Class Two Real Property Sample Clauses

Class Two Real Property. (i) Within five (5) Business Days after Buyer’s receipt of a Title Commitment pertaining to Class Two Real Property (excluding the Venice Site), or for Title Commitments received prior to the date hereof, within five (5) Business Days of the date hereof) Buyer may object to any title matter reflected thereon by written notice to Seller, provided that the title matter (A) would materially and adversely affect the ability of the Buyer to conduct business at the subject Owned Real Property manner in which it is currently being conducted by Seller or (B) would materially reduce the fair market value of the subject Real Property, (C) would materially reduce the fair market value of Buyer’s leasehold interest in the subject Leased Real Property, (D) is not a Permitted Encumbrance, and (E) was not caused directly or indirectly by Buyer. If Buyer fails to so notify Seller of any title matter reflected on a Title Commitment pertaining to Class Two Real Property, or if any such title matter is not properly objectionable (as specified above), then such title matter shall be deemed accepted by Buyer. If Buyer properly objects in writing within the five (5) Business Day period, Seller shall elect to do one of the following at its expense: (A) cure such matter by causing the Title Company to remove such matter from the Title Commitment in its entirety (B) cure such matter by causing the Title Company to provide express insurance coverage with respect to same reasonably acceptable to Buyer; or (C) indemnify Buyer against such new exception in form and substance reasonably acceptable to Buyer. Seller shall notify Buyer of its election at least three (3) Business Days (or as soon as reasonably possible once the Closing Date is established) prior to the Closing and, unless Seller elects to indemnify Buyer, provide Buyer with a new Title Commitment reflecting either (i) the removal of the objectionable matter from the Title Commitment or (ii) reflecting the express insurance coverage. If Seller elects to indemnify Buyer then Seller shall deliver to Buyer at Closing an indemnity agreement reasonably satisfactory to Buyer and complying with this Section 5.22(c)(i) with regard to a title matter objected to by Buyer. Upon Seller’s compliance with its obligations under this Section 5.22(i) with regard to a title matter objected to by Buyer such matter shall be deemed accepted by Buyer. All title matters accepted or deemed accepted pursuant to this Section 5.22(c)(i) shall become ...