Common use of Objections to Title or Survey Clause in Contracts

Objections to Title or Survey. Buyer shall have until the expiration of ten (10) days from the later to occur of (i) delivery of the Title Report and (ii) delivery of the Survey, to notify Escrow Holder and Seller in writing of Buyer's disapproval of the condition of title. Buyer shall give Seller and Escrow Holder written notice outlining in detail any title items objected to and specifying Buyer's desired cure. Seller shall have ten (10) days after receipt of Buyer's notice to advise Buyer and Escrow Holder, in writing, as to whether Seller shall cure said objections prior to the Closing (and should Seller fail to advise Buyer of Seller's objection within such ten(10) day period, Seller shall be deemed to have elected to refuse to cure said objections). In the event that Seller elects not to cure such objections, or elects to cure such objections and fails or refuses to cure said objections, Buyer shall have the option, which must be exercised within 10 days of Buyer's receipt of Seller's response or deemed response, or Closing (whichever is earlier), (a) to waive Buyer's objections and purchase the Property as otherwise contemplated in this Agreement, notwithstanding such objections, in which event the subject matter of such

Objections to Title or Survey. Buyer shall have until the expiration of ten (10) days from the later to occur of (i) delivery of the Title Report and (ii) delivery of the Survey, to notify Escrow Holder and Seller in writing of Buyer's disapproval of the condition of title. Buyer shall give Seller and Escrow Holder written notice outlining in detail any title items objected to and specifying Buyer's desired cure. Seller shall have ten (10) days after receipt of Buyer's notice to advise Buyer and Escrow Holder, in writing, as to whether Seller shall cure said objections prior to the Closing (and should Seller fail to advise Buyer of Seller's objection within such ten(10) day period, Seller shall be deemed to have elected to refuse to cure said objections). In the event that Seller elects not any reexamination of title described in the last sentence of Section 6.1 shall show that the Real Property is subject to cure such objectionsany encumbrances described in the last sentence of Section 6.1, or elects to cure such objections and fails or refuses to cure said objections, Buyer shall have the option, which must be exercised within 10 days of Buyer's receipt of Seller's response or deemed response, or Closing (whichever is earlier), then Purchaser may elect (a) to waive Buyerany objection to such encumbrances and proceed to Closing, subject to the obligation of Seller to pay and remove all Monetary Encumbrances (as hereinafter defined), or (b) to deliver written notice to Seller, prior to Closing, of Purchaser's objections to any such encumbrances; provided, however, that Seller's obligation to remove any such encumbrances shall be limited to the payment and purchase discharge of all mortgages (and Seller expressly agrees to remove that certain First Mortgage and Deed of Trust, dated as of October 14, 1966, between Boston British Properties, Inc. and Xxxxxx Guaranty Trust Company, as supplemented, together with any related financing statements), deeds of trust, deeds to secure debt, security agreements, mechanic's and materialmen's liens, tax liens and assessments, and other encumbrances that can be cured by the payment of a sum certain, and that were placed against all or any portion of the Real Property with the consent or alleged consent of Seller (collectively, "Monetary 429961.8 Encumbrances"). If Seller fails to satisfy any such valid objections (other than Monetary Encumbrances, the validity of which Seller is contesting in good faith as otherwise contemplated hereinafter provided) on or before the date of Closing, Purchaser, at Purchaser's election, (w) may extend the date of Closing for such time period as it may select, not to exceed thirty (30) days; (x) may waive such objections and proceed to Closing; or (y) may deduct the amount of any unsatisfied Monetary Encumbrances which Seller is obligated to cure from the cash portion of the Purchase Price and proceed to Closing. In the event of any extension of the date of Closing by Purchaser under clause (w) above, and a subsequent failure of Seller to cure any valid title objection, Purchaser then may elect between the alternatives specified in clauses (x) and (y) above or (z) Purchaser may terminate this Agreement, notwithstanding such objections, in which event the subject matter Xxxxxxx Money shall be returned to Purchaser, and upon the receipt thereof by Purchaser, all obligations hereunder shall be null and void and of suchno further force and effect except as described in Section 13.3 hereof. Any title objections that Purchaser waives or to which Purchaser fails to object within the designated time period shall be deemed to be included in the Permitted Encumbrances. In the event Seller in good faith contests the validity of any Monetary Encumbrance, then either Seller or Purchaser, at the election of Seller or Purchaser, may extend the date of Closing for not more than thirty (30) days, during which period Seller shall use reasonable good faith efforts to cause such alleged Monetary Encumbrance to be satisfied, bonded or otherwise removed. In the event Seller is unable to satisfy, bond or remove the alleged Monetary Encumbrance, Purchaser shall have the right, at its election, to take either of the actions described in clauses (x) and (z) above.

