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 three (3) 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 three (3) 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 two (2) 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 two (2) business day period, Buyer shall be deemed to have elected to terminate the transaction and to 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.

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 three ten (310) 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 three ten (310) 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 two five (25) 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 two five (25) business day period, Buyer shall be deemed to have elected to terminate proceed with the transaction and to not waive have waived 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 Sellers have furnished to Buyer a commitment for issuing title insurance relating to the Approval DateProperty with a date of October 15, 2020 (the “Title Report”), together with copies of documents affecting title that are referenced in the Title Report. Within five (5) days after the Execution Date of this Agreement, Buyer shall advise Seller what notify Sellers in writing of all title exceptions in the Title Report to titlewhich Buyer objects (the “Objectionable Exceptions”). Within four (4) days after receiving Buyer’s notice of Objectionable Exceptions, Sellers will notify Buyer whether Sellers will remove, prior to the Parcel 1 Closing (if anythe Objectionable Exceptions pertain to Parcel 1) or the Parcel 2 Closing (if the Objectionable Exceptions pertain to Parcel 2), will the Objectionable Exceptions. (If Sellers fail to provide such notice to Buyer within such four (4)-day period, Sellers shall be accepted by Buyer. Seller shall deemed to have elected not to remove the Objectionable Exceptions.) If Sellers are unable or unwilling to remove any Objectionable Exceptions, Buyer shall, within three (3) business days after receipt receiving Sellers’ response (or within three (3) days after the expiration of Buyer’s objections the four (4)-day period for Sellers’ response if Sellers fail 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 provide notice to Buyer within the three such four (3) 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 (B4)-day period), Buyer shall have until two (2) business days after receipt of Seller’s actual or deemed by notice as to Seller’s unwillingness Sellers, elect whether to cause such exceptions purchase the particular parcel to which the Objectionable Exceptions pertain, subject to the Objectionable Exceptions that will not be removed to elect to proceed with the transaction by Sellers, or terminate this Agreement. If Buyer fails to give Seller notice of its election on or before the expiration of such two (2) business day period, Buyer shall be deemed to have elected to terminate the transaction and to not waive any right elects to terminate this Agreement Agreement, the Xxxxxxx Money shall be refunded to Buyer, and Sellers and Buyer shall have no further obligations under this provisionAgreement except for Buyer’s Indemnification Obligation. If Seller gives notice pursuant Notwithstanding any other provision of this Section 3(k), Sellers shall remove or cause to clause (A) and fails to remove any such objectionable exceptions from title be removed, at or prior to the Closing DateParcel 1 Closing, any mortgages, trust deeds, and Buyer is unwilling other security instruments recorded against Parcel 1 that secure financing provided to take title subject theretoSellers; and Sellers shall remove or cause to be removed, Buyer shall have at or prior to the right Parcel 2 Closing, any mortgages, trust deeds, and other security instruments recorded against Parcel 2 that secure financing provided to elect to terminate this Agreement and Section 14(a) shall applySellers.

Approval of Title. Prior Buyer shall review a current preliminary title report with respect to the Approval DateProperty, Buyer accompanied by legible copies of all documents referred to in the report, and shall advise Seller what exceptions of any objections to titletitle on or before 5:00 p.m., if anyNovember 30, will be accepted by Buyer2007. Seller shall have three (3) five business days after receipt of Buyer’s 's objections to give to Buyer: Buyer notice, (Ai) written notice that Seller will remove such any objectionable exceptions from title and provide Buyer with evidence satisfactory to Buyer of such removal, or Seller will provide Buyer with evidence satisfactory to Buyer that said exceptions will be removed on or before the Closing Date; Closing, or (Bii) written notice that Seller elects not to cause such exceptions to be removed. Seller’s failure If Seller shall fail to give Buyer notice to Buyer of its election within the three (3) said five business day period days, Seller shall be deemed to be Seller’s election have delivered notice that Seller elects not to cause such exceptions to be removed. If Seller gives Buyer notice or is otherwise deemed to have elected to proceed under clause (Bii), Buyer shall have until two (2) five business days after receipt to notify Seller of Seller’s actual or deemed notice as to Seller’s unwillingness to cause such exceptions to be removed to elect Buyer's election to proceed with the transaction purchase of and take the Property subject to such exceptions but otherwise pursuant to the terms of this Agreement, or to terminate this Agreement. If Buyer fails shall fail to give Seller notice of its election on or before the expiration of such two (2) within said five business day perioddays, Buyer shall be deemed to have elected to terminate this Agreement. Notwithstanding the transaction preceding provisions of this Section, all monetary liens against the Property, including, but not limited to, taxes (other than current real property taxes, and to not waive any right to terminate this Agreement under this provision. If bonds and assessments collectible in installments with the real property taxes), deeds of trust, mechanics' lien claims, and judgment liens, shall be removed by Seller gives notice pursuant to clause (A) and fails to remove any such objectionable exceptions from title prior to the Closing DateClosing, 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 applynot be deemed Permitted Exceptions.