Buyer’s Objections. Within ten (10) business days of the date of Buyer’s receipt of all Title Evidence, Buyer will make written objections (“Objections”) to the form and/or contents of the Title Commitment and Survey. If the foregoing 10 business-day period occurs beyond the Due Diligence Period (or if Title Evidence is not delivered within the Due Diligence Period), Buyer shall retain the foregoing 10 business-day period to review such Title Evidence and provide its Objections. However, Buyer shall use reasonable efforts to provide its Objections within the Due Diligence Period if such Title Evidence has been produced. Any matter shown on such Title Evidence and not specifically waived or objected to by Buyer within the time periods set forth herein shall be deemed a “Permitted Encumbrance” hereunder. Seller will have five (5) days after receipt of the Objections to cure or insure over, to the sole satisfaction of Buyer, the Objections (“Seller Title Cure Period”), during which period the Closing will be postponed, if necessary. To the extent an Objection is an involuntary lien, judgment, mortgage, deed of trust, mechanic’s lien or the like, and such Objection can be cured by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at Closing to satisfaction of such Objection if consented to in writing in advance by Seller, and the amount so applied shall reduce the amount of cash payable to Seller at Closing. If the Objections are not cured or insured over to the sole satisfaction of Buyer within the applicable Seller Title Cure Period during any part of the Due Diligence Period, Buyer will have the option to do either of the following as its sole recourse:
4.2.1. Terminate this Agreement and receive a refund of the Xxxxxxx Money and the interest accrued on the Xxxxxxx Money, if any.
4.2.2. Waive the Objections and proceed to Closing.
Buyer’s Objections. Within ten (10) days after receiving the Title Commitment, Buyer will notify Seller of any objections to the form and/or contents of the Title Commitment (“Objections”). Buyer’s failure to make Objections within such time period will constitute waiver of any Objections. Any matter shown on such Title Commitment and not objected to by Buyer shall be a “Permitted Encumbrance” hereunder. Seller will have fifteen (15) days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed, if necessary, provided Seller shall have no obligation to cure such Objections. If the Objections are not cured within such 15-day period, Buyer will have the option to do any of the following:
i. Terminate this Agreement.
ii. Waive the Objections and proceed to Closing. If Buyer fails to waive the Objections within ten (10) days after the expiration of such 15-day period, it shall be deemed to have elected to terminate this Agreement. Notwithstanding the foregoing, it is understood and agreed by the parties that all mortgages, tax liens, judgments, mechanics’ liens and any other monetary lien against the Property shall be satisfied at or prior to Closing by Seller.
Buyer’s Objections. Within thirty (30) days after receiving a Title Commitment, Buyer shall make written objections (“Objections”) to the form and/or contents of the Title Commitment. Buyer’s failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on the Title Commitment and not objected to by Buyer shall be a “Permitted Encumbrance” pursuant to this Agreement. Seller will have 60 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such 60 day period, Buyer will have the option to do any of the following:
Buyer’s Objections. 4.3.1 On or before the date which is the Thirty-Fifth (35th) day after the Effective Date, Buyer may deliver to Seller Buyer’s written notice identifying any matters, conditions and exceptions reflected in the Commitment and the Survey, if any, which are not acceptable to Buyer (the “Objected Exceptions”).
4.3.2 If any update of the Commitment shows any new or additional exception not previously reflected in the Commitment or any update thereof, Buyer may, on or before the date for Buyer’s objection notice set forth in Section 4.3.1, or, if later, the day that is the third (3rd) day after Buyer’s receipt of any update of the Commitment first disclosing such new or additional exception (but not in any event later than the Closing), deliver to Seller Buyer’s notice objecting to such new or additional exception.
4.3.3 All matters, conditions and exceptions reflected in the Commitment and the Survey, if any, which are not Objected Exceptions will be deemed permitted exceptions (the “Permitted Exceptions”) including all exceptions for which Buyer does not deliver a timely notice designating such matters, conditions and exceptions as Objected Exceptions.
