Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 2 contracts
Samples: Purchase and Sale Contract (Davidson Growth Plus Lp), Purchase and Sale Contract (Davidson Diversified Real Estate Ii Limited Partnership)
Objection and Response Process. On or before the date which is 20 15 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 20 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before 25 days after the expiration of Effective Date (the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed “Final Response Deadline”) either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract by giving written notice to that effect to Seller, in which case, the Escrow Agent shall deliver to Purchaser the Refundable Initial Deposit Component (subject to Purchaser’s obligation to deliver all Third-Party Reports and to return all information and Materials provided by Seller to Purchaser) in accordance with the terms and conditions of Section 3.2 and Escrow Agent shall deliver the Non-Refundable Initial Deposit Component to Seller. If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 2 contracts
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties), Purchase and Sale Contract (Consolidated Capital Growth Fund)
Objection and Response Process. On or before the date which is 20 days after expiration of the Effective Date Due Diligence Period (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections")objects. If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 five (5) days after receiving the Effective Date Objection Notice, (the "“Response Deadline"”), Seller may, in Seller's sole discretion, may give Purchaser written notice (the "“Response Notice"”) of those Objections which objections Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior Agreement by delivering written notice to Seller within ten (10) days after the expiration of the Feasibility Period in accordance with the provisions of Section 3.2Response Deadline. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objectionsobjections) and without any reduction or abatement of the Purchase Price. If Seller fails to cure any objections which Seller agreed to cure in the Response Notice by the date that is ten (10) days after the Objection Deadline, then Purchaser may, as its exclusive remedy, either (a) accept the Title Documents and Survey without resolution of such objections and without any reduction or abatement of the Purchase Price, or (b) terminate this Agreement by delivering written notice to Seller prior to Closing. If Purchaser terminates this Agreement pursuant to this Section 0, this Agreement shall have no further force or effect. Notwithstanding anything to the contrary set forth above, in no event shall Purchaser be deemed to have agreed to accept title subject to (i) monetary liens, encumbrances or security interests against Seller and/or the Property or any real estate taxes, (ii) encumbrances that have been voluntarily placed against the Property by Seller after the Effective Date without Purchaser’s prior written consent and that will not otherwise be satisfied on or before the Closing, or (iii) exceptions that can be removed from the Title Commitment by Seller’s delivery of a customary owner’s title affidavit or gap indemnity (all of the foregoing hereinafter collectively referred to as the “Seller’s Required Removal Items”).
Appears in 2 contracts
Samples: Real Property Purchase and Sale Agreement (VetaNova Inc.), Real Property Purchase and Sale Agreement (VetaNova Inc.)
Objection and Response Process. On or before the date which is 20 days after the Effective Date November 11, 2008 (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date November 17, 2008 (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 2 contracts
Samples: Purchase and Sale Contract, Purchase and Sale Contract (Consolidated Capital Institutional Properties)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the ObjectionsObjections but not beyond the expiration of Purchaser’s mortgage commitment or rate lock. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 2 contracts
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties), Purchase and Sale Contract (Consolidated Capital Growth Fund)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date of up to 10 days to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 2 contracts
Samples: Purchase and Sale Contract (Davidson Income Real Estate Lp), Purchase and Sale Contract (Davidson Growth Plus Lp)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, prior to Closing, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price. If Seller elects to cure any Objection in its Response Notice pursuant to this Section 4.3, but is unable to do so prior to Closing, Seller shall not be in default under this Contract and Purchaser may, as its exclusive remedy, terminate this Contract by giving written notice thereof to Seller.
Appears in 2 contracts
Samples: Purchase and Sale Contract, Purchase and Sale Contract (Oxford Residential Properties I LTD Partnership)
Objection and Response Process. On or before the date which that is 20 three (3) days after prior to the Effective Date expiration of the Feasibility Period (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date date that is one (1) day prior to the expiration of the Feasibility Period (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date (not to exceed the earlier of thirty (30) days or the expiration of Purchaser’s loan commitment, if any) to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before the expiration of the Feasibility Period in accordance with (the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed “Final Response Deadline”) either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, (b) to terminate this Agreement, or (c) if such exception is a Voluntary Title Exception or Monetary Title Exception, give notice that Seller shall be obligated to remove or insure over or bond over such item which is the subject of the Objections or Purchaser shall be entitled to cause a Removal Deduction in accordance with Section 3.5 below. If Purchaser fails to give notice to terminate this Agreement on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Agreement (Gc Net Lease Reit, Inc.)
