Common use of Cure of Title Defects Clause in Contracts

Cure of Title Defects. No later than two days after the expiration of the Examination Period as defined below, Buyer shall notify Walker in writing of any matter of record affecting title to xxx Xalker Property as of the expiration of the Examination Perixx xxxch Buyer deems objectionable. In the event Buyer fails to notify Walker of any such objections within such time period, then Xxxxx shall be deemed to have agreed to accept the Walker Property subject to all matters of record as of the xxxxxxtion of the Examination Period; provided, however, that Walker shall remain obligated to pay and discharge any monexxxx xiens and encumbrances upon the Walker Property or otherwise to obtain a release of the Walxxx Xxoperty from such liens and encumbrances at or priox xx xlosing, it being agreed that the cash portion of the Purchase Price may be used for that purpose. In the event Buyer notifies Walker in writing of a matter of record affecting title to txx Xxlker Property (other than a monetary lien or encumbrance tx xx xischarged or released at closing) to which Buyer objects, Walker shall have thirty (30) days after its receipt of sucx xxxxce to cure the title matter objected to by Buyer and the closing hereunder shall be postponed for such time. Walker shall, however, have no obligation to cure any such xxxxx objection. If Walker cures the title matter to which Buyer has objected wixxxx xuch thirty (30) day time period, then the sale provided for herein shall be consummated as herein provided. If, however, Walker is unable to cure the title matter to which Buyer hax xxxxcted within such time period or is unwilling to do so, then Buyer may at its option either: (i) terminate this Agreement and obtain a full refund of the Earnest Money; or (ii) elect to waive its objection to the xxxxx xatter and to complete the closing as provided herein notwithstanding the continued existence of such title matter and without any credit against or diminution in the Purchase Price.

Cure of Title Defects. No later than two 5.4.1. Within fifteen (15) days after City delivers the expiration of City Title Defect Notice, Seller shall provide notice (the Examination Period as defined below“Seller Title Cure Notice”) to City specifying which Title Defects it intends to eliminate or cure, Buyer shall notify Walker in writing of any matter of record affecting title to xxx Xalker Property as of the expiration of the Examination Perixx xxxch Buyer deems objectionableand which it does not. In the event Buyer If Seller fails to notify Walker of any such objections provide the Seller Title Cure Notice within such the foregoing time period, then Xxxxx Seller shall be deemed to have agreed to accept eliminate or cure all Title Defects specified in the Walker Property subject City Title Defect Notice. Seller shall have six (6) months after delivering Seller Title Cure Notice to all matters eliminate or cure the Title Defects that Seller agreed to eliminate or cure in the Seller Title Cure Notice, and Seller shall use good faith, diligent efforts to timely eliminate or cure such Title Defects, including the bringing of record as necessary suits. Notwithstanding the foregoing, Seller shall not be required to spend in excess of $5,000.00 to cure the xxxxxxtion Title Defects (but City reserves its rights under paragraph 5.4.3 of the Examination Period; provided, however, that Walker shall remain obligated to pay and discharge any monexxxx xiens and encumbrances upon the Walker Property or otherwise to obtain a release of the Walxxx Xxoperty from such liens and encumbrances at or priox xx xlosing, it being agreed that the cash portion of the Purchase Price may be used for that purpose. In this Agreement in the event Buyer notifies Walker in writing that any Title Defects are not cured because of a matter of record affecting such limit). 5.4.2. If any title matters arise after the Commitment’s effective date and prior to txx Xxlker Property Closing that are not contemplated as Permitted Exceptions under this Agreement (other than a monetary lien those that arise based upon actions of City or encumbrance tx xx xischarged or released at closingwith the consent of City) and City objects to which Buyer objectsthem by notice to Seller before Closing, Walker then such matters shall have thirty be treated as Title Defects under this Agreement, and the Closing may be extended for up to sixty (3060) days after its receipt of sucx xxxxce to allow Seller sufficient time to eliminate or cure the title matter objected to by Buyer and the closing hereunder shall be postponed for such time. Walker shall, however, have no obligation to cure any such xxxxx objectionTitle Defects. 5.4.3. If Walker cures the title matter to which Buyer has objected wixxxx xuch thirty (30) day time period, then the sale provided for herein shall be consummated as herein provided. If, however, Walker is unable to cure the title matter to which Buyer hax xxxxcted within such time period or is unwilling to do so, then Buyer may at its option eitherSeller: (ia) terminate this Agreement and obtain a full refund of in the Earnest MoneySeller Title Cure Notice elects not to eliminate or cure all Title Defects; or (iib) elect is not successful in eliminating or curing the Title Defects that Seller has agreed to waive its objection eliminate or cure in the Seller Title Cure Notice, City may: a. Accept the title as it then is, thereby waiving all objections to the xxxxx xatter Title Defects; or b. Demand a return of the Deposit, in which case this Agreement shall be terminated and Seller and City shall be released from all liabilities and obligations under this Agreement, except as to complete matters which by the closing as provided herein notwithstanding the continued existence terms of such title matter and without this Agreement specifically survive any credit against or diminution in the Purchase Pricetermination of this Agreement.

