Common use of Examination Period Clause in Contracts

Examination Period. Purchaser shall have ten (10) days after Purchaser’s receipt of the Title Commitment and Title Documents in which to review Title Commitment and Title Documents together and in conjunction with one another (the “Examination Period”). In the event any item on the Title Commitment is unsatisfactory to Purchaser for any reason, Purchaser shall have until the end of the Examination Period to deliver to Seller, in writing, such objections as Purchaser may have to anything contained or set forth therein, including, without limitation, Purchaser’s inability to obtain zoning, access, and contiguity title endorsements from the title company on terms acceptable to Purchaser, which endorsements Purchaser may elect to obtain as a condition precedent to Purchaser’s obligation to close at Purchaser’s expense. Any items shown on Title Commitment and Title Documents reviewed by Purchaser to which Purchaser does not object on or before the end of the Title Examination Period shall be deemed to be approved by Purchaser and shall be “Permitted Exceptions” (herein so called) for purposes of this Agreement. Seller shall use reasonable efforts to remedy or cure Purchaser’s objections during the ten (10) day period following Seller’s receipt thereof (the “Cure Period”). In the event Seller does not cure such objections prior to the expiration of the Cure Period, Purchaser shall have the right to terminate this Agreement by written notice to Seller within ten (10) days after the expiration of the Cure Period. In the event of such a termination by Purchaser, this Agreement shall be without any further force or effect. Notwithstanding the foregoing, neither

Examination Period. Purchaser shall have ten (10) days after Purchaser’s receipt of the Title Commitment and Title Documents in which to review Title Commitment and Title Documents together and in conjunction with one another (the “Examination Period”). In the event any item on the Title Commitment is unsatisfactory to Purchaser for any reason, Purchaser shall have until the end of the Examination Period to deliver to Seller, in writing, such objections as Purchaser may have to anything contained or set forth therein, including, without limitation, Purchaser’s inability to obtain zoning, access, and contiguity title endorsements from the title company on terms acceptable to Purchaser, which endorsements Purchaser may elect to obtain as a condition precedent to Purchaser’s obligation to close at Purchaser’s expense. Any items shown on Title Commitment and Title Documents reviewed by Purchaser to which Purchaser does not object on or before the end of the Title Examination Period shall be deemed to be approved by Purchaser and shall be “Permitted Exceptions” (herein so called) for purposes of this Agreement. Seller shall use reasonable efforts to remedy or cure Purchaser’s objections during the ten (10) day period following Seller’s receipt thereof (the “Cure Period”). In the event Seller does not cure such objections prior to the expiration of the Cure Period, Purchaser shall have the right to terminate this Agreement by written notice to Seller within ten (10) days after the expiration of the Cure Period. In the event of such a termination by Purchaser, this Agreement shall be without any further force or effect. Notwithstanding the foregoing, neitherneither (i) the standard preprinted exceptions set forth in the Title Commitment, nor (ii) any matters reflected on Schedule B of the Title Commitment as liens, mortgages, or assignment of rents, and items which are designated by the Title Company as matters to be satisfied prior to or simultaneously with the Closing, shall constitute Permitted Exceptions; rather all of the same shall be discharged and satisfied by Seller prior to or simultaneously with the Closing.