Voluntary Title Exceptions means with respect to each Property (i) the lien of any mortgage affecting such Property, whenever created, and (ii) title exceptions affecting such Property that are knowingly and intentionally created by the Sellers or their Affiliates after the date of this Agreement; provided, however, that the term “Voluntary Title Exceptions” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any title exception created by a Tenant that is not otherwise prohibited by the applicable Lease for such Tenant thereunder; and (c) any title exceptions that are approved, waived or deemed to have been approved or waived by the Buyer pursuant to the terms of this Agreement or that are created in accordance with the provisions of this Agreement.
Voluntary Title Exceptions means with respect to each Property (i) the lien of any mortgage affecting such Property, whenever created, other than the lien of any mortgage securing a Third Party Loan and (ii) title exceptions affecting such Property that are knowingly and intentionally created by Seller or its affiliates after the date of this Agreement through the execution by Seller (or its affiliate) of one or more instruments creating or granting such title exceptions; provided, however, that the term “Voluntary Title Exceptions” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any title exception created pursuant to a Lease or a Short Term Lease at a Property by a Tenant thereunder; (c) any title exceptions that are approved in writing by Buyer or that are created in accordance with the express provisions of this Agreement; and (d) any title exceptions which, pursuant to a Lease or a Short Term Lease for the Property or otherwise, are to be discharged by a Tenant or occupant of the Property.
Voluntary Title Exceptions means (i) title exceptions that are knowingly created by any act or failure to act by Seller, including, without limitation, any mortgage lien, mechanic's lien, tax lien (except for any lien for real estate taxes which are subject to adjustment pursuant to the provisions of this Agreement), judgment lien, security interest, reservation, easement, right of way and restrictive covenant; provided, however, that the term "Voluntary Title Exceptions" as used in this Agreement shall not include any Permitted Encum- brances and any title exceptions that are expressly approved by Buyer in writing. 4.4. If, as of the Closing Date, title to the Land and the Building shall not be as provided in this Agreement, Buyer shall have the option of either (a) terminating this Agreement, in which event the Escrow Agent shall pay the Initial Deposit, the Additional Deposit and the Final Deposit (hereinafter collectively called the "Deposit") to Buyer and Seller shall reimburse Buyer for Buyer's net cost of title examination, whereupon neither party shall have any further rights or obligations hereunder, or (b) accepting such title as Seller shall be able to convey, without any reduction of the Purchase Price or any credit or allowance against the same, except that if there shall be an encumbrance which is not a Permitted Encumbrance and which can be removed by the payment of a liquidated sum of money, Buyer shall (subject to the limit specified in the fourth sentence of subparagraph 4.1) be entitled to an offset against the Purchase Price in an amount that does not exceed such sum. The foregoing shall not, however, be deemed to limit the unconditional obligation of Seller to discharge and remove of record all Voluntary Title Exceptions at or prior to Closing pursuant to the provisions of subparagraph 4.3 above. The term "net cost of title examination" shall mean the expense actually incurred by Buyer for (i) the amount, if any, charged by the Title Company for the examination of title without the issuance of a policy, (ii) updating the survey referred to on Schedule 5 and (iii) obtaining violation search reports from municipal departments of the governmental bodies having jurisdiction. 4.5. If a search of the title to the Property discloses judgments, bankruptcies or other returns against other persons or entities having names the same as or similar to that of Seller, Seller will at the Closing deliver to Buyer and the
Examples of Voluntary Title Exceptions in a sentence
The provisions of this Section 8.5 shall be subject to the Sellers’ and the Buyer’s rights and obligations with respect to Voluntary Title Exceptions and Monetary Title Exceptions as set forth in Section 8.6. Buyer’s right to exclude any Property pursuant to the provisions of this Section 8.5 and Section 8.6 shall be subject to Section 13.3.
The Sellers shall be entitled to one or more adjournments of the Closing Date not to exceed 15 days in the aggregate (inclusive of any adjournments made by the Sellers pursuant to Section 8.5 hereof) to discharge all Voluntary Title Exceptions and Monetary Title Exceptions, other than those Voluntary Title Exceptions that evidence or relate to the Sellers Other Loans.
