Common use of Defects of Title Clause in Contracts

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen (15) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. If prior to the last day of the Inspection Period, Purchaser asserts the existence of any encumbrance, encroachment on or defect in or objection to title to any portion of the Fee Theatres based on Purchaser's examination of the Title Commitment and the Title Documents, or any other information received by Purchaser (other than a title exception described on Exhibit F, in which case notice of a title defect must be given by Purchaser to Seller within 10 days after the Acceptance Date) (any of which is called a "Defect in Title"), Purchaser shall give Seller written notice of such Defect in Title and Seller shall have 30 days after receipt of such notice to elect to either (i) terminate this Agreement by written notice to Purchaser, or (ii) remove, or otherwise cure to Purchaser's satisfaction, the Defect in Title, and if necessary the date of Closing shall be extended for such 30-day period to allow Seller to so remove or cure the Defect in Title. In the event Seller fails, refuses or is unable to remove or cure the Defect in Title, then Purchaser shall have the right to object either: (i) waive such Defect in Title, override Seller's election to any defect of title which appears in the Title Documents terminate and which renders title proceed to the Property unmerchantable Closing or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen (15ii) days after the date of its discovery of the defect of title terminate this Agreement on or before the date of Closing, whichever is earlier, to provide Seller with by delivering written notice of its objection such to Seller as provided in Section 9 above. In the defect of title. If Seller receives timely written notice from event Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of titleso terminates this Agreement, Purchaser shall have receive a refund of any refundable portion of its Xxxxxxx Money Deposit, only if the right to either (a) terminate this Agreement Defect in Title is a material defect in title that prevents the use of the Fee Theatres for its intended purpose, and its both parties shall be released from all further obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate under this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a ".

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Purchasers Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's Purchasers failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Xxxxxxx Money Deposit to Purchaser and neither party shall have any xxxxxxx further obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretiondiscretion except as otherwise specified, to (a) correct or cure the defect of title, (b) with Purchaser's consent, obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx xxxxxxr obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use intended use or development (a "defect of title"). ) Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, . Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx fuxxxxx obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx anx xxxxxer obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretiondiscretion except as otherwise specified, to (a) correct or cure the defect of title, (b) with Purchaser's consent, obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither party shall have any xxxxxxx xxx xxrther obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser and neither Purchasex xxx xeither party shall have any xxxxxxx further obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser shall have the right to object to any defect of title which appears in the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration of the Inspection Period (as defined in Section 4.2). Purchaser's Purchasers failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Period, Purchaser shall have until fifteen five (155) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection to the defect of title, provided, however, that Purchaser shall be deemed to have approved and accepted any matters that are shown on the Plat as described in Section 10.6. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, to (a) correct or cure the defect of title, (b) obtain title insurance over the defect of title through title policy endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of title. If Seller is unable or unwilling to cure or insure over a defect of title, Purchaser shall have the right to either (a) terminate this Agreement and its obligations hereunder, or (b) waive its objection to the defect of title. If Purchaser elects to terminate this Agreement, the Title Company shall return the Earnest Xxxxxxx Money Deposit to Purchaser and neither party shall have any xxxxxxx further obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "

Defects of Title. Purchaser If on or before August 31, 2005, Buyer asserts the existence of any encumbrance, encroachment on or defect in, or objection to title to, any portion of the Real Property based on Buyer's examination of the Commitment and the Title Documents, or any other information received by Buyer (any of which is called a "Defect in Title"), Buyer will give written notice thereof to Seller on or before August 31, 2005, and then Seller may, at Seller's sole election either: (i) notify Buyer in writing that it does not intend to correct or cure the Defect in Title, or (ii) attempt to correct or cure the Defect in Title on or before the XXX by (A) attempting to obtain title insurance over such Defect in Title, or (B) otherwise using reasonable efforts to remove the Defect in Title. Seller's lack of response within a period of one business day after receipt of Buyer's notice shall be deemed as Seller's election not to correct or cure the Defect in Title prior to XXX. If Seller does not elect or is deemed not to have elected o correct or cure the Defect in Title, Buyer shall have the right to object cancel this Agreement by delivering written notice to any defect of title which appears in Seller on or before the Title Documents and which renders title to the Property unmerchantable or which makes the Property unsuitable for Purchaser's Intended Use (a "defect of title"). Any objection to a defect of title must be in writing and must be received by Seller no later than the expiration last day of the Inspection Period (as defined in Section 4.2). Purchaser's failure to provide Seller with written notice of an objection to any title matter appearing in the Title Documents within the Inspection Period shall be deemed to be a waiver by Purchaser of any objection it might otherwise have; and all such title matters shall become additional "Permitted Exceptions." Notwithstanding the foregoing, if a defect of title is not revealed in the Title Documents and is discovered by Purchaser after the close of the Inspection Due Diligence Period, Purchaser shall have until fifteen (15) days after the date of its discovery of the defect of title or the date of Closing, whichever is earlier, to provide Seller with notice of its objection waive any such Defect in Title and elect to the defect of title. close under this Agreement.. If Seller receives timely written notice from Purchaser of a defect of title, Seller shall have the right, in its sole discretion, elects to (a) attempt to correct or cure the defect Defect in Title, but the Defect in Title cannot, through the exercise of titlereasonable diligence, (b) obtain title insurance over be corrected or cured on or before the defect of title through title policy endorsement XXX, the XXX shall be automatically extended for a time period not to exceed 15 days in order to allow Seller to correct or otherwise, or (c) notify Purchaser that Seller does not intend to cure or insure over the defect of titlesuch matter. If Seller is unable elects to attempt to correct or unwilling to cure the Defect in Title and if such Defect in Title cannot be corrected or insure over a defect cured within the 15-day extension of titlethe XXX, Purchaser shall then Buyer will have the right to either either: (ax) terminate waive any such Defect in Title and elect to close under this Agreement and its obligations hereunderAgreement, or (by) waive its objection cancel this Agreement by delivering written notice to Seller on or before the defect date of titlethe XXX (as it may be extended). If Purchaser Buyer elects to terminate cancel this Agreement due to Seller's election to not correct or cure any Defect in Title, Buyer will receive a prompt refund of the Xxxxxxx Money Deposit plus interest less the Non-Refundable Deposit and the Parties will be relieved of all further obligations under this Agreement, except that the indemnities contained in Sections 7(b) and 16(b) shall survive such termination. If, after Seller notifies Buyer of its intent to correct or cure any Defect in Title Company shall return but is subsequently unable to correct or cure any Defect in Title within the Earnest 15-day extension of XXX and Buyer terminates due to such inability, Buyer will receive a prompt refund of the entirety of the Xxxxxxx Money Deposit to Purchaser plus interest and neither party the Parties will be relieved of all further obligations under this Agreement, except that the indemnities contained in Sections 7(b) and 16(b) shall have any xxxxxxx obligation hereunder. If Purchaser elects to waive its objection to the defect of title, the title matter objected to shall thereafter be considered a "survive such termination.