Objection and Response Process. 4.3.1 On or before the date which is 20 twenty (20) days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the any Title Documents and the Survey or Surveys to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice with respect to the Property on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the SurveySurvey for the Property. On or before 25 the date which is twenty five (25) days after the Effective Date (the "“Response Deadline"”), if Seller has received an Objection Notice Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of any Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller’s Representative on or before the expiration of the Feasibility Period in accordance with (the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed “Final Response Deadline”) either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract in its entirety, in which event the Deposit shall be returned to Purchaser (subject to Purchaser’s obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Deposit). If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey applicable to the Property, subject only to resolution, if any, of the Objections as set forth in the Response Notice for the Property (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties)
Objection and Response Process. On or before the date which is 20 15 days after Seller delivers the Effective Date Title Documents and Survey to Purchaser, which may be delivered via E-Mail to counsel for Purchaser (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 20 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (National Property Investors 6)
Objection and Response Process. On or before the date which is 20 ten (10) calendar days after the Effective Date (the "“ Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "“ Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 fifteen (15) calendar days after the Effective Date (the "“ Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“ Response Notice"”) of those Objections which Seller is willing to curecure (or cause the Title Company to omit as an exception to title insurance coverage or otherwise insure against collection against the Property, provided such insurance is acceptable to Purchaser’s Lender), if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, but not beyond the expiration of Purchaser’s mortgage loan commitment or rate lock unless Seller agrees to pay for an extension of such commitment or rate lock. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before twenty (20) calendar days after the expiration of Effective Date (the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed “ Final Response Deadline”) either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract by giving written notice to that effect to Seller, in which case, the Escrow Agent shall deliver to Purchaser the Initial Deposit (subject to Purchaser’s obligation to deliver all Third-Party Reports and to return all information and Materials provided by Seller to Purchaser, or the destruction of such Materials certified in writing by Purchaser and Seller) in accordance with the terms and conditions of Section 3.2. If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 3)
Objection and Response Process. On or before the date which is 20 22 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 29 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before the expiration of the Feasibility Period in accordance with (the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed "Final Response Deadline") either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract, in which event the Refundable Initial Deposit Component shall be returned to Purchaser (subject to Purchaser's obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Initial Deposit). If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (VMS National Properties Joint Venture)
Objection and Response Process. On or before the date which is 20 25 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 28 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate; provided, however, that Seller may not adjourn the Closing Date beyond the day that Purchaser’s lender’s commitment to provide financing expires. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (National Property Investors 6)
Objection and Response Process. On or before the date which is 20 15 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 20 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before 25 days after the expiration of Effective Date (the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed "Final Response Deadline") either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract, in which event the Refundable Initial Deposit Component shall be returned to Purchaser (subject to Purchaser's obligation under Section 3.5.2 to return or certify the destruction of all information and Materials provided to Purchaser as a pre-condition to the return of the Initial Deposit). If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (Oxford Residential Properties I LTD Partnership)
Objection and Response Process. On or before the date which is 20 days after the Effective Date November 30, 2007 (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Existing Survey to which Purchaser objects (the "“Objections")”) and all items not objected to by Purchaser shall be deemed approved. If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Existing Survey. On or before 25 days after the Effective Date December 3, 2007 (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract Seller on or before December 6, 2007 (the “Final Response Deadline”) or if Seller elects to cure any Objections and fails prior to one (1) Business Day before Closing to cure such Objection, then Purchaser, as its exclusive remedy, may elect by written notice given to Seller on or before the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such rightClosing, Purchaser shall be deemed either (a) to accept the Title Documents and Existing Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase PricePrice and Purchaser shall be deemed to have approved such objections, or (b) to terminate this Agreement, in which event the Deposit shall be returned to Purchaser. If Purchaser fails to give notice to terminate this Agreement on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Existing Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (HCW Pension Real Estate Fund LTD Partnership)
