Common use of Buyer’s Title Notice Clause in Contracts

Buyer’s Title Notice. By no later than the end of the Feasibility Period, Buyer may approve or disapprove (in its sole and absolute discretion) the Title Documents for the Property by delivering written notice to Seller (“Buyer’s Title Notice”) specifying each title defect or matter which needs to be cured by Seller (“Title Defect”) and each Title Company requirement (“Title Requirement”) which must be satisfied by Seller in order for the “Approved Title Policy” (as defined below) to be issued for the Property at the Close of Escrow. For purposes of this Agreement, (a) the term “Approved Title Policy” shall mean a standard coverage ALTA Owner’s Policy of Title Insurance (2006 Form) issued by the Title Company as of the date and time of the recording of the Deed (as defined below), in the amount of the Purchase Price, insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real Property and subject only to the Permitted Exceptions (as defined below) for the Real Property, and (b) the term “Permitted Exceptions” shall mean the title exceptions approved by Buyer pursuant to this Agreement, real estate taxes not yet due and payable, and tenants in possession as tenants only under the Leases without any option to purchase or acquire an interest in the Property, and shall expressly exclude any exceptions for mechanic’s liens. If Buyer fails to deliver a Buyer’s Title Notice to Seller prior to the expiration of the Feasibility Period, Buyer shall be deemed to have disapproved the Title Documents and this Agreement shall automatically terminate in accordance with the provisions of Paragraph 7.3 hereof. Seller shall execute at Closing an Owner’s Affidavit and any other documents, undertakings or agreements reasonably required by the Title Company to issue the Approved Title Policy.

Buyer’s Title Notice. By no later than the end of the Feasibility PeriodOctober 1, 2007, Buyer may approve or disapprove (in its sole and absolute discretion) the Title Documents for the Property by delivering written notice to Seller (“Buyer’s Title Notice”) specifying each title defect or matter which needs to be cured by Seller (“Title Defect”) and each Title Company requirement (“Title Requirement”) which must be satisfied by Seller in order for the “Approved Title Policy” Policy (as defined below) to be issued for the Property at the Close of Escrow. For purposes of this Agreement, (a) the term “Approved Title Policy” shall mean a standard coverage an ALTA Owner’s Policy of Title Insurance (2006 Form) Insurance, issued by the Title Company as of the date and time of the recording of the Deed (as defined below), in the amount of the Purchase Price, insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real Property Property, containing such title endorsements as may be designated by Buyer in Buyer’s Title Notice and subject only to the Permitted Exceptions (as defined below) for the Real Property, and (b) the term “Permitted Exceptions” shall mean the title exceptions approved by Buyer pursuant to this Agreement, real estate and the following: (i) current taxes not yet due and payable, and tenants assessments for the 2007 calendar year; (ii) parties in possession of the Real Property under unrecorded leases as tenants only under the Leases without any only, with no right or option to purchase all or acquire an interest in any portion of the Property, Property (as such leases are described on the attached Exhibit “C”); and shall expressly exclude any exceptions for mechanic’s liens(iii) matters or facts that a correct survey would disclose. If Buyer fails to deliver a Buyer’s Title Notice to Seller prior to the expiration of the Feasibility Period, Buyer shall be deemed to have disapproved the Title Documents and this Agreement shall automatically terminate in accordance with the provisions of Paragraph 7.3 hereof. Seller shall execute at Closing an Owner’s Affidavit and any other documents, undertakings or agreements reasonably required by the Title Company to issue the Approved Title PolicyPolicy in accordance with the provisions of this Agreement.

