Correction of Title Sample Clauses

Correction of Title. Seller shall have the right, but not the obligation to cure any objections made by Purchaser pursuant to Section 3.2. Seller shall provide Purchaser with notice within five (5) business days of Purchaser's objection stating whether Seller intends to cure any objection. If Seller elects to cure any objection, Seller shall be allowed thirty (30) days after the making of Purchaser's objections to cure the same and shall diligently proceed and use all reasonable efforts to do so. Pending such cure, the Closing shall be postponed to the extent necessary to accommodate such time period; provided however, Seller shall not be allowed any additional time beyond the originally scheduled Closing Date to discharge or satisfy any mortgage, judgment or other monetary lien set forth on the original Commitment. Upon such cure, the Closing (hereinafter defined) shall be held on the later of (a) the Closing Date and (b) the first business day occurring five (5) days after the date such cure is completed. If Seller elects not to cure any objection or if such cure is not completed within said thirty (30) day period, Purchaser shall have the option to do any of the following: 3.3.1. Terminate this Agreement. 3.3.2. Withhold from the Purchase Price an amount which in the reasonable judgement of Title Insurer is sufficient to discharge at Closing any mortgage, judgment or other monetary lien objected to by Purchaser only in the event such lien appears on the original Commitment. Any amount so withheld shall be placed in escrow with Title Insurer pending cure and satisfaction. If Seller has not discharged such mortgage, judgment or other monetary lien within thirty (30) days after Closing, Purchaser may then proceed in its discretion to do so and charge the reasonable costs of cure (including reasonable attorneys' fees) against the amount so escrowed; or 3.3.3. Waive one or more of its objections and proceed to Closing and such exceptions to title which are waived by Purchaser shall be deemed additional "Permitted Exceptions" and Purchaser shall have no right to deduct any amount against the Purchase Price except in connection with Paragraph 3.3.2.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Correction of Title. Seller shall be allowed thirty (30) days after the making of Buyer’s objections to cure the same, in each case on a basis reasonably acceptable to Buyer and acceptable to Title Company to insure such matter, and shall diligently proceed and use its bestefforts to do so. Pending such cure, the Closing shall be postponed to the extent necessary to accommodate such time period; provided however, Seller shall not be allowed any additional time beyond the originally scheduled Closing Date to fully pay, discharge, and satisfy any mortgage, judgment or other monetary lien. Upon such cure, the Closing shall be held on the later of (a) the originally scheduled Closing Date, and (b) the first business day occurring ten (10) days after the date such cure is completed. If such cure is not completed within the thirty (30) day period, Buyer shall have the option to do any of the following: (i) Terminate this Agreement by notice given to Seller at any time on or before the Closing Date; or (ii) Waive one or more of its objections and proceed to Closing, in which case, such waived objections shall be Permitted Exceptions.
Sample 1
Correction of Title. Except as expressly provided in this Article 5, Seller shall have no obligation to cure any of Purchaser’s Title Objections. If Purchaser timely provides Seller with any Title Objections, Seller shall have until the earlier of (i) five (5) business days following receipt of the applicable Purchaser’s Title Objections and (ii) the Contingency Date to notify Purchaser that Seller: (a) will cause or (b) elects not to cause any or all of the Title Objections to be cured or removed by the Title Company at or prior to Closing (“Cure Notice”). Seller will be deemed not to have elected to cure or remove any of the Title Objections that Seller does not expressly agree to have cured or removed by providing the Cure Notice for the same to Purchaser within such five (5) business day period. If Seller makes the election in clause (a) above with respect to any Title Objections, Seller shall cause such Title Objections to be cured or removed by the Title Company at or prior to Closing. If Seller elects, or is deemed hereunder to have elected, not to cause certain of the Title Objections not to be removed or cured, Purchaser shall have the option to do either of the following: 5.3.1 Terminate this Agreement, by providing written notice of termination within five (5) business days of the date Seller elects, or is deemed to have elected, not to cure or remove any such Title Objection; or 5.3.2 Waive the applicable Title Objections and proceed to Closing.
Sample 1
Correction of Title. If any objections are so made, Seller shall be allowed sixty (60) days from the date of receipt of said objections to make such title marketable. Pending correction of title, the Closing shall be postponed, if necessary, but upon correction of title and within ten (10) days after written notice, the parties shall complete this transaction according to its terms.
Sample 1
Correction of Title. Seller shall be allowed sixty (60) days after the making of Purchaser's objections to cure the same but shall have no obligation to do so. Pending such cure, the Closing shall be postponed to the extent necessary to accommodate such time period. Upon such cure, the Closing shall be held on the later of (a) the Closing Date, and (b) the first business day occurring ten (10) days after the date such cure is completed. If such cure is not completed within said sixty (60) day period, Purchaser shall have the option to do any of the following: 5.3.1 Terminate this Agreement. 5.3.2 Waive one or more of its objections and proceed to Closing. 5.3.3 Withhold from the Purchase Price an amount sufficient to discharge at Closing any mortgage, judgment or other monetary lien in a fixed or ascertainable amount objected to by Purchaser.
Sample 1
Correction of Title. The City shall have no obligation to cure title defects; provided, however, if there are exceptions for general real estate taxes due or unpaid prior to the Closing Date with respect to the Property or liens for such unpaid property taxes, the City shall ask the County to void the unpaid taxes as provided in Section 21-100 of the Property Tax Code, 35 ILCS 200/21-100, or file an application for a Certificate of Error with the Cook County Assessor, or tax injunction suit or petition to vacate a tax sale in the Circuit Court of Cook County. If, after taking the foregoing actions and diligently pursuing same, the Property remains subject to any tax liens, or if the Property is encumbered with any other exceptions that would adversely affect the use and insurability of the Property for the development of the Project, the Developer shall have the option to do one of the following: (a) accept title to the Property subject to the exceptions, without reduction in the Purchase Price; or (b) terminate this Agreement by delivery of written notice to the City, in which event this Agreement shall be null and void, and except as otherwise specifically provided herein, neither Party shall have any further right, duty or obligation hereunder. If the Developer elects not to terminate this Agreement as aforesaid, the Developer shall be deemed to have accepted title subject to all exceptions.
Sample 1