Objection and Response Process. On or before the date which is 20 15 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 20 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before 25 days after the expiration of Effective Date (the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed “Final Response Deadline”) either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract, in which event the Initial Deposit shall be returned to Purchaser (subject to Purchaser’s obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Initial Deposit). If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 3)
Objection and Response Process. On or before the date which is 20 days after the Effective Date October 18, 2010 (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date October 22, 2010 (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Properties Iv)
Objection and Response Process. On or before the date which is 20 days after the Effective Date April 12, 2011 (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date April 18, 2011 (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price. In the event Purchaser has not received the Survey at least 7 days prior to the Objection Deadline, any Objection based on the Survey shall be treated as a New Exception under Section 4.6 if made by Purchaser not later than 5 Business Days after Purchaser’s receipt of the Survey.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 3)
Objection and Response Process. On or before the date which is 20 days after the Effective Date June 9, 2009 (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date June 16, 2009 (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any, provided that if the Objections include any items described in Section 4.4.1(b) and represent lien(s) valued at $30,000 or less in the aggregate, Seller shall be deemed to have agreed to cure such Objection(s) up to the aggregate amount of $30,000. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 10 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Growth Fund Xxii)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Growth Fund)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.23.2 . If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Davidson Growth Plus Lp)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date of up to 10 days to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xix)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments (not to exceed 10 days) of the Closing Date to cure the Objections; provided, however, that if Seller is unable to cure such Objections within such 10 day period, Purchaser may, as its exclusive remedy elect either to: (i) terminate this Contract, in which event the Deposit shall be promptly returned to Purchaser or (ii) waive such uncured Objections and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the uncured Objections and the Closing shall occur, subject to the other extension rights set forth in this Contract, within 2 business days following the Closing Date, as the same was extended in accordance with this sentence. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Davidson Growth Plus Lp)
Objection and Response Process. On or before the date which is 20 30 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey, except as provided in Section 4.5 below. On or before 25 35 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. In addition, if the Objection Notice identifies one or more Objections that materially and adversely impairs the operation of the Property as currently operated by Seller and Purchaser is dissatisfied, acting reasonably, with the Response Notice or lack of Response Notice with respect to such Objection(s), then in connection with Purchaser’s termination of this Contract as provided in the foregoing sentence Purchaser shall also receive a refund of the Non-Refundable Portion of the Deposit. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Growth Fund Xxii)
Objection and Response Process. On or before the date which is 20 15 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 20 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller on or before 25 days after the expiration of Effective Date (the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed "Final Response Deadline") either (a) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (b) to terminate this Contract, in which event the Initial Deposit shall be returned to Purchaser (subject to Purchaser's obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Initial Deposit). If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey, subject only to resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (VMS National Properties Joint Venture)
Objection and Response Process. On or before the date which is 20 30 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 35 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 2)
Objection and Response Process. On or before the date which is 20 10 days after prior to the Effective Date expiration of the Feasiblity Period (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after 5 prior to the Effective Date expiration of the Feasibility Period (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 2)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“Objection Deadline"”), Purchaser or Purchaser’s attorney shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser or Purchaser’s attorney fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xiv)
Objection and Response Process. On or before the date which is 20 days after the Effective Date June 28, 2010 (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date July 2, 2010 (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price. Notwithstanding the foregoing, Seller shall cure and cause the Title Insurer to omit or insure over (a) the Deed of Trust (as defined below), (b) mechanic’s liens with respect to work contracted for by Seller at the Property, provided that Seller has received written notice of any such mechanic’s lien prior to Closing and (c) any judgment lien against the Property that is caused by the intentional acts of Seller and that can be cured solely by the payment of a liquidated sum without any further action by Seller.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Properties Iv)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xiv)
