Common use of Objection and Cure Period Clause in Contracts

Objection and Cure Period. If the Title Insurer raises additional title exceptions in any version of the Title Commitment issued at or before the Closing and such additional title exceptions do not constitute Permitted Exceptions or Removable Liens (hereinafter defined), then Seller may, at its election, within ten (10) days after receipt of the subsequent version of the Title Commitment, as the case may be: (a) cause the non-permitted matters to be deleted from the Title Commitment; (b) cause the Title Insurer to expressly waive or insure over such non-permitted matters; or (c) cause the Title Insurer to agree to delete or insure over such non-permitted matters at the Closing. Except for Removable Liens and additional exceptions to title resulting from a breach by Seller under Section 5.5 hereof, Seller shall have no obligation to elect the alternatives set forth in clauses (a), (b) or (c) of this Section 5.4. If Seller fails or elects not to take any of the actions described in clauses (a), (b) or (c) above with respect to the non-permitted matters within the aforementioned ten (10) day period, Purchaser may by written notice to Seller delivered within five (5) days after the expiration of Seller's 10-day cure period elect, as its sole remedy (except as expressly provided in the last sentence of this grammatical paragraph), to: (x) terminate this Agreement, in which case all of the Xxxxxxx Money, less the Reimbursement Amount, shall be returned to Purchaser provided Purchaser has complied with Purchaser's obligations under the third grammatical paragraph of Article 4 hereof; or (y) agree to take title as shown in the most recent Title Commitment, in which case, the Permitted Exceptions shall be expanded to include the additional matters not removed, waived or insured over, but with a deduction from and offset against the Purchase Price for all Removable Liens. The Closing Date shall be delayed to the extent necessary to allow for Seller's 10-day cure period and Purchaser's 5-day election period. Notwithstanding anything contained herein to the contrary, if any additional exceptions to title result from a breach by Seller under Section 5.5 hereof and Seller fails or refuses to take any of the actions described in clauses (a), (b) or (c) above with respect to any such exceptions, Purchaser may pursue against Seller any rights or remedies available at law or in equity with respect to such breach, subject, however, to the last sentence of Section 10.2 hereof.

Objection and Cure Period. If the Preliminary Title Insurer raises additional title exceptions in Report and/or survey contain any version of the Title Commitment issued at or before the Closing and such additional title exceptions do matters not constitute constituting Permitted Exceptions or Removable Liens (hereinafter defined), then Seller may, at its election, within ten five (105) days after receipt from Purchaser of the Permitted Exceptions or a subsequent version of the Preliminary Title CommitmentReport, as the case may be: (a) cause the non-permitted matters to be deleted from the Title CommitmentReport; (b) cause the Title Insurer to expressly waive or insure over such non-non- permitted mattersmatters as may be mutually agreed to by Seller and Purchaser; or (c) agree in writing to cause the Title Insurer to agree to delete or insure over such non-permitted matters to be deleted at or prior to the Closing. Except for Seller shall cause all Removable Liens and additional exceptions to title resulting from a breach by Seller under Section 5.5 hereofbe satisfied or discharged as of the date of Closing, Seller shall have no obligation subject to elect the alternatives set forth in clauses (a), (b) or (c) provisions of this Section 5.44.3. If Seller fails or elects not to take any cause all of the actions described in clauses (a), (b) or (c) above with respect to the non-permitted matters to be removed or waived, within the aforementioned ten five (105) day period, Purchaser may by written notice to Seller delivered within five (5) days after the expiration of Seller's 10-five (5) day objection and cure period elect, as its sole remedy (except as expressly provided in the last sentence of this grammatical paragraph), elect to: (x) terminate this Agreement, in which case all of the Xxxxxxx Money, less the Reimbursement Amount, Deposit shall be returned to Purchaser Purchaser, provided Purchaser has complied with Purchaser's obligations under the third grammatical paragraph of Article 4 hereof; or , (y) agree to take