) are not conditions precedent to Closing with respect to any of the Properties. Within seventy-five (75) days of the date of this Agreement, JRI shall deliver to CBL for its review an updated survey for each of Columbia Mall, ▇▇▇▇▇▇▇▇ Mall and Parkdale Mall (each, an "Updated Survey"). Subject to clause (iii) below, CBL will have the right to object to new matters set forth in any Updated Survey or any revised survey delivered in connection with, or otherwise relating to the process of, confirming completion of an item identified on Schedule 3.2(c) or required by the Title Company as a condition to the issuance of the applicable Title Policy, in each case in accordance with the provisions of Section 3.2(a) above, except that CBL will not have the right to object to any new matters unless they constitute Other Exceptions and were not set forth in the Delivered Surveys.

Updated Surveys. The Sellers have provided or shall provide copies of the Sellers’ most recent surveys of the Real Property to Purchaser, to the extent in the Sellers’ possession, as part of the Sellers’ Deliveries. Sellers have delivered to Purchaser new ALTA/NSPS surveys for the Real Property (each individually an “Updated Survey,” and collectively the “Updated Surveys”). If the legal description for any Land on an Updated Survey differs from the legal description attached to this Agreement for such Land, upon Purchaser’s request, the applicable Seller shall execute and deliver to Purchaser at Closing a quitclaim deed, without representation or warranty, that uses the legal description set forth on such Updated Survey.