The provisions of this Section 8.5 shall be subject to the Sellers’ and the Buyer’s rights and obligations with respect to Voluntary Title Exceptions and Monetary Title Exceptions as set forth in Section 8.6. Buyer’s right to exclude any Property pursuant to the provisions of this Section 8.5, Section 8.6, Section 9.2 and Section 13.3 shall be subject to Section 13.3(c).
The Seller shall discharge all Voluntary Title Exceptions on or prior to Closing.
If, from time to time prior to the Closing, the Buyer shall become aware of any Voluntary Title Exceptions, then the Buyer shall promptly notify the Seller thereof, which notice shall describe in reasonable detail the Voluntary Title Exceptions(s).
More Definitions of Voluntary Title Exceptions
Voluntary Title Exceptions is hereby modified by adding the following to clause (e): "unless the same are the result of Seller's failure to make any payment for which it is responsible."
Voluntary Title Exceptions means with respect to each Property title exceptions affecting such Property that are knowingly and intentionally created by the Sellers after the Effective Date through the execution by the Sellers of one or more instruments creating or granting such title exceptions; provided, however, that the term “Voluntary Title Exceptions” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any title exception created pursuant to and in accordance with a Space Lease for a Property by a Tenant thereunder or by Seller in accordance with its obligations under such Space Lease; (c) any title exception created pursuant to and in accordance with a Material Property Agreement for a Property by a Material Property Agreement Party thereunder or by Seller in accordance with its obligations under such Material Property Agreement; (d) any title exceptions that are approved or waived by Buyer (which approval or waiver Buyer shall not unreasonably withhold, condition or delay) or that are deemed to have been approved or waived by the Buyer or that are created in accordance with the provisions of this Agreement; and (e) any title exceptions which, pursuant to and in accordance with a Space Lease for the Property or otherwise, are to be discharged by a Tenant or occupant of the Property.
Voluntary Title Exceptions means with respect to the Property, title exceptions affecting the Property that are knowingly and intentionally created by the Seller after the date of this Agreement through the execution by the Seller of one or more instruments creating or granting such title exceptions; provided, however, that the term "Voluntary Title Exceptions" as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) Space Leases for the Property or any title exception created pursuant to a Space Lease for the Property by the tenant thereunder; (c) any title exceptions that are approved, waived or deemed to have been approved or waived by the Buyer or that are created in accordance with the provisions of this Agreement; (d) any title exceptions which, pursuant to a Space Lease for the Property or otherwise, are to be discharged by a tenant or occupant of the Property; (e) mechanic's or materialman's liens or (f) any federal tax liens.
Voluntary Title Exceptions means with respect to the Property, title exceptions affecting the Property that are knowingly and intentionally created by the Seller after the date of this Agreement through the execution by the Seller of one or more instruments creating or granting such title exceptions; provided, however, that the term "Voluntary Title Exceptions" as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) Space Leases or Temporary Leases for the Property or any title exception created pursuant to a Space Lease or a Temporary Lease for the Property by the tenant thereunder; (c) any title exceptions that are approved, waived or deemed to have been approved or waived by the Buyer or that are created in accordance with the provisions of this Agreement; (d) any title exceptions which, pursuant to a Space Lease or a Temporary Lease for the Property or otherwise, are to be discharged by a tenant or occupant of the Property; (e) mechanic's or materialman's liens or (f) any federal, state county and municipal tax liens.
Voluntary Title Exceptions means Title Exceptions that are knowingly and intentionally created by an instrument executed by any one or more of the Contributor Property Owners after the date hereof, including any mortgage lien; provided, however, that the term "Voluntary Title Exceptions" as used in this Agreement shall not include the following: (i) any Permitted Exceptions; (ii) any leases entered into after the date hereof, in accordance with the terms of this Agreement; or (iii) any Title Exceptions that are approved by Contributee in writing.
Voluntary Title Exceptions means with respect to each Property (i) the lien of any mortgage affecting such Property,
Voluntary Title Exceptions means Mechanic’s Lien Title Exceptions, Property Judgments or any other judgments against Seller and any other Title Exceptions that are intentionally created or intentionally consented to by Seller; provided, however, that the term “Voluntary Title Exceptions” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any Existing Leases and any other Lease which Seller is permitted to enter into pursuant to the terms of this Agreement; (c) any Title Exception created by Shook Hardy; or (d) any Title Exceptions that are approved or waived by Purchaser or that are created in accordance with the provisions of this Agreement.