New or Additional Exceptions Clause Samples
New or Additional Exceptions. Following execution of this Agreement, Seller shall not voluntarily place and shall use commercially reasonable efforts not to allow to exist any additional liens or encumbrances (other than those created solely by Buyer’s acts or omissions or as otherwise arising in connection with the Entitlements) on the Property without the prior written consent of Buyer, other than those which Seller commits to remove prior to or at Closing. If any supplement to the PTR that may be issued from time to time by the Title Company discloses any new or additional exceptions from the exceptions shown on the PTR, other than liens or encumbrances placed or allowed to exist by Seller which Seller shall be obligated to remove, Buyer shall approve or disapprove, in its sole and absolute discretion, such new exceptions within five (5) business days after Buyer receives written notice of such new exception(s), unless such exception arises from the acts or omissions of Buyer, in which case Buyer shall be responsible for removing such exception and/or shall be required to take title subject to such exception. Buyer’s failure to respond in such five (5) day period shall constitute disapproval of such new exception(s). If Buyer disapproves or is deemed to disapprove any such new exception(s), then the provisions of Paragraph 2.6.3 shall apply; unless such new exception (i) is not an exception created by or caused by Seller or (ii) is an exception which arises in connection with the Entitlements, in which case the provisions of Paragraph 2.6.1 shall apply.
New or Additional Exceptions. After the Effective Date and so long as this Agreement remains in effect, Seller shall not place or knowingly allow any deed of trust, lien, encumbrance, or other exception to title to the Property without the prior written consent of Buyer, and if Seller breaches this covenant, in addition to all other rights and remedies, Buyer may direct Escrow Holder to use Seller’s proceeds from the Closing to pay off and remove any such deed of trust, lien, encumbrance, or other exception to title to the Property. If any new or additional exceptions to title to the Property appear of record after the date of the Title Report, including after the expiration of the Feasibility Period, the Escrow Holder shall deliver to Buyer a supplemental title report, including true and correct copies of all instruments reflected as exceptions in the supplemental title report (“Supplemental Report”). Thereafter, the Parties shall comply with Sections 3.01 and 3.02, except that the Title Review Period for any Supplemental Report shall be five (5) business days, the Cure Period shall be five (5) business days, Buyer shall notify Seller of its election regarding any uncured exceptions within two (2) business days (and shall be deemed to have disapproved any exceptions not approved in writing within such period), and the Closing shall be extended as necessary to accommodate review of the Supplemental Report in accordance herewith.