Buyer’s Title Notice. By no later than Buyer shall have fifteen (15) days from the end of the Feasibility Period, Buyer may approve or disapprove (in its sole and absolute discretion) the Title Documents for the Property by delivering written notice Effective Date to inform Seller (“Buyer’s Title Notice”) specifying each title defect of Buyer’s approval or matter which needs disapproval of every item or exception set forth in the Preliminary Report (and, if Buyer orders a survey, in such survey). Buyer’s failure to timely give the Buyer’s Title Notice shall be deemed to be cured Buyer’s approval of title to the Purchase Property. Notwithstanding anything herein to the contrary, Buyer shall automatically be deemed to object to, and Seller shall automatically be deemed to agree to remove all delinquent assessments and taxes and all other monetary liens (other than non-delinquent real property taxes or assessments and monetary liens caused by Buyer) affecting the Purchase Property. In the event that the Buyer’s Title Notice disapproves or is deemed to disapprove of any item or exception or title to the Purchase Property, Seller shall have Ten (10) calendar days after such written notice to give Buyer written notice (“Seller’s Title DefectNotice”) and each of those disapproved title matters, if any, which Seller is willing or able to remove by the Closing. If Seller agrees to remove any such title matters in Seller’s Title Company requirement (“Title Requirement”) which must be satisfied by Notice, then Seller in order for the “Approved Title Policy” (as defined below) shall remove such title matters prior to be issued for the Property at the Close of Escrow. For purposes of this Agreement, (a) Seller’s failure to timely give the term “Approved Title Policy” shall mean a standard coverage ALTA Owner’s Policy of Title Insurance (2006 Form) issued by the Title Company as of the date and time of the recording of the Deed (as defined below), in the amount of the Purchase Price, insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real Property and subject only to the Permitted Exceptions (as defined below) for the Real Property, and (b) the term “Permitted Exceptions” shall mean the title exceptions approved by Buyer pursuant to this Agreement, real estate taxes not yet due and payable, and tenants in possession as tenants only under the Leases without any option to purchase or acquire an interest in the Property, and shall expressly exclude any exceptions for mechanic’s liens. If Buyer fails to deliver a BuyerSeller’s Title Notice to Seller prior to the expiration of the Feasibility Period, Buyer shall be deemed to be Seller’s refusal to remove all items objected to in Buyer’s Title Notice. If Seller’s Title Notice refuses or is deemed as a refusal to remove the items disapproved in Buyer’s Title Notice, Buyer shall have disapproved until the End of Feasibility to give Seller written notice (“Buyer’s Title Documents and Waiver Notice”) that Buyer waives its prior disapproval with respect to all items that Seller has refused to remove. Buyer’s giving of Buyer’s Approval Notice shall be deemed to be the giving of Buyer’s Title Waiver Notice. If, prior to the End of Feasibility, Buyer fails to timely give or is not deemed to have given the Buyer’s Title Waiver Notice, this Agreement shall automatically terminate terminate, Seller or Escrow Holder shall immediately return to Buyer the Deposit, and, except as otherwise provided in accordance with this Agreement, the provisions of Paragraph 7.3 hereof. Seller parties shall execute at Closing an Owner’s Affidavit and any other documents, undertakings or agreements reasonably required by the Title Company have no further obligations to issue the Approved Title Policyeach other.

Buyer’s Title Notice. By no later than Buyer shall have fifteen (15) days from the end of the Feasibility Period, Buyer may approve or disapprove (in its sole and absolute discretion) the Title Documents for the Property by delivering written notice Effective Date to inform Seller (“Buyer’s Title Notice”) specifying each title defect of Buyer’s approval or matter which needs disapproval of every item or exception set forth in the Preliminary Report (and, if Xxxxx orders a survey, in such survey). Xxxxx’s failure to timely give the Buyer’s Title Notice shall be deemed to be cured Xxxxx’s approval of title to the Purchase Property. Notwithstanding anything herein to the contrary, Buyer shall automatically be deemed to object to, and Seller shall automatically be deemed to agree to remove all delinquent assessments and taxes and all other monetary liens (other than non-delinquent real property taxes or assessments and monetary liens caused by Buyer) affecting the Purchase Property. In the event that the Buyer’s Title Notice disapproves or is deemed to disapprove of any item or exception or title to the Purchase Property, Seller shall have Ten (10) calendar days after such written notice to give Buyer written notice (“Seller’s Title DefectNotice”) and each of those disapproved title matters, if any, which Seller is willing or able to remove by the Closing. If Xxxxxx agrees to remove any such title matters in Seller’s Title Company requirement (“Title Requirement”) which must be satisfied by Notice, then Seller in order for the “Approved Title Policy” (as defined below) shall remove such title matters prior to be issued for the Property at the Close of Escrow. For purposes of this Agreement, (a) Seller’s failure to timely give the term “Approved Title Policy” shall mean a standard coverage ALTA Owner’s Policy of Title Insurance (2006 Form) issued by the Title Company as of the date and time of the recording of the Deed (as defined below), in the amount of the Purchase Price, insuring Buyer as owner of good, marketable and indefeasible fee simple title to the Real Property and subject only to the Permitted Exceptions (as defined below) for the Real Property, and (b) the term “Permitted Exceptions” shall mean the title exceptions approved by Buyer pursuant to this Agreement, real estate taxes not yet due and payable, and tenants in possession as tenants only under the Leases without any option to purchase or acquire an interest in the Property, and shall expressly exclude any exceptions for mechanic’s liens. If Buyer fails to deliver a BuyerSeller’s Title Notice to Seller prior to the expiration of the Feasibility Period, Buyer shall be deemed to be Seller’s refusal to remove all items objected to in Buyer’s Title Notice. If Xxxxxx’s Title Notice refuses or is deemed as a refusal to remove the items disapproved in Buyer’s Title Notice, Buyer shall have disapproved until the End of Feasibility to give Seller written notice (“Buyer’s Title Documents and Waiver Notice”) that Buyer waives its prior disapproval with respect to all items that Seller has refused to remove. Xxxxx’s giving of Xxxxx’s Approval Notice shall be deemed to be the giving of Xxxxx’s Title Waiver Notice. If, prior to the End of Feasibility, Buyer fails to timely give or is not deemed to have given the Buyer’s Title Waiver Notice, this Agreement shall automatically terminate terminate, Seller or Escrow Holder shall immediately return to Buyer the Deposit, and, except as otherwise provided in accordance with this Agreement, the provisions of Paragraph 7.3 hereof. Seller parties shall execute at Closing an Owner’s Affidavit and any other documents, undertakings or agreements reasonably required by the Title Company have no further obligations to issue the Approved Title Policyeach other.