such title as shown in the most recent Title Commitment, in which case, the Permitted Exceptions shall be expanded to include the additional matters not removed, waived or insured over, but with Seller can convey without a deduction from and offset against the Purchase Price for all Removable Liens. The Closing Date shall be delayed Liens or (z) pay and discharge such matters (to the extent necessary dischargeable by the payment of money) and all such amounts paid by Purchaser shall be a credit against the Purchase Price. As used in this Section 4.3, the term “Removable Liens” shall mean liens which are of a definite and ascertainable amount which in the aggregate can be removed at Closing by payment of monies constituting a portion of the Purchase Price, and which (A) represent mortgage debt, (B) represent taxes or assessments which are then delinquent or which are then due and payable (in which event Seller need not pay or credit to allow for Seller's 10-day cure period and Purchaser's 5-day election period. Notwithstanding anything contained herein Purchaser more than is required pursuant to the contrary, if any additional exceptions to title result from a breach by Seller under Section 5.5 hereof and Seller fails or refuses to take any proration provisions of the actions described in clauses (aSections 3.4 hereof), (b) or (cC) above with respect to any such exceptionswere created, Purchaser may pursue against Seller any rights granted or remedies available at law permitted by, or in equity with respect to such breacharise through, subject, however, to the last sentence of Section 10.2 hereofSeller.

Objection and Cure Period. If Buyer shall have thirty (30) calendar days from the Title Insurer raises additional title exceptions in any version receipt of the later of the Title Commitment issued at or before Survey referred to in Section 4.1 above (the Closing and such additional title exceptions do not constitute Permitted Exceptions or Removable Liens “Objection Period”) to notify Seller of any objections to the Property disclosed by the information received by Xxxxx (hereinafter defined“Buyer’s Objection Letter”), then Seller may, at its election, within ten (10) days after receipt of the subsequent version of the Title Commitment, as the case may be: (a) cause the non-permitted matters to be deleted from the Title Commitment; (b) cause the Title Insurer to expressly waive or insure over such non-permitted matters; or (c) cause the Title Insurer to agree to delete or insure over such non-permitted matters at the Closing. Except for Removable Liens and additional exceptions to title resulting from a breach by Seller under Section 5.5 hereof, Seller shall have no obligation respond to elect the alternatives set forth in clauses (a), (b) or (c) of this Section 5.4. If Seller fails or elects not to take any of the actions described in clauses (a), (b) or (c) above with respect to the non-permitted matters within the aforementioned ten (10) day period, Purchaser may by written notice to Seller delivered Buyer’s Objection Letter within five (5) business days after the expiration of Seller's 10-day ’s receipt thereof denoting which objections Seller elects to cure, and which objections Seller declines to cure (“Seller’s Response Letter”). As to the objections Seller elects to cure, Seller shall have a cure period electnot to exceed thirty (30) calendar days from Seller’s delivery to Buyer of Seller’s Response Letter to cure or correct Buyer’s objections contained in Buyer’s Objection Letter (“Cure Period”). If either (i) Seller declines to cure certain objections which, as in Buyer’s discretion, render the Property unfit for Buyer’s intended use; or, (ii) Seller is unable to cure such objections within the Cure Period; then Buyer, at its sole remedy (except as expressly provided option, within the Due Diligence Period, may elect either to accept the Property in the last sentence of this grammatical paragraph), to: (x) its then existing condition or terminate this Agreement, in which case all of Agreement and the Xxxxxxx Money, less the Reimbursement Amount, Money shall be returned to Purchaser provided Purchaser has complied with Purchaser's Buyer, after which the parties shall have no further obligations under this Agreement. If Buyer fails to terminate this Agreement prior to the third grammatical paragraph expiration of Article 4 hereofthe Due Diligence Period, Buyer shall be deemed to have automatically accepted the Property in its then existing condition, including, but not limited to, easements, restrictions, encumbrances, and