Common use of Objections to State of Title Clause in Contracts

Objections to State of Title. If title to the Leased Premises is not in the state required by Section 20.5(a) above, Tenant shall give written notice to Landlord within thirty (30) business days after the date it receives the Title Commitment and survey, specifying its objection(s) to the state of title to the Premises. Landlord shall thereupon have a period of thirty (30) days in which it shall use commercially reasonable efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment satisfactory to Tenant insuring over or removing such objection(s). If Tenant’s objection(s) to the state of title to the Leased Premises are not remedied by Landlord within such thirty (30) day period, or such further period as Tenant may, in its sole discretion, grant, then Tenant shall have the right, within thirty (30) days thereafter, to give written notice to Landlord that Tenant waives such title defects or objections and elects to proceed to acquire the Leased Premises without any abatement of the Purchase Price and to take title to the Leased Premises subject to such defects or objections; otherwise, this Lease shall be automatically cancelled and rescinded.

Objections to State of Title. If title to the Leased Premises is not in the state required by Section 20.5(aSubsection 5(a) above, Tenant Buyer shall give written notice to Landlord Seller within thirty ten (3010) business days after the date it receives the Title Commitment and survey, specifying its objection(s) to the state of title to the Premises. Landlord Seller shall thereupon have a period of thirty ten (3010) days in which it shall use commercially reasonable its best efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment satisfactory to Tenant insuring over or removing such objection(s). If Tenant’s Buyer's objection(s) to the state of title to the Leased Premises are not remedied by Landlord Seller within such thirty ten (3010) day period, or such further period as Tenant may, in its sole discretion, grant, then Tenant Buyer shall have the right, within thirty ten (3010) days thereafter, to give written notice to Landlord Seller that Tenant Buyer waives such title defects or objections and elects to proceed to acquire the Leased Premises without any abatement of the Purchase Price and to take title to the Leased Premises subject to such defects or objections; otherwise, this Lease Agreement shall be automatically cancelled and rescinded, the Xxxxxxx Money Deposit shall be refunded to Buyer by the Seller, and the rights and obligations of the parties hereto shall thereupon cease. Seller's Covenants, Warranties and Representations. Seller hereby covenants, warrants and represents as follows: That Seller owns fee simple marketable title to the Premises, has the authority to enter into and consummate this Agreement and the transaction herein intended. That Seller shall promptly complete and perform those conditions to be performed by Seller which are required under the terms of this Agreement.

Objections to State of Title. If title to the Leased Premises is not in the state required by Section 20.5(a21.5(a) above, Tenant Buyer shall give written notice to Landlord Seller within thirty (30) business days after the date it receives the Title Commitment and survey, specifying its objection(s) to the state of title to the Premises. Landlord Seller shall thereupon have a period of thirty (30) days in which it shall use commercially reasonable its best efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment satisfactory to Tenant Buyer insuring over or removing such objection(s). If Tenant’s Buyer's objection(s) to the state of title to the Leased Premises are not remedied by Landlord Seller within such thirty (30) day period, or such further period as Tenant Buyer may, in its sole discretion, grant, then Tenant Buyer shall have the right, within thirty (30) days thereafter, to give written notice to Landlord Seller that Tenant Buyer waives such title defects or objections and elects to proceed to acquire the Leased Premises without any abatement of the Purchase Price and to take title to the Leased Premises subject to such defects or objections; otherwise, this Lease the Option shall be automatically cancelled and rescinded, and this Lease shall terminate.