Buyer’s Review of Title. Buyer shall have until 5:00 p.m. (California time) on the 10th day before the Due Diligence Termination Date to give Seller Notice of any objection that Buyer may have to any exception reported in the PTR, any matter shown on UCC Search, or any exception or matter contained in any amendment or update thereof (provided, however, that if any such amendment or update is received by Buyer, Buyer shall have an additional 3 Business Days, regardless of the Due Diligence Termination Date or Scheduled Closing Date, following Buyer's receipt of such amendment or update and legible copies of all documents referenced therein, to give Seller Notice of objections to items shown on any such amendment or update). In addition, Buyer shall have until 5:00 p.m. (California time) on the 5th day before the Due Diligence Termination Date to give Seller Notice of any objection that Buyer may have to any matter shown on the Survey, or any matter contained in any amendment or update thereof (provided, however, that if any such amendment or update is received by Buyer, Buyer shall have an additional 3 Business Days, regardless of the Due Diligence Termination Date or Scheduled Closing Date (but subject to Section 8.1 below), following Buyer's receipt of such amendment or update and legible copies of all documents referenced therein, to give Seller Notice of objections to matters shown on any such amendment or update). Exceptions reported in the PTR and matters shown on the UCC Search or the Survey (or any amendments or updates thereof) not objected to by Buyer as provided above shall be deemed to be "Permitted Exceptions". If, however, Buyer objects to any exception reported in the PTR or any matter shown on the UCC Search or the Survey (or any amendments or updates thereof) ("Objectionable Title Matters"), Seller shall have until 5:00 p.m. (California time) on the 3rd day before the Due Diligence Termination Date to give Buyer Notice that (i) Seller will cure specific Objectionable Title Matters ("Voluntary Title Removal Exceptions"), and/or (ii) Seller will not take any action with respect to specific Objectionable Title Matters. If Seller elects not to take any action with respect to any specific Objectionable Title Matters and Buyer does not terminate this Agreement on or before the Due Diligence Termination Date, Buyer shall be deemed to have elected to proceed with the purchase and to take title to the Property subject to such Objectionable Title Matters.
Buyer’s Review of Title. Buyer may advise Seller in writing by no later than the expiration of the Contingency Period what exceptions to title, if any, listed in the Preliminary Report are not acceptable to Buyer (collectively, the “Title Objections”). Seller shall have five (5) days after receipt of Buyer’s Title Objections to give Buyer notice that (a) Seller will remove any Title Objections from title (or afford the Title Company necessary information or certifications to permit it to insure over such exceptions, which insurance shall be approved by Buyer in its reasonable discretion) or (b) Seller elects not to cause such exceptions to be removed. Seller’s failure to provide notice to Buyer within such five (5) day period as to any Title Objection shall be deemed an election by Seller not to remove the Title Objection. If Seller so notifies or is deemed to have notified Buyer that Seller shall not remove any or all of the Title Objections, Buyer shall have until the later of close of the Contingency Period or five (5) days after receipt of Seller’s notice (or deemed disapproval) to determine whether (i) to waive such objections and proceed with the purchase and take the Property subject to such exceptions with no reduction of the Purchase Price, and in such event, such objections shall be considered Permitted Exceptions hereunder or (ii) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder, other than pursuant to any provision hereof that expressly survives the termination of this Agreement.
Buyer’s Review of Title. 3.2.1 Buyer shall have ten (10) days following the receipt of the PTR for the Property (an "Owned PTR") within which to deliver to Seller written notice of Buyer's disapproval of any matters materially adversely affecting title as shown on the PTR ("Disapproved Exceptions"); provided, however, Disapproved Exceptions or Leased Disapproved Exceptions shall not include the Loan to be assumed by Buyer pursuant to Section 1.3.2, those matters listed on Exhibit G or any easement, encroachment, right or other non-monetary lien that in Buyer's reasonable determination does not materially and adversely affect the Property. Buyer's failure to provide such notice on or before such date shall constitute Buyer's approval of the condition of title as shown on the PTR.
3.2.2 If Buyer timely notifies Seller of its Disapproved Exceptions, Seller shall remove all monetary Disapproved Exceptions from title at Closing and, subject to Section 8.1.2 below, shall use reasonable efforts to remove all non-monetary Disapproved Exceptions from title before the Closing Date.
3.2.3 Except for the Disapproved Exceptions, all (i) exceptions to title shown on the PTR, (ii) current installments of general and special real property taxes and assessments which are a lien not yet delinquent, and (iii) any encumbrance arising from the acts or omissions of Buyer are herein called the "Permitted Exceptions."
