Common use of Approval of Title Clause in Contracts

Approval of Title. Prior to the Approval Date, Buyer shall advise Seller what exceptions to title, if any, will be accepted by Buyer. Seller shall have ten (10) business days after receipt of Buyer’s objections to give to Buyer: (A) written notice that Seller will remove such objectionable exceptions on or before the Closing Date; or (B) written notice that Seller elects not to cause such exceptions to be removed. Seller’s failure to give notice to Buyer within the ten (10) business day period shall be deemed to be Seller’s election not to cause such exceptions to be removed. If Seller gives Buyer notice or is otherwise deemed to have elected to proceed under clause (B), Buyer shall have until five (5) days after receipt of Seller’s actual or deemed notice as to Seller’s unwillingness to cause such exceptions to be removed to elect to proceed with the transaction or terminate this Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such five (5) day period, Buyer shall be deemed to have elected to proceed with the transaction and to have waived any right terminate this Agreement under this provision. If Seller gives notice pursuant to clause (A) and fails to remove any such objectionable exceptions from title prior to the Closing Date, and Buyer is unwilling to take title subject thereto, Buyer shall have the right to elect to terminate this Agreement and Section 14(a) shall apply. Notwithstanding any provision herein to the contrary, Seller shall remove, at its expense, any exception to title that represents a lien that secures an existing monetary obligation except taxes and assessments that are not yet due and payable.

Approval of Title. Prior to the Approval Date, Buyer shall advise Seller what exceptions to title, if any, will be accepted by Buyer. Seller shall have ten three (103) business days after receipt of Buyer’s objections to give to Buyer: (A) written notice that Seller will remove such objectionable exceptions on or before the Closing Date; or (B) written notice that Seller elects not to cause such exceptions to be removed. Seller’s failure to give notice to Buyer within the ten three (103) business day period shall be deemed to be Seller’s election not to cause such exceptions to be removed. If Seller gives Buyer notice or is otherwise deemed to have elected to proceed under clause (B), Buyer shall have until five two (52) business days after receipt of Seller’s actual or deemed notice as to Seller’s unwillingness to cause such exceptions to be removed to elect to proceed with the transaction or terminate this Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such five two (52) business day period, Buyer shall be deemed to have elected to proceed with terminate the transaction and to have waived not waive any right to terminate this Agreement under this provision. If Seller gives notice pursuant to clause (A) and fails to remove any such objectionable exceptions from title prior to the Closing Date, and Buyer is unwilling to take title subject thereto, Buyer shall have the right to elect to terminate this Agreement and Section 14(a) shall apply. Notwithstanding any provision herein to the contrary, Seller shall remove, at its expense, any exception to title that represents a lien that secures an existing monetary obligation except taxes and assessments that are not yet due and payable.

Approval of Title. Prior On or prior to a date (the "Title Approval Date") which is five (5) business days after the execution of this Agreement, Buyer Transferee shall advise Seller Transferor what exceptions to title, if any, will be accepted by BuyerTransferee. Seller At such time, Schedule 2, showing the Permitted Exceptions, and Schedule 3, showing the required Endorsements, shall be prepared and initialed by Transferor and Transferee. Transferor shall have ten three (103) business days after receipt of Buyer’s Transferee's objections to give to BuyerTransferee: (A) written notice that Seller Transferor will remove such objectionable exceptions on or before the Closing Date; or (B) written notice that Seller Transferor elects not to cause such exceptions to be removed. Seller’s Transferor's failure to give notice to Buyer Transferee within the ten three (103) business day period shall be deemed to be Seller’s Transferor's election not to cause such exceptions to be removed. If Seller Transferor gives Buyer Transferee notice or is otherwise deemed to have elected to proceed under clause (B), Buyer Transferee shall have until five (5) days after receipt of Seller’s actual or deemed notice as to Seller’s unwillingness to cause such exceptions to be removed the Closing Date to elect to proceed with the transaction or terminate this Agreement. If Buyer Transferee fails to give Seller Transferor notice of its election on or before the expiration of such five (5) day periodClosing Date and the Closing does not otherwise occur, Buyer Transferee shall be deemed to have elected to proceed with the transaction and to have waived any right terminate this Agreement under this provisionAgreement. If Seller Transferor gives notice pursuant to clause (A) and fails to remove any such objectionable exceptions from title prior to the Closing Date, and Buyer Transferee is unwilling to take title subject thereto, Buyer Transferor shall be in default and Transferee shall have the right to elect to terminate this Agreement rights and remedies set forth in the Section 14(a) shall apply. Notwithstanding any provision herein to entitled "non-Consummation of the contrary, Seller shall remove, at its expense, any exception to title that represents a lien that secures an existing monetary obligation except taxes and assessments that are not yet due and payableTransaction."

Approval of Title. Prior to the Approval Date, Buyer shall advise Seller what exceptions to title, if any, will be accepted by Buyer. Seller shall have ten (10) business days after receipt of Buyer’s objections to give to Buyer: (A) written notice that Seller will remove such objectionable exceptions on or before the Closing Date; or (B) written notice that Seller elects not to cause such exceptions to be removed. Seller’s failure to give notice to Buyer within the ten (10) business day period shall be deemed to be Seller’s election not to cause such exceptions to be removed. If Seller gives Buyer notice or is otherwise deemed to have elected to proceed under clause (B), Buyer shall have until five (5) days after receipt of Seller’s actual or deemed notice as to Seller’s unwillingness to cause such exceptions to be removed to elect to proceed with the transaction or terminate this Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such five (5) day period, Buyer shall be deemed to have elected to proceed with the transaction and to have waived any right terminate this Agreement under this provision. If Seller gives notice pursuant to clause (A) and fails to remove any such objectionable exceptions from title prior to the Closing Date, and Buyer is unwilling to take title subject thereto, Buyer shall have the right to elect to terminate this Agreement and Section 14(a) shall apply. Notwithstanding any provision herein to the contraryforegoing, Seller shall remove, at its expense, any exception to title that represents a lien that secures an existing monetary obligation except taxes and assessments that are not yet due and payable.