Common use of Additional Title Objections Clause in Contracts

Additional Title Objections. CBL/OP shall have the right to object to any new title exceptions (other than Permitted Exceptions as defined in Section 4.3.7 below) first raised by the Title Company in any modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement by giving written notice ("CBL/OP's Additional Title Objection Notice") to Property Owner within 5 days after CBL/OP's receipt of any such modification, update, recertification or amendment, but in any event no later than the Closing Date. If CBL/OP timely delivers CBL/OP's Additional Title Objection Notice to Property Owner specifying CBL/OP's objection to any new title exception first raised in a modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement (each an "Additional Title Objection" and collectively the "Additional Title Objections"), Property Owner may, but except for Voluntary Title Encumbrances, shall not be obligated to attempt to remove from the Title Commitment or otherwise insure (at Property Owner's expense) against some or all of such Additional Title Objections set forth in any CBL/OP's Additional Title Objection Notice. If Property Owner does not notify CBL/OP in writing within 5 days after Property Owner's receipt of CBL/OP's Additional Title Objection Notice (but in any event prior to the Closing Date) that Property Owner is willing to so remove or otherwise insure against any Additional Title Objections, Property Owner shall be deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or otherwise insure against such Additional Title Objections. If Property Owner does notify CBL/OP that Property Owner is willing to remove or otherwise insure against any Additional Title Objections and thereafter Property Owner is unable to remove or otherwise insure against any Additional Title Objections as indicated in Property Owner's notice, Property Owner shall have no liability to CBL/OP and CBL/OP's sole remedy in such event shall be to either waive such Additional Title Objection and proceed with the Closing or terminate this Agreement. If Property Owner notifies or is deemed to have notified CBL/OP that Property Owner is unable or unwilling to remove or insure against any particular Additional Title Objection, CBL/OP shall be entitled to terminate this Agreement by delivering within 10 days after the CBL/OP's Additional Title Objection Notice written notice to Property Owner and Escrow Holder terminating this Agreement. CBL/OP's failure to deliver such written notice electing to terminate this Agreement to Property Owner and Escrow Holder within such 10 day period shall be deemed CBL/OP's waiver of the particular Additional Title Objection which Property Owner is unable or unwilling to remove from the Title Policy or otherwise insure against. If this Agreement is terminated on or before the Closing Date by reason of an Additional Title Objection, the Letter of Credit or the Deposit, as applicable, shall be returned to CBL/OP (including all interest which has accrued thereon while the Deposit was held by Escrow Holder, but not any interest which has accrued thereon while held by Property Owner) and neither party shall have any further rights or obligations under this Agreement, except for the CBL/OP's Surviving Obligations. Notwithstanding anything herein to the contrary, if CBL/OP's right to terminate this Agreement pursuant to the foregoing provisions of this Section 4.3.3 has not expired prior thereto, it shall expire upon the Closing Date. If CBL/OP is first notified of any new title exception (other than Permitted Exceptions) less than 15 days prior to the Closing Date, the Closing shall be extended until 5 days after the disposition of such new title exception is determined pursuant to this Section 4.3.3.

Additional Title Objections. CBL/OP Purchaser shall have the right to object to any new title exceptions (other than Permitted Exceptions as defined in Section 4.3.7 below3.5 hereof) first raised by the Title Company in any modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement (each an "Additional Title Objection") by giving written notice (the "CBL/OPPurchaser's Additional Title Objection Notice") to Property Owner within 5 days Seller after CBL/OPPurchaser's receipt of any such modification, update, recertification or amendment, but in any event no later than the Closing Date. If CBL/OP timely Purchaser delivers CBL/OPPurchaser's Additional Title Objection Notice to Property Owner specifying CBL/OP's objection to Seller setting forth any new title exception first raised in a modification, update, recertification or amendment to the Title Commitment which is issued after the Effective Date of this Agreement (each an "Additional Title Objection" and collectively the "Additional Title Objections"), Property Owner Seller may, but except for Voluntary Title Encumbrancesas provided in Paragraph 3.6 below, shall not be obligated to to, attempt to remove from cure at or before the Title Commitment or otherwise insure (at Property Owner's expense) against Closing, some or all of such Additional Title Objections set forth in any CBL/OP's Additional Title Objection NoticeObjections. If Property Owner Seller does not notify CBL/OP Purchaser in writing within 5 fifteen (15) business days after Property OwnerSeller's receipt of CBL/OPPurchaser's Additional Title Objection Notice (but in any event prior to the Closing Date) that Property Owner Seller is willing to so remove or otherwise insure against cure any Additional Title Objections, Property Owner Seller shall be deemed to have notified CBL/OP Purchaser that Property Owner Seller is unable or unwilling to remove or otherwise insure against cure such Additional Title Objections. If Property Owner does notify CBL/OP that Property Owner is willing to remove or otherwise insure against any Additional Title Objections and thereafter Property Owner is unable to remove or otherwise insure against any Additional Title Objections as indicated in Property Owner's noticenecessary, Property Owner shall have no liability to CBL/OP and CBL/OP's sole remedy in such event the Closing Date shall be postponed to either waive provide Seller such Additional Title Objection and proceed with the Closing or terminate this Agreementfifteen (15) business day period. If Property Owner Seller notifies or is deemed to have notified CBL/OP Purchaser that Property Owner Seller is unable or unwilling to remove or insure against cure any particular Additional Title Objection, CBL/OP Purchaser shall be entitled to terminate this Agreement by delivering to Seller written notice of such decision within 10 fifteen (15) business days after the CBL/OPdate of receipt of Seller's Additional Title Objection Notice written notice or the date Seller is deemed to Property Owner and Escrow Holder terminating this Agreementhave received such notice. CBL/OPPurchaser's failure to deliver within such time period such written notice to Seller electing to terminate this Agreement to Property Owner and Escrow Holder within such 10 day period shall be deemed CBL/OPPurchaser's waiver of Purchaser's election to terminate this Agreement by reason of the particular Additional Title Objection which Property Owner Seller is unable or unwilling to remove from cure. In the Title Policy or otherwise insure against. If this Agreement is terminated on or before the Closing Date by reason event of an Additional Title Objectionany such termination, the Letter of Credit or the Deposit, as applicable, Exxxxxx Money shall be returned to CBL/OP (including all interest which has accrued thereon while the Deposit was held by Escrow Holder, but not any interest which has accrued thereon while held by Property Owner) Purchaser and thereafter neither party shall have any further rights or obligations under hereunder, except as expressly provided otherwise in this Agreement, except for the CBL/OP's Surviving Obligations. Notwithstanding anything herein to the contrary, if CBL/OP's right to terminate this Agreement pursuant to the foregoing provisions of this Section 4.3.3 has not expired prior thereto, it shall expire upon the Closing Date. If CBL/OP is first notified of any new title exception (other than Permitted Exceptions) less than 15 days prior to the Closing Date, the Closing shall be extended until 5 days after the disposition of such new title exception is determined pursuant to this Section 4.3.3.