Buyer’s Objections. If Xxxx has obtained a Title Commitment within the time set forth in 10.2, Buyer shall, within ten (10) business days after receiving the Title Commitment, make written objections (“Objections”) to the contents of the Title Commitment. Buyer’s failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on the Title Commitment and not objected to by Buyer shall be a “Permitted Encumbrance” pursuant to this Agreement. Seller will have sixty (60) days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such sixty (60) day period, Buyer will have the option to do any of the following:
Buyer’s Objections. Within thirty (30) days after Buyer is in receipt of an updated survey for the Property, updated commitment to provide title insurance and any other matters which impact the status or marketability of title to the Property (collectively, the “Title Evidence”), Buyer shall object (the “Objections”) to the form and/or content of the Title Evidence. Buyer’s failure to make Objections within such time period will constitute waiver of Objections, except as expressly outlined herein. Any matter waived or not objected to by Buyer shall become a “Permitted Encumbrance” under the terms of this Agreement. Seller will have thirty (30) days after receipt of any Objections to cure the Objections, or to cause the Title Company to insure over such Objections on terms that are acceptable in all respect to Buyer, during which period the Closing will be postponed as necessary. Seller will use commercially reasonable efforts to correct any Objections. If the Objections are not cured within such thirty (30) day period, or if Seller has not caused the Title Company to insure over such Objections on such terms as are acceptable in all respects to Buyer, then Buyer will have the option to do any of the following:
(1) Terminate this Agreement by written notice to Seller (without either party being deemed at fault) and the Xxxxxxx Money, along with any interest accrued thereon, shall be refunded to Buyer in full; or
(2) Inform Seller that it intends to extend the period for Seller to cure the Objections for an additional twenty (20) day period; or
(3) Waive the Objections and proceed to Closing.
Buyer’s Objections. Within ten (10) days after Xxxxx’s receipt of the last of the Title Evidence, Buyer may make written objections (“Objections”) to the form or content of the Title Evidence. The Objections may include, without limitation, any easements, restrictions or other matters which may interfere with the Proposed Use of the Property or matters which may be revealed by the Survey. Any matters reflected on the Title Evidence which are not objected to by Buyer within such time period or waived by Buyer in accordance with Section 8.2(B) shall be deemed to be permitted encumbrances (“Permitted Encumbrances”). Notwithstanding the foregoing, the following items shall be deemed Permitted Encumbrances: (a) Covenants, conditions, restrictions (without effective forfeiture provisions) and declarations of record which do not interfere with the Proposed Use, if any; (b) Reservation of minerals or mineral rights by the State of Minnesota, if any;
Buyer’s Objections. Buyer hereby acknowledges that it has no objections to the condition of the Title Evidence as of the Closing Date.
Buyer’s Objections. Buyer hereby waives any objection to the following exceptions, as referenced in that certain title policy issued by First American Title Insurance Company (Policy No. FA-35-032610):
(i) Easement to Florida Power & Light Company from First Bankers of Indian River County recorded March 15, 1984, in Official Records, Volume 681, Page 2240 of the Public Records of Indian River County, Florida.
(ii) All canals, ditches and rights of way, if any, of the Indian River Farms Drainage District.
(iii) Rights of First Union National Bank of Florida, now in possession under an unrecorded lease.
(iv) The following matters shown on that certain survey of the subject property prepared by CARTXX XXXOCIATES, INC., dated February 24, 1995 and bearing Project No. 95-1535:
(a) encroachment of asphalt paving off the subject property to the North;
(b) encroachments of asphalt paving with the land covered by Florida Power and Light Easement recorded in Official Records Book 681, Page 2240, of the Public Records of Indian River County, Florida. Notwithstanding the above-referenced exceptions which are accepted by Buyer, if there are any other exceptions stated in the Title Commitment or any matters shown on the Survey which, in Buyer's judgment, will interfere with Buyer's intended use of the Property or will materially impair its marketability, Buyer shall, within 15 days after receipt of the latter of the Title Commitment and the Survey, specify to Seller in writing the exceptions or matters to which Buyer objects. Seller shall have no obligation to cure any objections raised by Buyer. If for any reason Buyer's objections are not removed (or waived by Buyer in writing) on or prior to the Closing Date, either party may terminate this Contract by written notice to the other, in which event the Earnxxx Xxxey and accrued interest thereon shall be promptly delivered to Buyer, and neither party shall have any further obligation hereunder.
Buyer’s Objections. Buyer shall be allowed ten (10) days after receiving the last of the Title Evidence in which to notify Seller in writing of any objections based on the form of or the matters disclosed by the Title Evidence (“Objections”). Buyer’s failure to make Objections within such time period will constitute waiver of Objections. Any matter shown on such Title Evidence and not objected to by Buyer shall be a “Permitted Exception” hereunder. If Seller notifies Buyer that Seller is unwilling to cure any Objections or if the Objections are not cured within sixty (60) days after Buyer delivers written notice of the Objections to Seller, Buyer will have the right to do any of the following:
(i) Waive the Objection and for each Objection that relates to a judgment, mortgage, deed of trust or other lien against the Real Property, reduce the amount of the Purchase Price to be paid at Closing by the amount the Escrow Agent requires in order to resolve such liens; or
(ii) Terminate this Agreement by delivering written notice thereof to Seller, whereupon the Escrow Agent shall immediately return the Exxxxxx Money and all accrued interest thereon to Buyer.