Objection and Response Process. On or before the date which is 20 days after 5 Business Days prior to expiration of the Effective Date Feasibility Period (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after 2 Business Days prior to expiration of the Effective Date Feasibility Period (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any; provided that Seller agrees to remove all monetary liens caused by Seller affecting the property (other than the Assumed Encumbrances) and Seller shall not have the right to refuse to remove same. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xvii)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "" Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and or the Survey to which Purchaser objects (the "" Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "" Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "" Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments an adjournment of the Closing Date Date, not exceeding 7 days, to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Angeles Income Properties LTD Ii)
Objection and Response Process. On or before the date which is 20 days after the Effective Date January 12, 2011 (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date January 17, 2011 (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Properties Iv)
Objection and Response Process. On or before the date which is 20 days 1 Business Day after the Effective Date (the "Objection Deadline"), Purchaser shall shall, on a Property-by-Property basis, give written notice (the "Objection Notice") to the attorneys for Seller Sellers of any matter set forth in the any Title Documents and the Survey or Surveys to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice with respect to a Property on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the SurveySurvey for such Property. On or before 25 days 2 Business Days after the Effective Date (the "Response Deadline"), a Seller who has received an Objection Notice may, in such Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which such Seller is willing to cure, if any; provided, however, that each Seller shall be obligated to cure any prior mortgage liens, mechanics liens and judgment liens of a specific and ascertainable amount created by such Seller by causing the Title Insurer to either delete or insure over such liens in the Title Policy. Seller Sellers shall be entitled to reasonable adjournments of the Closing Date to cure the Objectionsany Objections applicable to any Seller. If a Seller fails to deliver a Response Notice by the Response Deadline, such Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the any Response Notice or the lack of any Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2; provided, however, that in such event Purchaser shall be entitled to a return of the entire Initial Deposit (and not just the Refundable Initial Deposit Component). If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Davidson Diversified Real Estate Ii Limited Partnership)
Objection and Response Process. On or before the date which is 20 twenty (20) days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 twenty-five (25) days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed thirty (30) days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xvii)
Objection and Response Process. On or before the date which is 20 5 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 10 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties)
Objection and Response Process. On or before the date which is 20 fifteen (15) days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by in the Title Documents and the SurveySurvey other than Must Cure Objections (as hereinafter defined). On or before 25 Within five (5) days after the Effective Date earlier to occur of (i) the date Seller receives the Objection Notice or (ii) the Objection Deadline (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any; provided, however, that Seller may not disclaim any Must Cure Objections. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed thirty (30) days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection NoticeNotice other than Must Cure Objections. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price. If Seller fails to cure any Objections which Seller agreed to cure in the Response Notice by the Closing Date (as same may be adjourned by Seller pursuant to this Section or as otherwise set forth in this Contract), then Purchaser may, as its exclusive remedy, either (a) accept the Title Documents and Survey without resolution of such Objections without any reduction or abatement of the Purchase Price, or (b) terminate this Contract, in which event the Deposit shall be returned to Purchaser (subject to Purchaser’s obligations under Section 3.5.2). Notwithstanding anything to the contrary stated in this Section 4.3 to the contrary, Seller shall be obligated, at its sole cost and expense, to remove (A) all mortgages and any other monetary liens arising by, through, or under Seller which encumber Seller’s interest in the Property, (B) all judgment liens that are payable solely by Seller, (C) any title encumbrances voluntarily placed on the Property by or through Seller or with Seller’s consent from and after the expiration of the Feasibility Period, (D) all mechanic’s or materialmen’s liens encumbering Seller’s interest in the Property arising by, through, or under Seller, and (E) taxes and assessments for the period of Seller’s ownership of the Property in accordance with the proration provisions of this Contract (the liens and mortgages set forth in clauses (A), (B), (C), (D) and (E), collectively, “Must Cure Objections”).
Appears in 1 contract
Samples: Purchase and Sale Contract (Rodin Global Property Trust, Inc.)