Related to Correction of Title

  • Retention of Title 1. The Supplier reserves the right to retain the title to the goods supplied by the Supplier and any items created by processing or finishing these goods until all of the Supplier’s current or future receivables due from the Buyer and arising from the business relationship have been settled in full. The Buyer shall separately store and label the goods subject to extended retention of title. 2. The goods subject to retention of title are processed and finished for the Supplier as manufacturer within the meaning of Section 950 BGB, without this creating an obligation for the Supplier. In the event of the Buyer processing goods subject to retention of title together with other goods, the Supplier shall be entitled to co-ownership of the new items in proportion to the value of the goods subject to retention of title that have been processed compared to the other goods at the time of processing or finishing. The Buyer shall herewith already transfer the Supplier’s potential co- ownership shares created by combining, blending or mixing the goods supplied with other items to the Supplier. It shall herewith be agreed that the Buyer holds the goods in its role as a custodian for the Supplier and act with the due diligence of a business person in this respect. 3. The Buyer may only sell the goods supplied and the items created from processing or finishing, combining, blending and mixing these goods during the proper course of business and in return for cash or subject to retention of title. The goods shall not be assigned as security or pledged, nor shall any other decrees be permitted which infringe the Supplier’s rights. 4. The Buyer shall herewith already assign the receivables due to the Supplier due to the Buyer selling on the goods or any other legal reason relating to the goods subject to retention of title to the Supplier to provide the latter with security to the value or proceeds of the goods, if they do not reach the value of the goods. If the Buyer sells the goods subject to retention of title together with other goods, the Buyer shall assign the purchase price receivable for the goods subject to retention of title in full, or to the value of the processed goods subject to retention of title which are being sold in the event of the goods previously having been processed or finished together with goods not belonging to the Supplier. At a minimum, the value shall be the price agreed between the Supplier and Buyer (total value). 5. As long as the Buyer meets its obligations, the assignment shall be treated as a silent assignment and the Buyer may collect the receivable. The Buyer shall separately book and manage the payments received on the assigned receivables. 6. Should the value of the securities exceed the Supplier’s receivables due or non-due by more than 20%, the Buyer may request for them to be released. The Buyer shall agree to insure the goods supplied and items created therefrom against accidental damage or destruction, including risk of fire and theft, and provide the Supplier with proof of such insurance upon request. 7. The Buyer shall notify the Supplier immediately about any third-party access to the goods subject to retention of title or assigned receivables and provide all documents required for intervention of such actions. The Buyer shall bear the costs of such intervention.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!