Certain Exceptions to Title. For a period commencing on the Effective Date and continuing until 5:00 p.m. (EDT) on August 19, 2011, Buyer shall have the right to object in writing to any title matters that are not Permitted Exceptions which are disclosed in the Title Commitment or the Survey (or in any survey or update to the Survey acquired by Buyer in the conduct of its Due Diligence) (herein collectively called “Title Matters”). Buyer shall promptly forward to Seller a copy of the Title Commitment and updated Survey (or the Buyer’s Survey obtained by Buyer, if any) within two (2) business days after receipt. Unless Buyer shall timely object to the Title Matters, all such Title Matters shall be deemed to constitute Permitted Exceptions. Any Title Matters which are timely objected to by Buyer shall be herein collectively called the “Title Objections.” Seller may elect (but shall not be obligated) to remove or cause to be removed at its expense, any Title Objections, and shall be entitled to a reasonable adjournment of the Closing (not to exceed thirty (30) days) for the purpose of such removal, which removal will be deemed effected by the re-issuance or amendment of the Title Commitment eliminating or, at Buyer’s sole discretion, insuring against the effect of such Title Objections. Seller shall notify Buyer in writing within ten (10) days after receipt of Buyer’s notice of Title Objections whether Seller elects to remove the same (“Seller’s Response”). If Seller is unable to remove or if the Title Company is unable or unwilling to endorse or, at Buyer’s sole discretion, insure over any Title Objections prior to the Closing, or if Seller’s Response indicates that Seller elects not to remove one or more Title Objections, Buyer may elect, by providing written notice to Seller within five (5) days after receipt of Seller’s Response either to (a) terminate this Agreement, in which event the Deposit shall be promptly paid to Buyer and, thereafter, the Parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement, or (b) waive such Title Objections, in which event such Title Objections shall be deemed additional “Permitted Exceptions” and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. Notwithstanding the foregoing, Seller shall be obligated at Closing to cause the release of the liens of any financing obtained by Seller which is secured by the Pr...
Certain Exceptions to Title. 3 3.2.2 Discharge of Title Objections..........................................4 3.3
Certain Exceptions to Title. If any update of a Commitment or any Updated Survey for a Property other than Kentucky Oaks Mall (each, a "Xxxxxx-Managed Property") discloses any new mortgage, lien, restriction, option, conditional sales agreement, pledge, security interest, or other encumbrance, adversely affecting the relevant Property in any material respect (each, an "Encumbrance") or any encroachment, change in the boundary of a Property (as compared to the boundary shown on the Delivered Survey) or other survey defect, in either case that is not a Permitted Exception and that adversely affects in any material respect (i) the applicable Property Owner's title to such Property or (ii) the current or future use of any portion of such Property in a manner consistent with such Property Owner's use of such Property as of the date of this Agreement (all such Encumbrances and other new encroachments, changes and other survey defects are collectively referred to herein as "Other Exceptions"), then within ten (10) Business Days after CBL first receives notice thereof or such lesser time as remains between such receipt and the Closing Date with respect to such Property, CBL will have the right to object in writing to such Other Exception. Unless CBL notifies JRI in writing that it objects to an Other Exception with respect to a Xxxxxx-Managed Property within the foregoing time period, each such Other Exception automatically will constitute an additional Permitted Exception. Other Exceptions to which CBL timely objects (in the case of Xxxxxx-Managed Properties within the time-frame set forth in this Section 3.2(a) and in the case of Kentucky Oaks Mall within the time-frame set forth in Section 3.2(d)(i)) are collectively referred to herein as "Subsequent Title Objections".
Certain Exceptions to Title. If any update of Seller's Title Report or if the Updated Survey shall disclose any matter adversely affecting the Property, including any 18 the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price in respect thereof.
Certain Exceptions to Title. 7 3.2.2 DISCHARGE OF OTHER LIENS . . . . . . . . . . . . . . . . . . 7 3.3
Certain Exceptions to Title. (a) During the Limited Due Diligence Period, Purchaser shall review the Updated Title and Survey. If Purchaser does not terminate this Agreement at the expiration of the Limited Due Diligence Period, then any exceptions that are set forth in the Updated Title and Survey shall be deemed a “Permitted Exception” for all purposes under this Agreement. Notwithstanding the foregoing, Seller shall deliver the Property free and clear of any encumbrances or obligations arising from judgments, abstracts of judgment, mortgages, deeds of trust, security agreements, delinquent taxes, or other similar monetary liens caused by any action, or failure to act, by Seller, (collectively, “Monetary Title Encumbrances”). Notwithstanding anything herein to the contrary, Seller shall be obligated to pay and Release the Monetary Title Encumbrances. If Seller fails to cause any Monetary Title Encumbrances to be Released at Closing, then Purchaser may apply a portion of the Purchase Price to pay such Monetary Title Encumbrances and enable the Title Company to issue Purchaser’s Title Policy without exception for such Monetary Title Encumbrances.
Certain Exceptions to Title. 3 3.2.2 Discharge of Title Objections . . . . . . . . . . . . . . . 3 3.3
Certain Exceptions to Title. Buyer shall have the right to approve in writing the Title Report, Title Documents and Survey prior to the end of the Due Diligence Period (as defined in Section 4.1
Certain Exceptions to Title. Buyer acknowledges that it previously has had the right to object in writing to any title matters that are not Permitted Exceptions that are disclosed in the Title Commitment, Title Documents or the Survey (herein collectively called “Liens”) and is satisfied that the Title Company is prepared to issue to Buyer the Title Policy, defined below. Notwithstanding any other provision hereof, Seller shall be obligated to remove any voluntary monetary liens at Closing and, as set forth in Section 8.1, in no event shall voluntarily permit the recording of a new lien or encumbrance on the Property after the Effective Date.
Certain Exceptions to Title. Buyer shall have the right to object in writing to any title matters that are not Permitted Exceptions which may appear on any supplemental title report or updates to the Summit Title Report or any updates to the Survey issued after the Effective Date (herein collectively called the “Other Exceptions”) within five (5) Business Days after the receipt thereof by Buyer but in no event later than ten (10) Business Days prior to the Closing Date unless such Other Exceptions were first disclosed to Buyer within such ten (10) Business Day period, in which event, Buyer shall immediately notify Seller thereof. Unless Buyer shall timely object to such Other Exceptions, all such Other Exceptions which are set forth in any such supplemental reports or updates to the Summit Title Report or the Survey shall be deemed to constitute additional Permitted Exceptions. Any exceptions which are timely objected to by Buyer shall be herein collectively called the “Title Objections.” Subject to Sections 3.3(b)(i) and 3.3(b)(ii), Seller shall be entitled to one or more adjournments of the Closing (not to exceed seventy five (75) days in the aggregate for all such adjournments) for the purpose of removing, or causing to be removed, any Title Objections. Subject to Section 3.3(b) (i), such removal may be deemed effected by the issuance of title insurance which omits the Title Objections as exceptions to coverage. Notwithstanding anything to the contrary contained in this Section 3.3(a), Buyer shall have a period of ten (10) Business Days from the date of this Agreement to deliver its first list of Other Exceptions to which Buyer objects (although the foregoing shall not preclude Buyer from objecting to any Other Exceptions raised upon the issuance of a supplemental title report or updates to the Summit Title Report or updates to the Survey).
