Common use of New Title Policies; New Surveys Clause in Contracts

New Title Policies; New Surveys. During the Review Period, Acquiror shall have the opportunity to review the existing owner's title insurance policies and surveys of the Real Property Assets. If, upon such review, Acquiror shall reasonably determine that the existing owner's title insurance policy for any Real Property Asset is insufficient to protect the interests of Acquiror with respect to such Real Property Asset and Acquiror delivers notice thereof to Seller on or before the Due Diligence Expiration Date specifying the applicable Real Property Asset and identifying the interests of Acquiror that are not protected, Seller shall, at its option and at its sole cost and expense, cause either (a) the title insurance company that issued the existing owner's title insurance policy for the applicable Real Property Asset to issue to Acquiror, on the Closing Date, relevant endorsements to such existing title insurance policies in order to adequately protect the interests of Acquiror, including a non-imputation endorsement, or (b) a title insurance company reasonably selected by Seller to provide to Acquiror on the Closing Date an owner's title insurance policy (or in the case of a New York-style closing, a marked title insurance commitment representing such title insurance policy) covering title to the applicable Real Property Asset in an amount approximating the fair market value thereof (in either case, a "New Title Policy"). Similarly, if Acquiror shall reasonably determine that the existing survey for any Real Property Asset is insufficient to protect the interests of Acquiror with respect to such Real Property Asset and Acquiror delivers notice thereof to Seller on or before the Due Diligence Expiration Date specifying the applicable Real Property Asset and identifying the interests of Acquiror that are not protected, Seller shall, at its sole cost and expense, deliver to Acquiror, on or before the Closing Date, a survey of the applicable Real Property Asset performed by a surveyor licensed in the state in which such asset is located and certified to Acquiror as having been prepared in accordance with 1999 minimum standard details for a land survey jointly adopted by ALTA/ACSM (a "New Survey"). If Acquiror shall fail to deliver any written notice to Seller contemplated by this Section 2.10 with respect to any Real Property Asset on or before the Due Diligence Expiration Date, Acquiror shall be deemed to have waived its right to request a New Title Policy or New Survey with respect to such Real Property Asset.

New Title Policies; New Surveys. During the Review Period, Acquiror shall have the opportunity to review the existing owner's title insurance policies and surveys of the Real Property Assets. If, upon such review, Acquiror shall reasonably determine that the existing owner's title insurance policy for any Real Property Asset is insufficient to protect the interests of Acquiror with respect to such Real Property Asset and Acquiror delivers notice thereof to Seller on or before the Due Diligence Expiration Date specifying the applicable Real Property Asset and identifying the interests of Acquiror that are not protected, Seller shall, at its option and at its sole cost and expense, cause either (a) the title insurance company that issued the existing owner's title insurance policy for the applicable Real Property Asset to issue to Acquiror, on the each Closing Date, relevant endorsements to such existing title insurance policies in order to adequately protect the interests of Acquiror, including a non-imputation endorsement, or (b) a title insurance company reasonably selected by Seller to provide to Acquiror on the applicable Closing Date an owner's title insurance policy (or in the case of a New York-style closing, a marked title insurance commitment representing such title insurance policy) covering title to the applicable Real Property Asset in an amount approximating the fair market value thereof (in either case, a "New Title Policy"). Similarly, if Acquiror shall reasonably determine that the existing survey for any Real Property Asset is insufficient to protect the interests of Acquiror with respect to such Real Property Asset and Acquiror delivers notice thereof to Seller on or before the Due Diligence Expiration Date specifying the applicable Real Property Asset and identifying the interests of Acquiror that are not protected, Seller shall, at its sole cost and expense, deliver to Acquiror, on or before the each Closing Date, a survey of the applicable Real Property Asset performed by a surveyor licensed in the state in which such asset is located and certified to Acquiror as having been prepared in accordance with 1999 minimum standard details for a land survey jointly adopted by ALTA/ACSM (a "New Survey"). If Acquiror shall fail to deliver any written notice to Seller contemplated by this Section 2.10 with respect to any Real Property Asset on or before the Due Diligence Expiration Date, Acquiror shall be deemed to have waived its right to request a New Title Policy or New Survey with respect to such Real Property Asset.