Buyer’s Review of Title. Buyer hereby provides Seller with Buyer's Title Notice pursuant to paragraph 7(a)(ii) as follows: with respect to KBC-Garden Grove, KBC-Tustin and KBC-Irvine, certain of the improvements at each Project encroach over utility easements and into the respective City setback areas. The Title Company has indicated they will provide affirmative insurance over such encroachments upon receipt of evidence from the easement holders and from the City regarding such parties acceptance of the encroachments. Buyer has requested such evidence from the easement holders and City. Buyer disapproves the encroachments of the above describe improvements into the easement and setback areas, but will waive such disapproval upon receipt of confirmation that the Title Company will issue appropriate affirmative title insurance coverage for such matters. The provisions of this paragraph 7 shall not extend the Closing.
Buyer’s Review of Title. Buyer shall have until the expiration of the Contingency Period (the "Title Review Period") to approve (A) a standard preliminary report from the Title Company for each Project, together with the underlying documents relating to the Schedule B exceptions set forth in each report and the legal description of each Project (individually, a "Report" and collectively, the "Reports") and (B) a survey of each Project (individually, a "Survey" and collectively, the "Surveys"). Buyer shall have until the end of the Title Review Period to give Seller written notice ("Buyer's Title Notice") of Buyer's disapproval or conditional approval of any matters shown in the Reports or disclosed by the Surveys. The failure of Buyer to give Buyer's Title Notice on
Buyer’s Review of Title. As of the Closing Date, Title Company shall be irrevocably committed to issue upon payment of its normal premium Buyer's Title Policy as set forth in Section 6(a).
Buyer’s Review of Title. Buyer has received from Title Company a preliminary report (“Report”) with respect to the Site, together with legible copies of all items referred to in Schedule B of the Report (“Underlying Documents”) and a copy of the most recent survey of the Site, if any (“Survey”). Buyer has reviewed and approved the condition of title to the Site (the “Conditions of Title”) and has conducted such investigations as Buyer has deemed necessary or desirable in order to evaluate the Conditions of Title.
Buyer’s Review of Title. Not later than ten (10) days after the Execution Date, Buyer shall order at its sole cost and expense (a) an ALTA extended coverage preliminary title report (the “PTR”) issued by Chicago Title Insurance Company (in such capacity, “Title Company”), together with legible copies of all documents referenced as exceptions therein, (b) a current As-Built American Land Title Association survey of the Property (the “Survey”), in form reasonably satisfactory to Buyer and the Title Company, prepared by a surveyor licensed in the State where the Property is located and certified (using a surveyor’s certificate in substantially the same form as the certificate attached hereto as Exhibit G) to Buyer and the Title Company, and such other persons or entities as Buyer may, in its discretion, request; and (c) a UCC search with regard to Seller and the Property (the “UCC Search”). Buyer shall have until five (5) days prior to the Due Diligence Termination Date to notify Seller in writing of any objection which Buyer may have to any exception reported in the PTR or matter shown on the Survey or the UCC Search or any updates thereof; provided, however, that if any such updates are received by Buyer, Buyer shall have an additional 5 Business Days, regardless of the Due Diligence Termination Date or Closing Date, following Buyer’s receipt of such update and legible copies of all documents referenced therein to notify Seller of objections to items shown on any such update. Exceptions reported in the PTR and matters shown on the Survey or the UCC Search (or any updates thereof) not objected to by Buyer as provided above shall be deemed to be “Permitted Exceptions.”
Buyer’s Review of Title. (a) Buyer acknowledges that it has received a current commitment for title insurance issued by Chicago Title Insurance Company (the "Title Company") showing the condition of title to the Property (the "Title Commitment").
(b) Buyer must deliver to Seller written notice of Buyer's disapproval of title as shown on the Title Commitment (those disapproved title matters as so identified by Buyer are hereafter called the "Disapproved Title Exceptions") within fifteen (15) days after the Acceptance Date (the "Notice Date"). Buyer's failure to provide such notice on or before such date shall constitute Buyer's approval of the condition of title as shown on the Title Commitment.
(c) If Buyer timely notifies Seller of its Disapproved Title Exceptions, Seller shall notify Buyer in writing within five (5) days after the Notice Date that: (i) Seller will remove such Disapproved Title Exceptions from title as of or before Closing; or
Buyer’s Review of Title. Buyer shall have until the Due Diligence Termination Date to notify Seller in writing of any objection which Buyer may have to any exception reported in the Commitment or matter shown on the Survey or the UCC Search or any updates thereof; provided, however, that if any such updates are received by Buyer, Buyer shall have an additional 5 Business Days, regardless of the Due Diligence Termination Date or Closing Date, following Buyer's receipt of such update and legible copies of all documents referenced therein to notify Seller of objections to items shown on any such update. Exceptions reported in the Commitment and matters shown on the Survey or the UCC Search (or any updates thereof) not objected to by Buyer as provided above shall be deemed to be "Permitted Exceptions."
