Common use of Owner JV’s Objections Clause in Contracts

Owner JV’s Objections. To the extent the Real Property is involuntarily encumbered after the Effective Date and prior to the Closing without the approval of Owner JV, and such encumbrance (i) is not a Permitted Exception, and (ii) materially and adversely affects Hersha Owner’s title to the Real Property (a “New Exception”), upon receipt of written notice by Owner JV of any such New Exception (including a copy of the related agreement, if applicable), Owner JV shall have five (5) Business Days (but not later than the Closing Date for any New Exceptions disclosed within five (5) Business Days of the Closing) to review such New Exception and provide written notice to Hersha Owner with any objections to such New Exception (the ‘‘Owner JV’s Objections”); provided, however, Owner JV agrees that it shall not have the right to object to any of the matters described in Section 4.2 that constitute Permitted Exceptions. Unless Owner JV notifies Hersha Owner in writing that it objects to a New Exception within the foregoing time period, each such New Exception shall automatically constitute a Permitted Exception.

Owner JV’s Objections. To the extent the Real Property is involuntarily encumbered after the Effective Date and prior to the Closing without the approval of Owner JV, and such encumbrance (i) is not a Permitted Exception, and (ii) materially and adversely affects 20 Hersha Owner’s title to the Real Property (a “New Exception”), upon receipt of written notice by Owner JV of any such New Exception (including a copy of the related agreement, if applicable), Owner JV shall have five (5) Business Days (but not later than the Closing Date for any New Exceptions disclosed within five (5) Business Days of the Closing) to review such New Exception and provide written notice to Hersha Owner with any objections to such New Exception (the ‘‘Owner JV’s Objections”); provided, however, Owner JV agrees that it shall not have the right to object to any of the matters described in Section 4.2 that constitute Permitted Exceptions. Unless Owner JV notifies Hersha Owner in writing that it objects to a New Exception within the foregoing time period, each such New Exception shall automatically constitute a Permitted Exception.

Owner JV’s Objections. To the extent the Real Property is involuntarily encumbered after the Effective Date and prior to the Closing without the approval of Owner JV, and such encumbrance (i) is not a Permitted Exception, and (ii) materially and adversely affects Hersha Owner’s title to the Real Property (a “New Exception”), upon receipt of written notice by Owner JV of any such New Exception (including a copy of the related agreement, if applicable), Owner JV shall have five (5) Business Days (but not later than the Closing Date for any New 21 Exceptions disclosed within five (5) Business Days of the Closing) to review such New Exception and provide written notice to Hersha Owner with any objections to such New Exception (the ‘‘Owner JV’s Objections”); provided, however, Owner JV agrees that it shall not have the right to object to any of the matters described in Section 4.2 that constitute Permitted Exceptions. Unless Owner JV notifies Hersha Owner in writing that it objects to a New Exception within the foregoing time period, each such New Exception shall automatically constitute a Permitted Exception.