Common use of Delivery of Title Commitment and Survey Clause in Contracts

Delivery of Title Commitment and Survey. (a) Purchaser, at Purchaser’s sole cost and expense, shall obtain, within five (5) business days after the date of this Agreement, an ALTA Title Commitment for an Owner’s Policy of Title Insurance (a “Title Policy”) issued by Boston, Massachusetts National Accounts office of Lawyers Title Insurance Corporation (the “Title Company”), together with legible copies of any covenants, easements, and other items listed in the Title Commitment as exceptions to title to the Property. The Title Policy, when delivered, shall name Purchaser as insured, and shall be in the amount of the Purchase Price, insuring that Purchaser owns good and indefeasible fee simple title to the Property, subject only to the Permitted Exceptions. Seller shall also deliver to Purchaser, along with the other Review Documents noted in Section 4.2, (i) the most recently available as-built survey in Seller’s possession (“Survey”) of the Property, and (ii) an affidavit by Seller that there has been no material construction, demolition or modification to the property since the survey. If the Purchaser requires an update to the Survey, it shall be at Purchaser’s sole cost and expense. (b) Purchaser shall have until the end of the Inspection Period within which to approve or disapprove the Title Commitment and the Survey, including the information reflected therein, such approvals or disapprovals to be within Purchaser’s sole discretion (any such disapproved item or matter herein referred to as a “Title Exception”). If Purchaser fails to disapprove any item or information contained in the Title Commitment or Survey by written notice delivered to Seller of Purchaser’s objection to such Title Exception(s) (a “Title Objection Notice”), prior to the expiration of the Inspection Period, Purchaser shall be deemed to have approved such Title Exception(s) and shall accept title to the Property as reflected in the Title Commitment and Survey, and subject to the Permitted Exceptions (as defined below). If Purchaser delivers a Title Objection Notice to Seller prior to the expiration of the Inspection Period, Seller shall have the right (without any obligation to do so) to cure or attempt to cure the Title Exception(s) referenced in Purchaser’s Title Objection Notice within ten (10) days after Purchaser’s delivery of the Title Objection Notice. In the event Seller is unable to cure or elects not to cure any one or more of the Title Exception(s) referenced in the Title Objection Notice, Seller may notify Purchaser in writing of such inability or election and Purchaser shall have the right to either: (a) waive such title matter(s) and, at Closing accept title to the Property subject to said Title Exceptions or (b) terminate this Agreement by giving written notice to Seller within five (5) business days of Seller’s notification to Purchaser of its inability or unwillingness to cure said Title Exceptions, in which event the Xxxxxxx Money (including all interest earned thereon) shall be returned to Purchaser and Purchaser and Seller shall be relieved of any further obligations or responsibilities hereunder except as otherwise provided in this Agreement to the contrary. The term “Permitted Exceptions”, as used herein, shall mean (i) the Title Exception(s) listed in Schedule B of the Title Commitment specified which Purchaser approves, waives or is deemed to approve pursuant to this Section 5.1.

Delivery of Title Commitment and Survey. (a) At Purchaser, at Purchaser’s 's option and sole cost and expense, shall obtain, within five Purchaser may obtain a Commitment or Commitments (5a "Title Commitment") business days after the date of this Agreement, an ALTA Title Commitment for an Owner’s 's Policy of Title Insurance (a “"Title Policy”") issued by Boston, Massachusetts National Accounts office of Lawyers Title Insurance Corporation a title insurance company selected by Purchaser (the “"Title Company”"), together with legible copies of any covenants, easements, and other items listed in the ; such Title Commitment as exceptions Policy to title to the Property. The Title Policy, when delivered, shall name Purchaser as insured, and shall be in the amount of the Purchase Price, insuring that Purchaser owns good and indefeasible fee simple title to the Property, subject only to the Permitted Exceptions. Seller shall also Purchaser agrees to deliver to Purchaser, along with the other Review Documents noted in Section 4.2, (i) the most recently available as-built survey in Seller’s possession (“Survey”) Seller a copy of the Property, and Title Commitment(s) no later than ten (ii10) an affidavit by Seller that there has been no material construction, demolition or modification business days prior to the property since the surveyClosing Date. If the Purchaser requires an update to the Survey, it shall be at At Purchaser’s sole cost 's option and expense, Purchaser may obtain a current survey of the Property (the "Survey"), prepared by a licensed surveyor. (b) Purchaser shall have until thirty (30) days after the end date of this Agreement (the Inspection Period "Approval Period") within which to approve or disapprove the Title Commitment and the Survey, including the information reflected therein, such approvals or disapprovals to be within Purchaser’s 's sole discretion (any such disapproved item or matter herein referred to as a “"Title Exception”"). If Purchaser fails to disapprove any item or information contained in the Title Commitment or Survey by written notice (which shall include a copy of the Title Commitment and Survey) delivered to Seller of Purchaser’s 's objection to such Title Exception(s) (a “"Title Objection Notice”), ") prior to the expiration of the Inspection Approval Period, Purchaser shall be deemed to have approved such Title Exception(s) and shall accept title to the Property as reflected in the Title Commitment and Survey, and subject to the Permitted Exceptions (as defined below). If Purchaser delivers a Title Objection Notice to Seller prior to the expiration of the Inspection Period, Seller shall have the right (without any obligation to do so) to cure or attempt to cure the Title Exception(s) referenced in Purchaser’s Title Objection Notice within ten (10) days after Purchaser’s delivery of the Title Objection Notice. In the event Seller is unable to cure or elects not to cure any one or more of the Title Exception(s) referenced in the Title Objection Notice, Seller may notify Purchaser in writing of such inability or election and Purchaser shall have the right to either: (a) waive such title matter(s) and, at Closing accept title to the Property subject to said Title Exceptions or (b) terminate this Agreement by giving written notice to Seller within five (5) business days of Seller’s notification to Purchaser of its inability or unwillingness to cure said Title Exceptions, in which event the Xxxxxxx Money (including all interest earned thereon) shall be returned to Purchaser and Purchaser and Seller shall be relieved of any further obligations or responsibilities hereunder except as otherwise provided in this Agreement to the contrary. The term “Permitted Exceptions”, as used herein, shall mean (i) the Title Exception(s) listed in Schedule B of the Title Commitment specified which Purchaser approves, waives or is deemed to approve pursuant to this Section 5.1.