other matters of record, or matters revealed by Xxxxx’s Due Diligence investigation, that existed as of the Effective Date (the “Permitted Encumbrances”) and to have waived any further objection to the condition of the Property and shall be required to proceed to Closing, subject to the terms and conditions of this Agreement. Notwithstanding the foregoing, Seller shall have an affirmative obligation to remove all mortgages, liens and other monetary encumbrances from title to the Property at or before the Closing, and such items shall not be considered Permitted Encumbrances; however, Seller shall not be responsible for removing any mortgages, liens and other monetary encumbrances placed on the Property by Buyer or (y) agree to take title as shown in a result of Buyer’s activities on or investigations of the most recent Title CommitmentProperty. If, in which casefor any reason, the Permitted Exceptions Objection Period and/or Cure Period expire after the Due Diligence Period, the Due Diligence Period shall automatically be expanded extended to include expire upon the additional matters not removed, waived or insured over, but with a deduction from and offset against the Purchase Price for all Removable Liens. The Closing Date shall be delayed to the extent necessary to allow for Seller's 10-day cure period and Purchaser's 5-day election period. Notwithstanding anything contained herein to the contrary, if any additional exceptions to title result from a breach by Seller under Section 5.5 hereof and Seller fails or refuses to take any expiration of the actions described in clauses (a), (b) or (c) above with respect to any such exceptions, Purchaser may pursue against Seller any rights or remedies available at law or in equity with respect to such breach, subject, however, to the last sentence of Section 10.2 hereofCure Period.

Objection and Cure Period. If the Title Insurer raises additional title exceptions in Commitment contains any version of the Title Commitment issued at or before the Closing and such additional title exceptions do matters not constitute constituting Permitted Exceptions or Removable Liens (hereinafter defined), then Seller may, at its election, within ten (10) days after receipt from Purchaser of the Permitted Exceptions or a subsequent version of the Title Commitment, as the case may be: (a) cause the non-permitted matters to be deleted from the Title Commitment; (b) cause the Title Insurer to expressly waive or insure over such non-non- permitted matters; or (c) cause the Title Insurer to agree to delete or insure over such non-permitted matters matter at the Closing. Except for Removable Liens and additional exceptions to title resulting from a breach by Seller under Section 5.5 hereofLiens, Seller shall have no obligation to elect the alternatives set forth in clauses (a), (b) or (c) of this Section 5.4. If Seller fails or elects not to take any of the actions described in clauses (a), (b) or (c) above with respect to the non-permitted matters within the aforementioned ten (10) day period, Purchaser may by written notice to Seller delivered within on or before five (5) days after written notice by Seller that Seller failed or elected not to take any of the expiration of Seller's 10-day cure period actions described in clauses (a), (b) or (c) above elect, as its sole remedy (except as expressly provided in the last sentence of this grammatical paragraph)remedy, to: (x) terminate this Agreement, in which case all of the Xxxxxxx Money, less the Reimbursement Amount, Exxxxxx Money shall be returned to Purchaser provided Purchaser has complied with Purchaser's obligations under the third fourth grammatical paragraph of Article 4 hereof; or (y) agree to take title as shown in the most recent Title Commitment, in which case, the Permitted Exceptions shall be expanded to include the additional matters not removed, waived or insured over, but with a deduction from and offset against the Purchase Price for all Removable Liens. The Closing Date shall be delayed to the extent necessary to allow for Seller's 10-day cure period and Purchaser's 5-day election period. Notwithstanding anything contained herein to the contrary, if any additional exceptions to title result from a breach by Seller under Section 5.5 hereof and Seller fails or refuses to take any of the actions described in clauses (a), (b) or (c) above with respect to any such exceptions, Purchaser may pursue against Seller any rights or remedies available at law or in equity with respect to such breach, subject, however, to the last sentence of Section 10.2 hereof.