Objection and Response Process. On or before the date which is 20 days after the Effective Date (the "“ Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“ Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 days after the Effective Date (the "“ Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“ Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (National Property Investors 8 /Ca/)
Objection and Response Process. On or before the date which is 20 30 days after the Effective Date (the "Objection Deadline"), Purchaser shall give written notice (the "Objection Notice") to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 35 days after the Effective Date (the "Response Deadline"), Seller may, in Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (HCW Pension Real Estate Fund LTD Partnership)
Objection and Response Process. (a) On or before the date which is 20 days after the Effective Date October 20, 2006 (the "Objection Deadline"), Purchaser shall shall, with respect to each Property, give written notice (the "Objection Notice") to the attorneys for Seller Sellers of any matter set forth in the any Title Documents and the or Survey to which Purchaser objects (the "Objections"). If Purchaser fails to tender an Objection Notice with respect to a Property on or before the its applicable Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the SurveySurvey for such Property. On or before 25 days after the Effective Date October 30, 2006 (the "Response Deadline"), the Seller who has received such Objection Notice may, in such Seller's sole discretion, give Purchaser notice (the "Response Notice") of those Objections which such Seller is willing to cure, if any. Seller Sellers shall be entitled to reasonable adjournments of the Closing Date to cure (but not in excess of 30-days in total) for the purpose of curing such Objections. If a Seller fails to deliver a Response Notice for a Property by the such Property's Response Deadline, such Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection NoticeNotice for such Property. If Purchaser is dissatisfied with the Response Notice or the lack of any Response Notice, Purchaser may, as its exclusive remedy, exercise its right elect by written notice given to terminate this Contract prior to Seller's Representative on or before the expiration of the Feasibility Period in accordance with (the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed "Final Response Deadline") either (i) to accept the Title Documents and Survey with resolution, if any, of the Objections as set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price, or (ii) to terminate this Contract in its entirety regarding all Properties (but not less than all Properties), in which event the Escrow Agent shall deliver to each Seller its Applicable Share of the Non-Refundable Portion and deliver the remaining portion of the Initial Deposit to Purchaser (subject to Purchaser's obligations under Section 3.5.2 to return all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Materials Security Deposit); provided, however, if Purchaser terminates this Contract because a Seller, in its Response Notice, fails to covenant to (and thereafter to) cure or obtain an endorsement with respect to any defect identified in the Title Commitment or Survey which materially and adversely affects the use of such Seller's Property as it is currently being used, then Purchaser also may recover the Non-Refundable Portion. If Purchaser fails to give notice to terminate this Contract on or before the Final Response Deadline, Purchaser shall be deemed to have elected to approve and irrevocably waived any objections to any matters covered by the Title Documents or the Survey applicable to each Property, subject only to resolution, if any, of the Objections as set forth in the Response Notice for such Property (or if no Response Notice is tendered, without any resolution of the Objections).
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Growth Fund Xxii)
Objection and Response Process. On or before the date which is 20 30 days after the Effective Date (the "“Objection Deadline"”), Purchaser shall give written notice (the "“Objection Notice"”) to the attorneys for Seller of any matter set forth in the Title Documents and the Survey to which Purchaser objects (the "“Objections"”). If Purchaser fails to tender an Objection Notice on or before the Objection Deadline, Purchaser shall be deemed to have approved and irrevocably waived any objections to any matters covered by the Title Documents and the Survey. On or before 25 35 days after the Effective Date (the "“Response Deadline"”), Seller may, in Seller's ’s sole discretion, give Purchaser notice (the "“Response Notice"”) of those Objections which Seller is willing to cure, if any. Seller shall be entitled to reasonable adjournments of the Closing Date to cure the Objections, not to exceed 30 days in the aggregate. If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter set forth in the Objection Notice. If Purchaser is dissatisfied with the Response Notice or the lack of Response Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate this Contract prior to the expiration of the Feasibility Period in accordance with the provisions of Section 3.2. If Purchaser fails to timely exercise such right, Purchaser shall be deemed to accept the Title Documents and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any resolution of the Objections) and without any reduction or abatement of the Purchase Price.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Fund Xix)