Objections to Title or Survey. Buyer shall have until the expiration of ten twenty (1020) business days from the later to occur of (i) delivery of the Title Report and (ii) delivery of the Survey, to notify Escrow Holder and Seller in writing of Buyer's disapproval of the condition of title. Buyer shall give Seller and Escrow Holder written notice outlining in detail any title items objected to and specifying Buyer's desired cure. Seller shall have ten (10) business days after receipt of Buyer's notice to advise Buyer and Escrow Holder, in writing, as to whether Seller shall cure said objections prior to the Closing (and should Seller fail to advise Buyer of Seller's objection within such ten(10) 10-day period, Seller shall be deemed to have elected to refuse to cure said objections). In the event that Seller elects not to cure such objections, or elects to cure such objections and fails or refuses to cure said objections, Buyer shall have the option, which must be exercised within 10 business days of Buyer's receipt of Seller's response or deemed response, or Closing (whichever is earlier), (a) to waive Buyer's objections and purchase the Property as otherwise contemplated in this Agreement, notwithstanding such objections, in which event the subject matter of suchsuch waived objections shall be included within Permitted Exceptions, and Seller shall convey the Property to Buyer, subject to the Permitted Exceptions, or (b) to terminate this Agreement by written notice to Seller and Escrow Holder, whereupon any and all right and obligations of Buyer and Seller hereunder shall terminate, except as set forth in Sections 4.6, 5.2(b) and 10.5 hereof, and within five (5) days after Buyer has provided notice to Escrow Holder, Escrow Holder shall deliver to Buyer the Earnest Money Deposit, together with interxxx xxxreon. All exceptions to title to, and/or encumbrances against, the Property shown on the Title Report or Survey but not objected to by Buyer, and those items referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof, shall be deemed "Permitted Exceptions"; provided, however, that Seller covenants to remove all monetary encumbrances (other than those with respect to the liens referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof) affecting the Property or any portion thereof prior to Closing, and Seller further agrees that no monetary encumbrances other than the liens referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof shall be Permitted Exceptions. 4.12

Objections to Title or Survey. Buyer shall have until the expiration of ten twenty (1020) business days from the later to occur of (i) delivery of the Title Report and (ii) delivery of the Survey, to notify Escrow Holder and Seller in writing of Buyer's disapproval of the condition of title. Buyer shall give Seller and Escrow Holder written notice outlining in detail any title items objected to and specifying Buyer's desired cure. Seller shall have ten (10) business days after receipt of Buyer's notice to advise Buyer and Escrow Holder, in writing, as to whether Seller shall cure said objections prior to the Closing (and should Seller fail to advise Buyer of Seller's objection within such ten(10) 10-day period, Seller shall be deemed to have elected to refuse to cure said objections). In the event that Seller elects not to cure such objections, or elects to cure such objections and fails or refuses to cure said objections, Buyer shall have the option, which must be exercised within 10 business days of Buyer's receipt of Seller's response or deemed response, or Closing (whichever is earlier), (a) to waive Buyer's objections and purchase the Property as otherwise contemplated in this Agreement, notwithstanding such objections, in which event the subject matter maker of suchsuch waived objections shall be included within Permitted Exceptions, and Seller shall convey the Property to Buyer, subject to the Permitted Exceptions, or (b) to terminate this Agreement by written notice to Seller and Escrow Holder, whereupon any and all right and obligations of Buyer and Seller hereunder shall terminate, except as set forth in Sections 4.6, 5.2(b) and 10.5 hereof, and within five (5) days after Buyer has provided notice to Escrow Holder, Escrow Holder shall deliver to Buyer the Xxxxxxx Money Deposit, together with interest thereon. All exceptions to title to, and/or encumbrances against, the Property shown on the Title Report or Survey but not objected to by Buyer, and those items referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof, shall be deemed "PERMITTED EXCEPTIONS"; provided, however, that Seller covenants to remove all monetary encumbrances (other than those with respect to the liens referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof) affecting the Property or any portion thereof prior to Closing, and Seller further agrees that no monetary encumbrances other than the liens referred to in items (i), (ii) and (iii) of the second sentence of Section 3.1 hereof shall be Permitted Exceptions.