Cure of Title Defects. No In the event that any exceptions appear in the Title Commitment or any matters appears on the Survey which are unacceptable to Buyer, Buyer shall, within seven (7) business days after the Effective Date, shall notify Seller in writing of such fact and the reasons therefore (the “Title Notice”). In addition, in the event the Survey shows any encroachments of any improvements upon, from or onto the Property or in the event the Survey depicts any overlaps, strips or gores or in the event the Survey shows any other matters which are not acceptable to Buyer, the same shall be deemed to be a title defect and shall be treated as an objection to title by Buyer under this Section 2.3. If no Title Notice is delivered by Buyer to Seller within the aforesaid period, Buyer shall be deemed to have accepted all exceptions to title shown on the Title Commitment and all matters depicted on the Survey, and such exceptions and matters shall be deemed to be “Permitted Exceptions” as used hereunder. If a Title Notice is delivered by Buyer to Seller within the permitted time period, Seller, within five (5) business days after receipt of Title Notice, shall notify Buyer whether it intends to attempt to cure the matter of which the Title Notice has been given or whether it elects not to cure any such matter(s) (“Seller’s Notice”). In the event Seller elects to attempt to cure any matter(s) referenced in the Title Notice, Seller shall have ten (10) business days after delivery of Seller’s Notice in which to do so (the “Curative Period”). Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate, modify or cure such unacceptable exceptions and matters except for monetary liens which liens Seller shall remove of record no later than two Closing. In the event Seller is unable or unwilling to eliminate or modify such unacceptable title exceptions (other than the aforesaid monetary liens which Seller shall be obligated to remove), Buyer, as its sole and exclusive remedies, may, within three (3) business days after receipt of Seller’s Notice in the event Seller elects not to cure the matter(s) referenced in the Title Notice or within three (3) business days after the expiration of the Examination Curative Period as defined belowin the event Seller elects to cure but is unsuccessful in curing the defects(s) of which proper notice has been given, Buyer shall notify Walker but in no event later than the Closing Date (i) terminate this Agreement by notice in writing of to Seller or (ii) accept such title as Seller can deliver and any matter of record affecting title to xxx Xalker Property as of matters shown on the expiration of Title Commitment shall be included in the Examination Perixx xxxch Buyer deems objectionableterm “Permitted Exceptions”. In the event If Buyer fails to notify Walker of any such objections respond within such time periodthree (3) business days, then Xxxxx Buyer shall be deemed to have agreed to accept the Walker Property subject to all matters of record as of the xxxxxxtion of the Examination Period; provided, however, that Walker shall remain obligated to pay and discharge any monexxxx xiens and encumbrances upon the Walker Property or otherwise to obtain a release of the Walxxx Xxoperty from such liens and encumbrances at or priox xx xlosing, it being agreed that the cash portion of the Purchase Price may be used for that purposeterminated this Agreement. In the event of such termination, the parties shall have no further rights or obligations hereunder, and the Deposit shall be returned to Buyer notifies Walker once all of the Expenses associated with the Work have been paid in writing full. Within five (5) business days prior to Closing, Buyer may update the Title Commitment (the “Updated Title Commitment”), and deliver a copy thereof, together with copies of a matter of record affecting any new title matters, to txx Xxlker Property (Seller. If the Updated Title Commitment reflects any exceptions to the title other than the Permitted Exceptions and any matters which (i) are otherwise contemplated by this Agreement or (ii) are created as a monetary lien result of the act or encumbrance tx xx xischarged or released at closing) omission of Buyer, Buyer shall notify Seller of any such exceptions, and Seller shall use its best efforts to cure the matters of which Buyer objects, Walker shall have thirty the notice has been given prior to Closing. In the event Seller is unable to cure any such matter after its good faith efforts to do so and within ten (3010) days after its receipt of sucx xxxxce such notice (with the Closing Date extended to cure allow the title matter objected to by Buyer and the closing hereunder shall be postponed for full running of such time. Walker shall10-day period), however, have no obligation to cure any such xxxxx objection. If Walker cures the title matter to which Buyer has objected wixxxx xuch thirty (30) day time period, then the sale provided for herein shall be consummated as herein provided. If, however, Walker is unable to cure the title matter to which Buyer hax xxxxcted within such time period or is unwilling to do so, then Buyer may at its option either: (i) either terminate this Agreement by notice in writing to Seller, exercise Buyer’s remedies if such new matters would be deemed a default by Seller under this Agreement or accept such title as Seller can deliver, and obtain a full refund any matters shown on the updated Title Commitment shall be deemed to be “Permitted Exceptions.” In the event of any such termination, the parties shall have no further rights or obligations hereunder, and the Deposit shall be returned to Buyer once all of the Earnest Money; Expenses associated with the Work has been paid in full. It is specifically understood and agreed that Buyer hereby objects to and will require the removal, correction or (ii) elect to waive its objection to the xxxxx xatter and to complete the closing as provided herein notwithstanding the continued existence deletion of such title matter and without any credit against or diminution all standard exceptions set forth in the Purchase PriceTitle Commitment, and any gap, overlap, boundary dispute, hiatus or encroachment identified on the Survey which affects the Property or any adjacent properties.